Discover more from Prompts.Finance
Leveraging ChatGPT to Create Better Content
Addressing accuracy and ethical challenges in AI-generated content
You know, it's interesting. When I talk with people about their experiences with ChatGPT, they often tell me they've tried it, but they're not quite satisfied. They might pose a question, and the response they get seems overly basic or just doesn't hit the mark. In some instances, they can tell it was an AI that wrote the reply, which can be a bit of a letdown.
Many users, it seems, haven't realized that with a technique called 'prompt engineering,' you can shape the output to suit your needs better. Picture this: you're looking to write a children's bedtime story in the style of a favorite author. By showing ChatGPT examples of that style, and then asking it to write something similar, you can effectively guide the AI's responses.
In today's post, we're going to delve into some common pitfalls when using ChatGPT for content creation. We'll highlight where users often go wrong and how to avoid these mistakes. Additionally, we'll provide some examples to help you create more targeted, effective content. So, buckle up, and let's explore how to make the most of ChatGPT together!
Understanding AI Limitations
So, let's get real. Have you ever tried asking Siri about her feelings? Or tried explaining to Alexa why that last episode of your favorite show made you cry? If you have, you've probably found they're not quite up to the task. AI, including our pal ChatGPT, simply doesn't have the ability to genuinely understand or be aware of context the way humans do.
They're pros at processing information, sure, but the understanding part, that's a different ball game. You see, when we humans process info, we link it with emotions, past experiences, cultural background, and a whole lot more. This allows us to grasp the subtleties of language and context. For an AI, though, words are more like a puzzle to be pieced together based on patterns rather than experiences to be understood.
And let's face it, life is messy and full of exceptions, right? But AI thrives on consistency, not exceptions. This can lead to some limitations, especially when it comes to understanding sarcasm, irony, or cultural nuances. So, while ChatGPT can be a great tool to help with tasks and even write up a storm, expecting it to truly comprehend complex human nuances might leave you scratching your head.
Let’s jump into a real-world example:
Practical Application: Tailoring Content to Your Desired Style
Okay, now that we've put all those concerns on the table, let's switch gears a bit. Remember how I said that with a little prompt engineering you can get ChatGPT to spit out content more aligned with your style? Let's dive into that.
Let's say you're aiming to write a piece that reads like something out of a high-brow financial publication. You'd start by providing ChatGPT with a couple of example passages that nail the style you're going for.
Here is how I would approach this, after opening a new ChatGPT session, paste the following text in:
Today I am going to ask you to help me write a piece on the current economic climate in a specific style. I am going to feed you some examples of writing styles and then ask you to help me write a piece with some new information. Do you understand? Reply simply with YES
Now remember, ChatGPT is not deterministic. So, while you can expect to get a ‘YES’ from that prompt above…the responses to prompts later may be completely different! I’ll show you some examples of content below, however, I would recommend pasting in some either your own content or that of a style you are targeting (We’ll get into ethics around this later!)
I pasted in 3 other samples, following the same format, however, changing Example 1 to Example 2, Example 3, etc.
Now, let’s say I want a piece covering the current state of the Commercial Real Estate market, just passing in some thoughts in a bulleted format:
Can you write an article for me describing the current state of the Commercial Real Estate market in the style I described above, using the points I mention below: The commercial real estate industry is struggling because more people are working from home and shopping online due to the pandemic. This change has lowered the demand for office and retail spaces. Because people are using these spaces less, their value might not increase again for a long time. If property owners can't find tenants, they might lose more money than they did in past economic downturns. Major banks around the world hold about half of the $6 trillion debt tied to commercial real estate. They are losing more money on these properties and expect the losses to continue. U.S. banks have revealed they are losing more money on property investments. They also warn that the companies owning industrial and office properties are almost 18% more likely to not be able to pay back their loans. Banks are cautious about putting money into commercial property refinancing, due over the next two years. This is because customers are moving their money to safer investments that offer better returns, like money market funds and Treasury bonds. Despite the drop in property values, some global policymakers believe the changes in how we work will not lead to another financial crisis like in 2008-09. They expect that banks will be able to manage their loan losses even if property values drop a lot. Still, some investors are preparing for lower returns from property. They are expecting about half of what they used to earn before the pandemic, and they may need to accept these lower returns as the new normal.
And voila! ChatGPT will serve you up a draft in the style of your provided content, based on the topics you've listed.
The Great Struggle: Current State of the Commercial Real Estate Market
The commercial real estate industry is in a state of unease as new work-from-home norms and online shopping habits reshape the landscape. The pandemic has shifted people's lives into their homes, dimming the demand for office and retail spaces.
As a result of these shifting dynamics, commercial properties, once the shining star in the portfolios of investors, are facing a challenging outlook. With people spending less time in offices and malls, the value of these properties may stagnate or even diminish for an extended period. Property owners are facing the grim possibility of losing more money than they did in previous downturns if they fail to secure tenants for their vacant spaces.
Adding to the sector's woes, significant players in the financial world are grappling with substantial losses. Major banks around the globe hold approximately half of the $6 trillion debt associated with commercial real estate. As the sector grapples with the new realities, these banks are witnessing their profits erode and anticipate that this downward trend will persist.
In the United States, the strain on the industry is particularly evident. Banks have disclosed increasing losses on property investments. Alarmingly, they also warn that the probability of default by companies owning industrial and office properties has surged by nearly 18%.
Amidst this turmoil, banks are taking a cautious stance when it comes to commercial property refinancing. Over the next two years, considerable amounts of commercial real estate loans are due for refinancing. However, financial institutions are wary of this process. This is driven by a new trend among customers who are redirecting their funds towards safer, higher-yielding investments such as money market funds and Treasury bonds.
Despite the gloomy outlook, some policymakers across the globe maintain an optimistic stance. They argue that the current seismic shift in workplace norms will not result in another financial crisis akin to 2008-09. Their belief hinges on the assumption that banks will navigate the falling property values and manage their loan losses effectively.
However, the future of commercial real estate as an investment is set to undergo a transformation. Investors, traditionally drawn by the attractive returns from this sector, are bracing for a new era of diminished returns. The expectation is that yields will halve from the pre-pandemic average, and investors may need to accept this reality as the new normal.
In conclusion, the commercial real estate market is grappling with unprecedented challenges presented by the pandemic and the associated shift in societal norms. The road to recovery may be long, but the industry must adapt to the changing dynamics to navigate these uncertain times successfully.
Remember, ChatGPT isn't psychic. It won't magically know the style and content you're looking for unless you give it a nudge in the right direction. But with a little nudge (okay, maybe sometimes a big push), you'll be surprised by how close it can get to hitting the bullseye. That's prompt engineering for you - less of a secret sauce, more of a little seasoning to bring out the flavor you want. What do you think about the piece it generated above? Let us know in the comments!
Now onto a couple things you should keep in mind as you take this journey yourself:
Accuracy and Fact-Checking
You've been there. You hear something exciting, a fun fact or a wild news story, and you can't wait to share it. But, oops! It turns out it wasn't true at all. Now imagine this happening on a massive scale. That's what can happen with AI. When ChatGPT provides information, it does so based on patterns it's observed in the data it was trained on. Unfortunately, sometimes those patterns might be based on outdated or incorrect info.
So, while ChatGPT can serve up some pretty intriguing pieces of info, it's essential to remember it doesn't have the ability to verify the accuracy of that information. AI isn't able to critically analyze or fact-check its sources, so it's essential that we humans stay in the loop to validate the information before making decisions based on it.
Remember, no one wants to be the person spreading misinformation, right? Whether it's a casual conversation with friends or a crucial business decision, it's crucial to fact-check any AI-generated info.
Lack of Original Thought and Creativity
AI has undoubtedly revolutionized many areas of our lives. It helps us manage our schedules, recommends what movies to watch, and even generates content. But when it comes to genuine creativity and original thought, well, AI falls a bit short. You see, ChatGPT and other AI can generate content, but they do so based on patterns they've seen before. They're really good at this, but creating something entirely new? That's a different story.
Think of it like this: AI is like a talented cover band. They can perform some amazing renditions of existing songs (or in this case, content), but ask them to create an original song, and they won't know where to start. They can't because their entire function is based on replicating, not innovating.
So, while you can use AI to generate some great content, it's important to remember that true originality, the kind that comes from unique human experiences and imagination, isn't in AI's wheelhouse. They're more like a DJ remixing old hits rather than a musician composing a brand-new song.
Ethical and Privacy Concerns
Hey, remember that time we had a sit-down with Brian Weiss and delved into the ins and outs of navigating compliance and security with ChatGPT in a regulated environment? (If you missed it, check it out here: Navigating Compliance and Security with ChatGPT in a Regulated Environment). Well, that was just the tip of the iceberg. Beyond just the regulated environment, there's a broader spectrum of ethical and privacy concerns when it comes to AI.
AI technologies, like our pal ChatGPT, are a bit like those comic book characters with no moral compass - they don't distinguish right from wrong. They function based on programming, and that can create some headaches, especially when it comes to potentially misleading or harmful content. If an AI system drops the ball and shares incorrect or damaging information, who's in the hot seat? The user? The developer? It's a tricky question that needs some serious thought.
And let's not forget about privacy. With data being the lifeblood of AI, it's like walking a tightrope between helpful personalization and a total invasion of privacy. And when you toss in the potential for AI to be used maliciously, you've got a recipe for some pretty serious ethical dilemmas.
We've covered a lot of ground today, haven't we? We've dug into the drawbacks of using ChatGPT, from its limitations in understanding to accuracy issues, creativity constraints, and ethical concerns. We've also touched on how a little prompt engineering can help you get more out of ChatGPT, molding its responses to better fit your style and needs.
The journey with AI, and ChatGPT in particular, isn't perfect. It's a bit like navigating an uncharted path—you'll stumble upon a few snags, maybe even take a tumble or two. But the cool part? You also get to discover some breathtaking views and hidden gems along the way.
When we open up to AI's potential and the amazing ways it can support us, while also being aware of its shortcomings, we're able to make better, informed choices about how we use it. As we said before, AI isn't here to replace us—it's here to aid us. So, let's make the most of it, shall we?
And this is where you come in. We'd love to see how you're using ChatGPT in the comments section below! What are you creating? What prompts are you using to engineer the responses? What gems have you found, and what pitfalls have you managed to sidestep? Sharing your experiences not only helps us all learn, but it also adds to our collective knowledge and helps shape the future of AI usage. So, let's get the conversation started!