good morning.
AT&T has been focusing on AI for quite some time, and now the company is adding ChatGPT to its roster.
On June 20, the telecom giant unveiled a generative AI tool called Ask AT&T, which will be rolled out internally over the next few weeks. AT&T initially used Microsoft’s OpenAI ChatGPT capabilities, but the tool is designed to interoperate with other generation tools.
To find out more, we spoke with Pascal Desroches, Senior Vice President and CFO of AT&T. Generative AI is “an important thing for us to leverage from a business perspective,” he says.
Rather than letting employees use ChatGPT on its own outside where customer data may not be secure, AT&T management said, “We are working with Microsoft to provide the same functionality but the following: I decided to create my own instance that can Protect our data and do it in a way that ensures security,” says Desroches.
Employees initially plan to use Ask AT&T “to increase the productivity of programmers and software developers across the company,” which includes updating legacy computer code such as COBOL, Desroches said. Employees can also use it to translate customer and employee documents into other languages.
What about generative AI when it comes to financial applications? Desroches explains that it hasn’t happened yet, but there could be use cases in the future. “It will allow us to do even better,” he said, adding that the company is already using AI and machine learning in finance. “We use predictive AI to determine what losses are likely to occur on customer bills, predict receivable write-offs, and identify anomalous behavior that could indicate fraud. It helps me do that.”
AT&T is on a multi-year effort to save $6 billion, and AI can certainly help improve efficiency. “While not necessarily related to generative AI, we have saved nearly 17 million minutes of employee effort annually, which is worth hundreds of millions of dollars,” he says.
“We are also working with Nvidia to leverage AI in optimizing dispatch methods,” Deroche added, adding that AI chatbots were deployed for customers and “in the customer service center. route calls appropriately,” he added. As a result, his call volume has decreased by 30% to 40% over the past few years.
Desroches said a solid understanding of the latest technology is only useful for finance executives.
“From my seat, and I think it is for all CFOs, it is very important to understand the latest technology developments and the latest political and economic environment in which we find ourselves. is,” he says. “It helps us allocate capital better and do a better job of understanding the threats and opportunities that it poses to the world and our business.”
Cheryl Estrada
sheryl.estrada@fortune.com
big deal
A new report from Workday, which provides enterprise cloud applications for finance and HR built with AI and machine learning, examines the state of AI in the workplace. According to the report, 73% of business leaders feel pressure to introduce AI into their organizations, and nearly all (93%) believe humans should be involved in AI decision-making. Over 90% of his companies using AI said they are currently using technology to manage people, money, or both within their operations. The top business benefits cited were improved decision-making (41%), followed by improved productivity levels (38%) and business process automation (35%).
However, the study also revealed significant skills gaps. He said 72% of respondents said his organization lacked the skills to fully implement his AI and machine learning, and 76% said he lacked the skills to fully implement his AI and machine learning applications. responded that they need to improve their knowledge of The findings are based on a global survey of his 1,000 senior decision makers (C-level/board, senior/mid-level and junior management) across HR, Finance and IT. increase. (Workday sponsors his CFO Daily.)
get deeper
New Report on 3 Steps to Prepare Your Culture for AI harvard business reviewargues that realization of the benefits of AI is impossible without a culture that allows for curiosity, failure, and learning. According to the report, “Leaders are uniquely positioned today to foster this culture within their organizations to set their teams up for future success.”
Leader board
Mats Buckman He was appointed CFO of the Volvo Group and a member of the Board of Directors. Bachmann will succeed Jan Itterberg, who will continue to serve as Senior Advisor to the Volvo Group. Bachmann has held many senior positions in the Swedish industry and has extensive international experience. He has served as his CFO for companies such as Sandvik, Autoliv and Veoneer. The company said Bachmann will assume his new role in the second half of 2023, though the exact date has not yet been set.
Rodney D. Gray Mr. Gray has been appointed Senior Vice President and Chief Financial Officer (CFO) of Enerflex, Inc. (NYSE:EFXT), effective July 1. Mr. Gray will be responsible for Enerflex’s financial reporting, treasury, tax, internal audit, corporate development and capital markets functions, supporting the company’s strategy and capital. Assignment decisions. He has over 30 years of experience in the energy industry, including the last 9 years at Baytex Energy Corp., most recently serving as EVP and his CFO.
tucked in ear
“The majority of committee participants expect more than two rate hikes to be appropriate by the end of the year. There is.”
— U.S. Federal Reserve Chairman Jerome Powell said Thursday at the Bank of Spain in Madrid, referring to the Federal Open Market Committee, which makes policy decisions, and upcoming rate hikes, Bloomberg reported.
