Is AI Actually Useful?

A new Harvard Business School study analyzed the impact of giving AI tools, to white collar workers at Boston Consulting Group.In the study, management consultants who were told to use Chat GPT when carrying out a set of consulting tasks were far more productive than their colleagues who were not given access the tool. Not only did AI-assisted consultants carry out tasks 25 per cent faster and complete 12 per cent more tasks overall, but their work was also assessed to be 40 per cent higher in quality than their unassisted peers.In today's video we look at the pros and cons of using AI at work.This Week's Sponsor:Get Magical AI for free and save 7 hours every week: https://getmagical.com/patrick Papers Mentioned:Harvard Paper: https://www.hbs.edu/ris/Publication%20Files/24-013_d9b45b68-9e74-42d6-a1c6-c72fb70c7282.pdfNicholas Carlini Blog: https://nicholas.carlini.com/writing/2024/my-benchmark-for-large-language-models.htmlNicholas Carlini Quiz: https://nicholas.carlini.com/writing/llm-forecast/Effects of AI on Employment Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4527336Patrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvCPatreon Page: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://buymeacoffee.com/patrickboyleVisit our website: www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoyle Support the show