Unlocking Hidden Productivity with Generative AI

In the whirlwind of technological advancements that have swept through our professional landscapes in the past 12 months, the introduction of Generative AI and, more specifically, the advent of ChatGPT-4, stand out as beacons for potential productivity gains. Yet, despite the widespread trial of these tools, a significant portion of the Australian professional community, notably accountants, practice managers, and business owners, has yet to fully harness their potential. This oversight is more than a missed opportunity; it's bypassing a revolution in personal productivity which is levelling the playing field for small businesses.

The current conversation around Generative AI often circles around task automation and efficiency in our primary roles. This is often followed by a quick dismissal and claims that it's rubbish, and they could do better themselves. However, the true magic of the technology lies in its ability to take charge of the periphery—the myriad of important but non-core, yet essential tasks that, while not central to our roles or our qualifications, consume valuable time and energy. It's in these areas, which we might not excel at or even enjoy, that we often find our productivity leaking away.

Reflecting on the impact of Generative AI, recent statistics paint a compelling picture:

• According to a survey conducted by MYOB, 81% of businesses acknowledge a surge in productivity, and 88% report significant time savings thanks to AI.
• In a study conducted by ANZ, they found software developers using AI coding tools showcased a productivity increase of over 50% compared to those who did not.

Our own insights at MYOB resonate with these findings. Our teams that have adopted AI across our workforce are finding it indispensable across all our teams. We are able to access our data faster than ever before and get insights that would have taken people days to pull together in seconds. Our development teams are using AI-assisted tools to not only accelerate their work but to level up the quality and security of their outputs.

Our recent research into productivity also indicates that accounting professionals spend a huge amount of their time on tasks that are unrelated to direct revenue generation, often hindered by distractions and the inefficiency of switching contexts. This revelation underscores the importance of a well-organised, efficient workday.

The breadth of tasks beyond the core accounting workflows of tax and accounting practices is massive. From client engagement and strategic planning to compliance and technology adoption, the roles we play are multifaceted. Drawing a parallel to the myriad hats we wear in our personal lives, from household CEO to personal finance planner, the diversity in our daily roles necessitates a broad skill set and a significant investment of time.

ChatGPT GPTs

Far from being mere gimmicks, tools like ChatGPTs GPTs offer the capability to create bespoke and primed AI assistants tailored to specific tasks. This functionality, available from within the ChatGPT Plus subscription, is a game-changer for professionals seeking to maximise their productivity. By honing in on specific tasks, these customised GPTs can perform with remarkable accuracy and efficiency, acting as digital specialists dedicated to tasks we might find cumbersome or less enjoyable.

The strategy for leveraging these AI tools effectively lies in specificity. The more focused the GPT is towards the task, the better its performance. This approach not only enhances task completion but also opens the door to a future where AI can serve as both agent and orchestrator. The vision for the future is for an advanced orchestrator AI that can understand our unique needs and preferences and coordinate specialised agents to tackle specific tasks, thereby streamlining our workflows and simplifying the decision-making processes.

For the Australian professional community, the message is crystal clear: embracing Generative AI is not just about keeping abreast of technological trends. It's about unlocking hidden and untapped productivity, transforming how we manage the peripheral tasks that surround our core responsibilities. By integrating these tailored AI solutions into our day-to-day, we can redirect our focus towards activities that directly contribute to revenue generation and business growth, all while maintaining a balanced and enriching personal life.

As we approach nearer to this future, the potential for a comprehensive AI orchestrator looms on the horizon. In the meantime, the opportunity to act as our own orchestrators, leveraging customised GPTs for specific tasks, represents a massive opportunity in optimising our own productivity and efficiency. We can create our own GPTs or pick from the vast GPT Store that exists today. The journey into the realm of customised Generative AI is just beginning, and for those ready to explore its possibilities, the pathway to unlocking hidden productivity is wide open.