At Gousto, we've embraced AI tools, like ChatGPT, to transform our finance, legal and risk (FLR) function. This innovation has automated routine tasks, improved decision-making, and enhanced cross-functional collaboration. By leveraging AI, we've boosted productivity, and gained deeper insights into our financial data, while also allowing our finance team to focus on more engaging and strategic work.
ChatGPT and FLR: A Flavourful Fusion?
Our finance team has integrated ChatGPT into everyday tasks, enhancing both productivity and accuracy. Here’s how we’re harnessing the power of this AI:
- Automating Routine Tasks: We have used ChatGPT to automate repetitive tasks, freeing up valuable time for our teams to focus on complex analysis and business partnering. Examples include Forecast analysis, summarising board papers, searching through PDFs.?
- Facilitating Communication: ChatGPT assists in drafting and refining communications, from internal comms to stakeholder reports, like our management accounts and board presentations. This ensures that our messaging is clear and consistent, and also saves us a whole lot of time!
- Enhanced Data Analysis: Our teams have been able to shift their focus to value adding activities, such as understanding drivers and collaborating with the business because of ChatGPT’s ability to process and analyse large datasets quickly to help generate insights. An example of where we have started to use this is in our Premium and Marketplace reporting, where we analyse data to find optimum product mixes and potential surcharge analysis.?
By carrying out simple, repetitive tasks, ChatGPT has empowered our Finance team to engage in more meaningful and impactful work. We have more time to spend on more complex and strategic activities, such as in-depth analysis and business partnering, which are crucial for driving our company's growth and profitability.? We have also seen improvements in our staff survey scores relating to workload and meaningful work.
Creating a Recipe for Success?
Looking to harness the power of ChatGPT in your own finance department? Here are our top tips:?
- Identify Key Areas for Automation: Start by pinpointing routine tasks that consume a significant amount of time. Automating these can lead to immediate productivity gains.
- Invest in Training: Ensure that your team is well-versed in using ChatGPT. Training sessions can help employees understand how to best leverage the tool's capabilities, including training on effective prompting techniques to get the most accurate and useful responses from ChatGPT. Our data team runs regular training sessions to keep our business up to date.?
- Data Availability: To truly harness the power of ChatGPT, you need to provide access to the right data. This involves integrating comprehensive, up to date, clean data sets that are continually updated to reflect the latest information. This allows ChatGPT to draw relevant and accurate insights.?
- Focus on Data Security: Given the sensitive nature of financial data, prioritise robust security measures. It is key that your use of ChatGPT complies with your company’s data protection policies. We use Enterprise ChatGPT to ensure our data is protected.?
- Beware of its Limitations: Although ChatGPT is a powerful tool, we should recognise its limitations. These include its inability to access live data, biases inherited from training, potential errors and dependency on relevant prompts. It's essential to have human oversight to review and validate the insights provided.
By automating routine tasks, enhancing data analysis, and supporting decision-making, ChatGPT has become an invaluable asset. We are at the start of our journey with AI integration, but we believe that by embracing AI tools, finance teams can unlock new levels of productivity and insight, driving their organisations towards greater success.
Authored by
Katie H
- FP&A Analyst?
Favourite Gousto recipe: Plant-Based Garlic and Coriander Butter Chickpea Burritos
