Let’s Learn How to Use ChatGPT to Help Us Conduct Business Analysis
A very common task for business analysts is to take a spreadsheet and derive insights from it. The goal is to turn a meaningless spreadsheet into a document that can be converted into a slide deck or passed to a superior who prefers not to read documents. So, how can we use ChatGPT to help us analyze this document?
First, let’s copy the entire table and paste it into ChatGPT. It’s incredibly simple and effective. By generating a business analysis based on the information provided, ChatGPT breaks down the revenue by quarter and provides an overall analysis of the products. It identifies insights such as fluctuating revenue throughout the year, with the highest revenue in Q4. It also suggests focusing on leveraging the popularity and consistent growth of a specific product, especially in Q3, where there was a significant decline.
However, it’s important to note that ChatGPT may make mistakes. The goal is not to have ChatGPT do all the work, but to use it to save time and then review and correct any mistakes it may have made.
Beyond copying and pasting data, ChatGPT can help us write a professional business analysis. By providing instructions, we can ask ChatGPT to generate a formal analysis in four paragraphs, avoiding excessive use of numbers. Additionally, we can ask ChatGPT to suggest emojis that complement the products, which is a common practice in marketing.
Working with ChatGPT is about collaboration. It helps us produce work faster and of higher quality. For example, we can ask ChatGPT to review a sales forecast and identify potential assumptions and errors. This allows us to catch any problems and improve the accuracy of our analysis.
In conclusion, ChatGPT is a valuable tool for business analysis. It simplifies the process of deriving insights from data and helps us produce professional and accurate analyses. By using ChatGPT, we can save time, collaborate effectively, and enhance the quality of our work.
