ChatGPT has grown exponentially since its launch in November 2022 becoming an enabler and enemy to many who rely on the written word in their work.

Generative AI is something I haven’t given sufficient attention to as after my initial attempts getting ChatGPT to write articles weren’t great I just gave up however a conversation with my family changed that.

My dad and I were discussing the impact AI could have on different worlds: him as a journalist and me with my website and hopefully being a business teacher in the future. Our conversation centred around how good it was and for the latter whether ChatGPT’s responses were repeatable (to spot copying).

Our hypothesis was proven true as we both yielded very similar answers from the chatbot (although we did use the same prompts) but the responses we got were kind of useful and good so here’s the highlights…

GCSE Business Response – PLCs

One of my ideas was to get ChatGPT to generate a response to a GCSE Business question. However, the initial response was 6 paragraphs long (nobody has time for that in an exam!) so I asked it to cut it down a bit although it’s probably still too long.

To achieve full marks in a GCSE Business response to the question “Discuss the impact of a business becoming a public limited company,” it is essential to provide a comprehensive and balanced analysis. Here is a model answer:

Becoming a public limited company (PLC) has several impacts on a business. Firstly, it allows the company to raise substantial capital by issuing shares to the public through the stock market. This influx of funds enables the business to finance expansion plans and strategic initiatives, leading to increased market share and potential economies of scale. Additionally, the conversion to a PLC enhances the company’s credibility and reputation. The rigorous regulatory requirements and transparency associated with being a PLC instill confidence in investors, customers, and suppliers. This can attract more stakeholders, improve access to credit, and foster stronger relationships.

However, there are potential drawbacks to becoming a PLC. The company may face increased scrutiny and pressure from shareholders and financial markets, leading to short-termism and limited long-term strategic planning. The process of becoming a PLC is also costly and time-consuming, involving legal and regulatory requirements that increase administrative and legal costs. Furthermore, being a PLC means sharing ownership and control with numerous shareholders, which can lead to conflicts of interest and a dilution of management control.

In conclusion, the decision to become a PLC has both advantages and disadvantages. While it allows the business to raise capital, enhance credibility, and provide liquidity to shareholders, it also entails increased scrutiny, potential short-term focus, compliance costs, and a dilution of management control. Ultimately, businesses considering the transition to a PLC must carefully evaluate these factors in light of their strategic objectives before making a decision.

Thomas Cook

I then asked for an article on the demise of Thomas Cook (something I wrote about earlier this year) which it handled very well apart from labelling the paragraphs.

Title: The Demise of Thomas Cook: Unraveling the Factors behind its 2019 Administration

Introduction: In September 2019, the travel industry was hit with shocking news when Thomas Cook, one of the world’s oldest and most prominent tour operators, collapsed into administration. The collapse of this travel giant sent shockwaves through the industry, leaving millions of travelers stranded and thousands of employees facing an uncertain future. The demise of Thomas Cook was a result of a perfect storm of several key factors.

1. Debt and Financial Struggles: Thomas Cook had been grappling with significant debt for several years. Intense competition, economic uncertainty, and changing consumer preferences had taken a toll on the company’s financial health. High levels of debt combined with mounting losses proved insurmountable, leading to a severe liquidity crisis.
2. Online Disruption: The rise of online travel platforms and the shift towards independent travel arrangements hit traditional tour operators like Thomas Cook hard. The company failed to adapt swiftly enough to changing customer behaviors and struggled to compete in the digital landscape.
3. Brexit Uncertainty: The prolonged uncertainty surrounding Brexit played a pivotal role in Thomas Cook’s demise. The weakened pound and wavering consumer confidence in the UK, one of the company’s key markets, significantly impacted its performance.
4. Over-Expansion and Mismanagement: In the years leading up to its collapse, Thomas Cook engaged in an aggressive expansion strategy, acquiring various businesses and hotels. However, this expansion was accompanied by poor management decisions and inadequate cost control, exacerbating the company’s financial woes.

Conclusion: The collapse of Thomas Cook in 2019 was the culmination of multiple factors that undermined its stability. A combination of high debt, failure to adapt to the digital era, Brexit uncertainty, and mismanagement ultimately led to its administration. The downfall of this iconic travel brand serves as a stark reminder of the challenges faced by traditional businesses in an ever-evolving industry.

George Russell

I then asked for a brief comment on George Russell – I think it absolutely nailed this prompt!

George Russell is a British racing driver known for his exceptional talent and potential in Formula One. With strong performances for Williams and Mercedes, he has displayed impressive speed, skill, and maturity, earning praise as a future champion and one of the sport’s brightest prospects.

The role of AI in the labour market

Finally, I asked ChatGPT what it thought AI would do to the labour market and the jobs it would take. The answer is a bit vague and I could probably do better with a more specific prompt but it’s still interesting.

Over the next 10 years, AI is expected to have a transformative impact on the labor market. It will bring both opportunities and challenges for workers across various industries. Automation driven by AI technology will likely lead to significant changes in job roles and tasks. Repetitive and routine tasks will be increasingly automated, potentially displacing workers in areas such as manufacturing, transportation, and customer service.

On the other hand, AI will create new job opportunities and enhance existing roles. As AI systems become more sophisticated, there will be a growing demand for professionals skilled in AI development, data analysis, and machine learning. Jobs that require creativity, critical thinking, and complex problem-solving skills will be less susceptible to automation.

The labor market will also witness a shift towards a hybrid workforce, where humans and AI collaborate. AI will augment human capabilities, improving productivity and efficiency in many sectors. Workers will need to adapt and acquire new skills to thrive in this changing landscape, focusing on areas that require emotional intelligence, adaptability, and a deep understanding of AI systems.

Overall, while AI may lead to job displacement in certain areas, it will also create new opportunities and drive innovation, requiring a balance between human and machine collaboration.

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Do comment your thoughts below.