Alpha Pro Partners founder, Rayhan Aleem, recently spoke with ADSMEhub about his experience using ChatGPT and its potential to revolutionize various industries in the UAE. In this interview, Rayhan shared his thoughts on the role of AI in the industry and how ChatGPT has helped his business, while also highlighting the importance of human interaction in certain situations.
Rayhan Aleem, Alpha Pro Partners founder
ChatGPT's Potential to Revolutionize Industries
Rayhan first learned about ChatGPT from a friend and was impressed by the software's capabilities. He believed that it had the potential to revolutionize various industries and compared it to the impact Google had when it first came out. Rayhan tested ChatGPT by asking technical questions about the software they use at his accounting firm, such as how to post a manual journal in xero, and was impressed with how accurately ChatGPT was able to answer his questions. He believed that the software had the potential to increase efficiency and streamline processes for businesses.
Benefits and Drawbacks of Chat GPT
While Rayhan acknowledges that Chat GPT has an error rate, he also believes that it can help businesses by answering frequently asked questions and freeing up time for employees to focus on more complex tasks. The software also provides a more efficient way to search for laws and policies that are specifically relevant to a case.
However, Rayhan notes that Chat GPT should not replace human interaction entirely, as it is essential to maintain a balance between technology and human interaction in certain situations.
"For me, the golden rule is that if a question requires more than a 'yes' or 'no' answer, then it's time to call in a human," said Aleem.
ChatGPT in the Legal Industry
Aleem also discussed the use of ChatGPT in the legal industry. He highlighted how the software provides a more efficient way to search for laws and policies that are specifically relevant to a case. The software allows for more intimate, case-by-case work, but with the backing of direct laws and policies.
ChatGPT for Small and Medium Enterprises (SMEs) and Startups
Rayhan explained the challenges and opportunities of using ChatGPT for small and medium enterprises (SMEs) and startups. ChatGPT can save entrepreneurs time and money in the early stages of their business, allowing them to maximize their resources. However, he also warned that the software is not infallible, and entrepreneurs should not blindly follow its advice without verifying it with a lawyer.
ChatGPT has improved efficiency! Additionally, he explained it provides better advice to clients. Account managers are being trained on how to use ChatGPT to gain background knowledge and understanding of certain laws and policies. This helps make meetings shorter and more productive, as clients come in having grasped the concepts, and the company can provide more accurate advice. The main benefit of ChatGPT is its ability to provide concise and direct answers to specific queries, making it easier to find relevant laws and policies.
The use of ChatGPT allows intimate case-by-case work while backing it up with direct facts and laws. It has eliminated the need to go through pages of laws and policies to find the relevant information, making the process more efficient. The company still provides personalized advice to clients based on their specific circumstances, but ChatGPT has made it easier to access relevant information, saving time and improving productivity.
Challenges of Scaling Up an Accounting Firm
Rayhan shared his journey in the accounting industry and the challenges his company faced in scaling up its operations and infrastructure.
One of the biggest challenges Rayhan's company faces is finding employees who align with the company's values and have a high emotional quotient (EQ). Regulatory challenges in the UAE were also highlighted as a significant challenge the company faces, as there are always new rules coming in that need to be kept up with.
Payments and collections can also be a problem as some businesses do not want to use credit card payments. However, Rayhan shared that the company manages its accounts receivable efficiently and has a healthy balance sheet.
Financial Advisory and Entrepreneurial Insights
Rayhan Aleem spoke about his appreciation for Zappos, a company that he admires for its exceptional customer service. Rayhan noted that the customer service at Zappos was "literally second to none" and that the company was "another level when it comes to customer service." He cited examples of how Zappos went above and beyond to help their customers, such as arranging for a cab to take customers to the airport.
He explained that in addition to technology, having good customer service is crucial for a business to grow and succeed.
One of Alpha Pro Partners' core values is strong customer service. Rayhan discussed his role as an advisor, stating that he tries to give as much insight as possible to his clients to help them grow their businesses. He also noted his own company is known for its customer service, which has led to many referrals and a strong reputation in the industry.
Rayhan sees himself as an entrepreneur and tries to give his clients as much advice and insights as possible, based on his own experiences and lessons learned. He plays the role of a financial therapist, sitting down with all of his clients to understand their challenges and sharing his own entrepreneurial journey with them, giving insights on how they can use tools like Chat GPT to improve their processes. Rayhan's own company has grown from zero to surplus revenue and supported many start-ups raise funding for their businesses.
Importance of Human Interaction
Although ChatGPT has the potential to revolutionize various industries and increase efficiency, Rayhan emphasized the importance of not relying solely on technology and the need for human interaction in certain situations. He acknowledged that there is an error rate, and ChatGPT should not replace human interaction entirely. However, he believed that ChatGPT could help businesses by answering frequently asked questions, freeing up time for employees to focus on more complex tasks.
“When scaling a business you need have to have the right tools in place. Obviously technology plays a key role but so too does having good customer experience.” - Rayhan Aleem
Rayhan's interview highlights the value of providing financial advisory to clients and sharing his own journey as an entrepreneur to help them grow their businesses. By focusing on strong customer service and finding the right people to hire, businesses can build a loyal customer base and a strong brand reputation.
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