Tired of reading about artificial intelligence (AI)? I don’t blame you. OpenAI released ChatGPT just under a year ago and, in the intervening months, the conversation about the potential of generative AI to impact our lives has not let up.
And the predictions keep coming. Last month, Adam Selipsky, CEO of Amazon Web Services, told CNBC that generative AI will ‘pretty much change every application inside of companies [and] that consumers interact with’.
Of course, the IR industry has not been immune. There’s been no shortage of predictions about how AI will affect the role, from automation of tasks to personalized chatbots and even the replacement of team members.
Amid this hype, however, IR teams have been quietly experimenting with the technology, looking for ways it can truly add value. And, increasingly, we are hearing concrete examples of how it can do just that.
The use-cases we’ve been told about range from text writing to presentation building, summarization, translation, Q&A prep and continuous improvement – for example, by entering old content and asking how to do it better next time.
Here, generative AI is genuinely boosting efficiency, unlocking new insights and even saving budget. One small-cap IRO, for example, no longer needs to work with an outside designer thanks to specialized, AI-powered, presentation software.
Bespoke solutions for IR teams are also being released. The earnings process is a particular focus, with new tools supporting pre-call prep and post-event analysis. Given the compliance environment IROs operate in, it seems likely most IROs will end up using AI via third-party IR products, taking away the risk and complexity of experimenting alone.
All in all, there is plenty to be optimistic about – a view reflected in the interviews that took place for our recent IR TV Now episode on AI and IR. While recognizing that new technology can bring some stress and anxiety, Quentin Weber, senior IR adviser at WSP Global, urges IR professionals to ‘embrace the change and evaluate ways to best leverage this additional resource’.
We’ll continue to report on the latest ways IR teams are putting AI tools to work, including the findings from our global series of workshops on the topic, which conclude in London this month. In the meantime, if you’d like to share your views on AI and IR, please get in touch on LinkedIn or at email@example.com.