On November 30, 2022, OpenAI released a new chatbot online for anyone to use called ChatGPT (Chat Generative Pre-trained Transformer). The chatbot can write code, answer questions, and provide specific copy for users. It is estimated that ChatGPT went from 1 million users in early December to 100 million monthly active users by late January. What is so attractive about this innovative technology, and how does it impact investor relations? To find out what this means to IR professionals and see how ChatGPT can impact the investor relations industry, our VP of Global Capital Markets Platform Business, Amit Sangvhi, used the ChatGPT bot to write an article by asking it:
“How might ChatGPT transform investor relations?”
Within seconds, this is what ChatGPT produced:
“ChatGPT, which stands for “Generative Pre-trained Transformer,” is a type of natural language processing (NLP) model that can be used for a variety of tasks, including text generation, question answering, and conversation simulation. In the context of investor relations, ChatGPT could be used to assist with tasks such as:
Generating responses to frequently asked questions: ChatGPT could be trained on a dataset of previous investor communications, such as earnings call transcripts and investor presentations, to generate responses to frequently asked questions from investors. This could help save time for IR professionals, who often have to respond to the same questions repeatedly.
Generating earnings call scripts: ChatGPT could be used to assist with the drafting of earnings call scripts, by generating text based on a set of inputs such as financial results and company guidance.
Simulating investor conversations: ChatGPT could be trained on a dataset of previous investor conversations, and then used to simulate such conversations, which could be used to help IR professionals practice and prepare for upcoming meetings or earnings calls.
Assessing market sentiment: ChatGPT could be trained on a dataset of news articles, analyst reports and social media posts to analyze and assess market sentiment, allowing IR professionals to get a sense of how the market is responding to their company’s latest announcements, earnings results, or any other important update.”
Benefits and Limits of ChatGPT
It’s important to remember that ChatGPT is only a tool. The results heavily depend on the quality and diversity of the training data. As an AI model, it can never replace human touch and human intelligence; it can only aid and assist them in completing their tasks more efficiently. However, this technology could significantly impact how investor relations professionals leverage technology to increase efficiency, and ChatGPT can transform investor relations.
For a great read about how our own technological innovations have improved our solutions at Q4, check out an article by our AVP of Product Marketing, Bhavesh Mistry, in his report about Innovations Across the Q4 Platform.