Supercharging Productivity: How ChatGPT Transforms Industries

0:00What can 160 years of experience teach you about the future? When it comes to protecting what matters, Pacific Life provides life insurance, retirement income, and employee benefits for people and businesses building a more confident tomorrow. Strategies rooted in strength and backed by experience. Ask a financial professional how Pacific Life can help you today. Pacific Life Insurance Company, Omaha, Nebraska, and in New York. Pacific Life and Annuity, Phoenix, Arizona. On the podcast today, we are going to talk about how ChatGPT is disrupting productivity. Now, I know this is kind of a broad term, but I want to talk about a bunch of different areas and different industries and specifically how ChatGPT is making people more productive within those industries.

0:44We see some massive disruption from ChatGPT. So let's dive into a few of the nuanced cases and a few of the really disruptive areas that we're going to see. And a few of these I've already mentioned on the podcast before, so I'll breeze over of those ones faster, but I have a few new ones in here that you haven't heard that are very, very impressive. So without further ado, let's jump into the podcast. I think what's really important to know is obviously customer service is one of the first areas that ChatGPT and this kind of generative AI was pointed at that was really successful. I've seen a bunch of companies that are customer service related companies that have been funded and that are doing rounds of funding right now that have been around for you know a year or so and I think that that's a big area a trend I can I predict will continue to keep growing.

1:31Healthcare is really popular for a lot of this generative AI stuff. I think doctors can quickly review patient data, lab tests, medical history and kind of get a lot of interesting information and and maybe get the information faster and summaries out better with some of these tools. That being said obviously doctors aren't going to be using ChatGPT because you can't feed private personal information into this. So they're going to be using some sort of variation of a encrypted secure version of some of these tools for that. For education, we've seen some massive disruption from both the way that teachers use it and the way that students use it.

2:06You know, people are worried that students are just using it to write all their papers and aren't doing anything. You know, students, I don't know if students care, but teachers are definitely using it to write reviews on students' work and to give them personalized feedback. And you know, some people might think that's controversial for different reasons. But at the end of the day, it probably saves them a lot of time. Legal services, chat GPT is definitely becoming very big in the legal industry, I predict this is going to be one of the most lucrative, profitable, fastest growing areas for this generative AI.

2:36I've talked, I've personally talked to people that are working on in law firms that are working on cases done exclusively by ChatGPT. So this is going to be a really big area. We see, you know, there's all the infighting with that with lawyers trying to shut it down and sue people that are doing it. But at the end of the day, the technologies that are faster and more effective, um, and are just going to win at the end of the day. I don't think there's any stopping that in the law firm and in the law industry. And also it's really interesting to note that, um, OpenAI itself has personally invested in, um, tools for lawyers that are using this, um, that are using this technology.

3:11So it's a really big area and I think that it's going to continue to grow. Another area is finance. Obviously, you know, using these generative AI tools are great for really quickly analyzing a ton of data and asking it for, you know, like based off of all this, can you give me a summary? It's going to be good using it for fraud detection, risk management, all those kinds of areas that usually would take an analyst a long time in finance. Marketing and advertising. This thing's going to kill in copywriting blog posts, writing product descriptions, social media, like everything in marketing and advertising, I think you're going to be disrupted.

3:44Here's an interesting one, and that is human resources. I think that in the human resources industry, ChatGPT is going to be used to automate tasks like resume screening, candidate screening, and employee onboarding. So with the ability to really understand and respond to natural language, ChatGPT is going to be able to really quickly review resumes and screen candidates based on predetermined criteria, right similar to how you would use chat to gpt and create like your own personal chatbot in a specific area it's going to be able to do the same thing where you essentially give a giant prompt that's like hey we're looking for someone that can do this job you throw your job description in there we want them to specifically have x y and z criteria then you can say please please give a higher weight to people with experiences in x y and z or from you know these different institutions and boom, you're going to be able to set this thing loose on people's resumes, which is absolutely crazy and have it rank a list of all the different people.

4:39Then you can go through and kind of once the pre-screening is done, go through and talk to them. So that's going to be really interesting. What's going to be interesting there is specifically what kind of countermeasures are built in because you know, like California and I think the EU, both have passed laws that prevent you from using algorithms to kind of like, pretty much they're trying to avoid biased algorithms. They're trying to prevent you from using algorithms to select people for different things. And, you know, for like insurance companies, they can't use algorithms for certain things and they can for others.

5:13So there's going to be some rules and some regulations that come around that. But I think that's going to be a massive area that we haven't seen before. Something I've seen recently that's been kind of funny is people are posting screenshots in real estate of people using chat gpt to write real estate descriptions um and it does a pretty dang good job people are using it to uh quickly write a you know a real estate description of the of the um house or wherever and it it looks pretty awesome i mean the thing is this thing was trained on the whole internet and so when you look at things like zillow and redfin that have publicly available uh descriptions for homes, this thing sees a million homes and it knows which ones are the best and it's able to like copy and write similar descriptions.

5:58That just saves people a lot of time. In manufacturing, I think that manufacturing specifically, ChatGPT is going to help to automate tasks like quality control, predictive maintenance, and supply chain management because it has the ability to analyze data. ChatGPT is going to quickly identify different defects and manufacturing processes and improve product quality by being able to look at the data that is coming out, analyze it, and it's going to be able to search for specific things that you put in there that you program it to do to help predict, you know, like when a machine is going to require maintenance or when you need to have when you need to reduce downtime, etc, things like that.

6:40So it's going to be able to also analyze supply chain data to find like bottlenecks and optimize different things in supply chain. So AI is going to be absolutely incredible in manufacturing as well. As we know, chat GPT is not perfect, the content it produces is not perfect. And so I would also just say with a grain of salt, it's we're always going to be needing at the moment humans to review the content that comes out of it, make sure ensure that there is accuracy and all the data. But all in all, I think there's a lot of industries that are going to be majorly disrupted and in a good way for the you for you know people working in those industries you're going to be able to be 10 times more productive get 10 times more work done and we're just going to have to see how that plays out in the future as far as what the balance of disruption versus you know maybe increased productivity or job loss and how that all plays out.

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