As well as some ideas on how to save time and money using AI!
Now that we have the basics let’s review why you shouldn’t use AI Chatbots as subject matter experts.
📝 DRAFTING CONTRACTS. Let’s start with the glass-half-full approach. A Chatbot can quickly spin up a standard Non-Disclosure Agreement (NDA) or Real Estate Contract Template. These templates are helpful because they are usually a good starting point for basic agreements! 🎉 Now, don’t pick up your pen to sign just yet. You need to send that draft to your lawyer for review, do NOT sign a contract generated by a Chatbot without a sign-off from a professional. The good news is that you likely saved time (and money) on the contract review but never rely solely on a chatbot for legal advice.
🧐 RESEARCH AND GATHER INFORMATION.
Simple list requests can spit out with no problem. As you see below, we asked who is exempt from the mansion tax in New Jersey. This list looks pretty good, but ChatGPT notes it is not comprehensive.
❌ Now for the pitfall. If you ask to CALCULATE a transfer tax, you will likely get misinformation due to the complexity of the request. Here is a similar request from ChatGPT that is WRONG!
WARNING! Although Chatbots can be a helpful resource to streamline certain business functionalities, you should ALWAYS fact-check the output.
There are several ways Chatbots can help you with simple business tasks to make you more efficient. Are you looking for concrete ways to help with marketing? Check this out. Just remember, Chatbots are not to be relied upon at this time as subject matter experts. Always check the output before making business decisions based on the results!