By midyear, all of Morgan Stanley’s thousands of Wealth Advisors will have access to the new artificial intelligence-powered chat tool.
Already used by approximately 600 staff members, the tool provides advisors with answers to questions such as, “Can you compare the investment cases of Apple, IBM, and Microsoft?” Follow-up such as “What are the risks of each?” Advisors can ask what if a client has a potentially valuable painting. Knowledge tools may provide a list of steps to follow and the names of in-house experts who can help.
Jeff McMillan, Head of Analytics, Data and Innovation at Morgan Stanley Wealth Management said:
Experts are divided on whether AI will destroy more jobs than it creates over time. But it’s clear that AI will change the jobs of most knowledge workers, shift the skills they need, and change the staffing needs of most companies. It’s up to business leaders to figure out how to take advantage of current technology while preparing workers for the medium-term disruption that the tools will bring.
Moving too slowly can mean losing productivity, customer service, and ultimately competitive gains. This is similar to what happened to companies that didn’t embrace the Internet fully or fast enough.At the same time, however, the leader Avoid the mistakes and biases that AI often perpetuates, and reflect on what AI means for your employees.
Alexandra Mousavizadeh, CEO, said: clearis a startup that analyzes AI capabilities for financial firms.
The type of AI underlying Morgan Stanley’s tools for advisors is called generative AI, which can create content such as text, images, audio and video from the information it analyzes. Beyond answering questions, you can use it for drafting notes and emails, creating presentation slides, summarizing long documents, and much more. According to early research, tools built using generative AI can: Speeds up many tasks Improve employee productivity.
For example, researchers at the Massachusetts Institute of Technology and Stanford found Customer support staff equipped with AI tools to suggest answers resolved an average of 14% more customer issues per hour.
However, the profits were not evenly distributed. The productivity of inexperienced employees increased dramatically as the tool effectively “captured and propagated” the practices of their highly skilled colleagues. Other recent MIT research Likewise, workers who were initially poor at the task were able to close the gap with more skilled workers, with AI-assisted performance gains and time savings.
One possible conclusion from these findings is that “young people with ChatGPT can perform as well as someone with several years of experience, so the performance advantage someone had from tenure is now diminished. We are doing it,” said Chairman Azeem Azhar. Exponential display, research group. If research were to be carried out in broader practice, some companies might invest more in junior staff and less in longer-serving, more expensive workers.
Some companies have already started making staffing decisions based on the expected impact of AI tools. IBM recently said The adoption of some back-office roles that could be replaced by AI in the next few years, such as HR departments, has slowed or stopped.
Increased speed and productivity from AI drives customer expectations higher, Bivek Sharma, Chief Technology Officer, PwC Global Tax and Legal Services, said: “It’s about retraining the workforce quickly enough so that we can enable AI to meet the obvious demand behind it,” he said.
PwC is working with Harvey, an AI startup that makes tools for lawyers, to roll out chat AI tools across its legal practice over the next few months. We plan to extend these technologies to tax and HR professionals as well.
Sharma says PwC’s goal is not only to quickly provide answers to staff that leverage its expertise, but also to ultimately generate new insights, including analyzing client data. said Mr. AI could, for example, enter all contracts for two companies considering a merger, allowing PwC experts to query certain types of provisions and risks.
“Don’t think of this as a time saver, but as a real extension,” says Sharma. “This is like a senior associate with all of our legal and tax advisors enhancing what we can do for our clients on a daily basis.”
Large companies generally need to invest in AI-savvy technical staff members. They can adapt technology to their business. Already, “There are companies that cannot adopt ChatGPT because they do not have the basic rails to run ChatGPT: content management and proper data,” he said.
Also, new specialists must be recruited or trained for roles that do not necessarily require technical expertise. Morgan Stanley’s McMillan and other executives said AI platforms need constant “tuning”, requiring humans to tune parameters and sources of information to achieve the best results for users. says there is. This tuning required a new worker group called “Prompt Engineers” or “Knowledge Engineers”.
Morgan Stanley and PwC are among the companies building their own versions of AI chat tools using internal materials.
Due to security, confidentiality, accuracy, and intellectual property concerns, many companies restrict staff access to public ChatGPT and other generative AI tools.they want to avoid What Reportedly Happened With Samsungemployees working in the semiconductor sector is said to have I shared confidential computer code and meeting notes while using ChatGPT. Executives are also concerned about errors and built-in biases that are common in some AI tools.
But one of the opportunities for using tools that use generative AI that allows users to enter questions and commands in their normal language is to help companies understand how they can change the way they do business. To include a broad group of non-technical staff members. “Employees should really, really use these tools on a regular basis so they can start building their own capabilities and that of the company within,” he said. said Mr.
He suggests that public AI tools can be used in ways that do not compromise confidentiality or security. For example, an employee can ask his ChatGPT about how best to combine different types of sales data to tell a compelling story without actually entering the data itself. The opportunity, he says, comes from “front-line employees of all generations who are determined to improve their work through generative tools.”
Kevin J. Delaney charteris a media and research company focused on the future of work.
