14 Mar How Brokerage Professionals Can Make the Most Out of ChatGPT-4
KMF Business Advisor Founder and lead broker John Bucher recently held an informative and thought-provoking Business Brokerage Press webinar on how business brokers and M&A advisors can make the most out of ChatGPT. There is no doubt that ChatGPT is very powerful and has received considerable media and investor attention in recent years. What many don’t realize is that ChatGPT is continuing to rapidly evolve. Let’s take a look at how business brokers and M&A advisors can do and achieve more with ChatGPT-4.
Bucher uses a simple example to highlight how you can quickly and easily benefit from ChatGPT-4. He points out that brokerage professionals no longer have to seek out an SEO expert to help them maximize their SEO. With ChatGPT-4, it is possible to use the technology as a digital virtual assistant that can simulate the work you might otherwise need to hire people to do. AI tools have become better and better at providing pinpointed information.
Through GPTs, people now have the ability to create assistants or bots. To date, over 20,000 GPTs have been created. These are highly specific programs that have the ability to use internal data in ways that users deem fit. The more refined the prompt you put in, the more precise the information that you will receive.
In a bit of a gamechanger, it is now possible for anyone to create their own personal GPT quickly and efficiently. Bucher gives the example of how in less than two minutes, he created a “study buddy” to help him learn more about string theory. Perhaps, even more exciting is the fact that he was able to use the GPT to analyze information he found in a PDF and used the simple prompt, “Can you explain what string theory is about and explain it so a fifth grader can understand it?” to gain a basic understanding of the topic in just minutes. It is even possible for businesses to create bots that will answer customer questions in real time.
Bucher further believes that there are several other power GPT tools that can be highly beneficial to business brokers and M&A advisors. In the past, it was difficult to switch between different GPT options. The introduction of using the @ symbol allows users to swap between different bots very quickly, so that the last few GPTs that one has used can be accessed. It is now possible to use 4 or 5 different GPTs at the same time, which can dramatically boost overall productivity.
Other GPT tools that Bucher feels have great potential is Voice Chat GPT, which can transcribe what you are saying in real time, as well as Visual Chat GPT. Visual Chat GPT can verify visual information, for example, identifying the type of bird in a photograph.
Of course, there are substantial ethical ramifications to the use of Chat GPT. Bucher points out that he has used ChatGPT to essentially play different personas in order to help make deals happen, but that he never enters specific information about his clients. He strongly recommends that people must use their “gray matter” when evaluating the ethics of a situation. ChatGPT should be seen as an assistant. Information you gain from ChatGPT must be verified and checked, for example. Artificial intelligence can produce “phantom links” so all information should be evaluated carefully.
Moving forward, business brokers and M&A advisors shouldn’t fear artificial intelligence. Instead, this powerful technology should be seen as a tool that can help propel your business forward.
