By mid-year, thousands of Morgan Stanley’s wealth advisors will have access to a new AI-powered chat tool.
Already used by nearly 600 employees, the tool asks, „Can you compare the investment cases of Apple, IBM and Microsoft?” Provides answers to questions such as It also clarifies doubts such as: „What are the risks of each of them?” A consultant might ask what to do if a client has a valuable painting, and the knowledge tool might provide a list of steps to take with the name of an internal expert who can help.
„We strive to make every client or financial advisor the most informed expert on a given topic in real time,” said Jeff McMillan, head of analytics, data and innovation at Morgan Stanley Wealth Management.
Experts still disagree on whether artificial intelligence will destroy more jobs than it creates in the long run. But it is clear that it will change the jobs of most knowledge workers because it will change the skills they need and the staffing needs of most organizations. It’s up to business leaders to figure out how to take advantage of technologies today while preparing workers for disruptions caused by tools in the medium term.
Going too slowly can result in lost gains in productivity, customer service, and ultimately competitiveness, just as it has happened to companies that don’t fully or rapidly adopt the Internet. But at the same time, managers must guard against the mistakes and biases that AI often makes, and think about what this means for employees.
„We have to accept that our company will become an AI-first company no matter what industry we’re in,” said CEO Alexandra Mousavizadeh. ClearA start-up company exploring the artificial intelligence capabilities of financial institutions.
Morgan Stanley’s tool for advisors is based on a type of AI called artificial intelligence. You can create content—text, images, audio, and video—from the information you’ve analyzed. In addition to answering questions, it can be used in many other ways, such as writing notes and emails, creating presentation slides, and compiling long documents. Early research suggests that tools developed with generative AI can Streamline multiple tasks and increase employee productivity.
For example, researchers at the Massachusetts Institute of Technology (MIT) and Stanford University They found out Customer service employees are equipped with an AI tool that suggests answers that solve customer problems by an average of fourteen percent per hour.
However, benefits are not distributed smoothly. Less experienced workers further increased their productivity because the tools „captured and spread” the practices of their more skilled colleagues. In Another recent study from MITWorkers who initially did not perform well in their tasks were able to close the gap with their more qualified colleagues as they performed better and faster when they received the help of AI.
One possible conclusion of these results is that „a young person with SADGBT has the same performance as someone with many years of experience, so the job performance of a permanent incumbent is reduced,” said chairman Azeem Azhar. of High speed display, a research group. If the research is applied to broader practice, it may lead some companies to invest more in younger employees and drive out more expensive workers who have been with the company for a long time.
Some companies have already started making staffing decisions based on the predicted impact of AI tools. Recently, IBM pointed out Hiring for some managerial positions, such as human resources functions, is going to slow or stop, which could be replaced by AI in the coming years.
Increased speed and productivity due to artificial intelligence will increase client expectations, said Bivek Sharma, Chief Technology Officer, PwC Global Tax and Legal Services. „It’s about making sure we can retrain workers fast enough and enable them to AI enough to meet the obvious demand that’s going to come from that,” he said.
PwC has partnered with Harvey, an AI start-up that builds tools for lawyers, to roll out an AI chat tool for its legal advice practice in the coming months. It also plans to expand this technology to its tax and HR professionals.
According to Sharma, PwC’s mission is to provide quick answers to its employees based on the firm’s experience and generate new perspectives, including data analysis of its clients. For example, you can enter all contracts between two companies considering joining an AI system and let PwC experts search for specific types of provisions and risks.
„For us, it’s an increase rather than a time saver,” says Sharma. „It’s like almost every one of our legal and tax advisors is paired with a senior partner, enhancing everything they can do with their clients on a daily basis.”
In general, large companies should invest in AI-savvy technical staff who can tailor the technology to their business. „There are already companies that can’t adopt ChatGPT because they don’t have the IT foundations to run it, such as content management and data queuing,” explained Mousavizadeh.
They need to hire or train new professionals for activities that do not require technical knowledge. McMillan and other business executives say AI platforms need continuous „tuning,” as humans change parameters and sources of information to get better results for users. This adjustment has created a demand for a new group of workers known as „speed engineers” or „knowledge engineers”.
Morgan Stanley and PwC are some of the companies building their own versions of AI chat tools from internal materials.
Concerns about security, confidentiality, accuracy and intellectual property rights have led many organizations to restrict their employees’ access to ChatGPT and other AI tools. What they want to avoid Apparently this happened at SamsungEmployees of its semiconductor division there He shared secret computer code and hints Meetings when using ChatGPT. Administrators are also concerned about frequent errors and biases in some artificial intelligence tools.
But part of the opportunity for tools that use generative AI to allow users to type questions or commands in plain language is to engage a broader group of non-technical employees to figure out how they can change a company’s business organization. „Your employees should use these tools regularly to develop their skills and their own company’s capabilities,” Azar said.
It also suggests that public AI tools can be used in ways that do not compromise confidentiality or security. For example, an employee might ask ChatGPT about the best ways to integrate different types of sales data to tell a compelling story without having to enter data. According to Azhar, the opportunity comes from „frontline employees of any senior staff who decide to enhance their work with creative tools.”
Kevin J. Delaney is the co-founder and editor-in-chief CharterA media and research firm focused on the future of work.