POWERFUL Data Analysis with ChatGPT

In this video, I'm going to share with you how you can do data analysis using a GPT. And I'm going to explain to you what is a GPT, how it is, why it is so powerful, what it can do for you and your business. So let's get into all about GPTs and using them for data analysis.

Welcome back. In a little while, I will go into Chat GPT and I will show you how we can do data analysis. I also have a GPT to give you, so watch out for that. Coming soon. But first, what are we talking about with GPTs? Well, this is something that came out very, very recently, just a few weeks ago, as I'm recording this at the end of November 2023. And it's huge news. It's massive news and it solves a huge problem. You see, if I go back to the early days of me using Chat GPT at the start of 2023, it was great to start off with, but what I found in May and June was sometimes the responses weren't quite to my liking. I had to reword things. And then at the end of July 2023, although I had to wait till August 23rd because I'm in the EU, they rolled out custom instructions and that was a huge improvement. If you don't know what custom instructions are, essentially it enables you to personalize ChatGPT to what you want. You feed it with information about you and your role and how you want it to respond. And what we found immediately I found my team and other people, is the quality of responses went up significantly. And for example, I trained it in my writing style so that I could use those custom instructions. And it always wrote content like I wanted to write stuff. It was brilliant, but it had one big problem. And the problem was sometimes I want to do a different task and I didn't want it to act as me. I wanted to act as a copywriter, a marketer, a business consultant. And so I ended up having to create multiple versions of custom instructions and then I'd have to go into ChatGPT, delete my custom instructions and copy and paste in a different set for a different task. It was great, but it was a bit cumbersome and I wished that OpenAI could bring out some way of having different sets of preset custom instructions you could choose. Well, they listened, they did that, and they went over and above with so much more with GPTs. So these were. These were launched back in late November 2023. Think of GPTs as you like, as different sets of custom instructions, but they're much more than that. Let me first of all show you what they look like. Let's go into ChatGPT quickly. And so if you go into ChatGPT, what you'll probably find now is on the left hand side you would see all of your chats that you've had. But as of November 2023, you now have an area where you can create GPTs or use other people's GPTs. And there's an Explore button that will enable you to explore what GPTs are available and how to create your own. Now I have to say of course, that at the moment GPTs are only available to ChatGPT plus users. I've been saying for months now that it's a no brainer to upgrade to a ChatGPT paid account because it opens up so many possibilities. And unfortunately at the time of recording, everyone went mad over GPTs. The usage went up significantly and what OpenAI did is they created a waiting list for people wanting to upgrade. So at the moment, if you are not on the paid for account, you might not be able to get access to ChatGPT plus just yet. You will be on a waiting list. I keep my fingers crossed that that will change soon, that you will be able to upgrade and get the plus account. They have also said that at some point in the future these GPTs will be available to everybody. So you may not need to have a paid for account to get GPTs. But right now, as I record this at the start of December 2023, you do have to have a plus account and these alone make it worth it. Let me explain the big benefits of these GPTs. So firstly I said think of them as custom instructions and each one can have its own set of custom instructions. But actually it goes beyond that because one of the limitations of custom instructions was that, and you can, you've still got access to those even on the free account, you can still set your custom instructions. And I strongly recommend it. It makes a big difference. When you set your custom instructions, you have two boxes that you complete. Let me just quickly show you that you would go into the settings at the bottom, click on your name and then you'll see custom instructions. And as you go there, you will see there are two boxes that you can complete. And the issue with those two boxes was that you only have 1,500 characters available for each. And as you get better at prompt engineering and building custom instructions, you will realize you will soon run out of 1500 characters. The great thing about GPTs is you are not limited to two lots of 1500. In fact, I believe it's 8000 characters. So we have a lot more scope to give really specific instructions on how we would like ChatGPT to work for us so we can have better, more in depth instructions and we can have different GPTs for different users. But there's more than that. The other thing that we can do, and this is so powerful, is, is with a GPT, we can upload a knowledge base, we can feed it information. You may have seen that for the last six months or so, people have been talking about creating chatbots, and this really kills off the chat, the chatbot industry. A chatbot is something where you feed it information about, for example, your business, and then customers can ask questions and get the answers. Well, you can do that with the GPT now. You can feed it information and it's really easy. You just drag and drop in the documents you want to provide it with. And then the next big benefit of it, although this is more advanced, is you can also use what are called actions. In other words, if you have some knowledge of APIs, then one of the things you can do is you can link your GPT to other software tools. So, for example, you could create a GPT that always gives you, in the format that you want, different exchange rates at any point in time. And you could create an action with an API that links to a publicly and freely available tool that always quotes the latest exchange rates. So lots of options there. That's more advanced, but there's still some powerful things you can do there. And then the other thing that's really powerful about GPTs is they are shareable. So when you build your GPT, you can save it, and you can either save it just for your use, if it's just you using it, but you can also share it with anybody that has the link, or you can even make it public, which means anybody can access it through the brand new GPT store that OpenAI have. Now, the middle one's the one that I think is particularly powerful, and that is the ability to share, have a share link. Because that means that if you're an accounting firm, you could have a GPT that you share with your entire team. For example, I have a GPT that's been trained in my writing style, which means that anybody in my team can create written content using that GPT and it will write it as if I've written it. So there's many reasons why you might want to create GPTs. To share with your team, but also you might want to share them with, for example, clients. And there's a few powerful use cases where you might build GPTs for clients. And it's really easy to do once you have started to master the art of prompt engineering and how to create custom instructions. So let me show you one that I've built, one of the first ones I built and one that I'm going to give you today so that you can start playing around with it. With it. It allows you to do. It allows you to do data analysis. Essentially what I was thinking of here is you feed it an Excel spreadsheet of Data Expenses or Inc. It might be, for example, if you're using QuickBooks Online QBO, you could download, for example, all the transactions in a particular category for the year. And then what you might want to do is summarize it with just the totals per supplier, for example, or per customer in a little table. And you might want to create some reports, some graphs to go with it. So that's what this GPT does. Let me just very quickly show you how you can use it and then I'll show you and then I'll tell you how, how you can get it. It's completely free. It's my gift to you for watching this video. So let's just go across to ChatGPT. Remember, of course, you do need to have the plus version. And when you click on the link that I'm going to give you, you will see something that looks like what you can see halfway down the left hand page. It's called Data Summarizer. And so all you would do is you would click on Data Summarizer and start a chat. Now I've already started one on. Let me hide this now because I'm going to show you very quickly what you can expect when you use it. It's really simple. When you first open it up, it's going to have a initial suggested response which is to introduce itself, which it will do. So let's get started. Introduce yourself. It's then going to tell you just a few of the little commands that you can use. So you might want to print out the table, the summary as a word file you might want to download as an image, the charts it can create for you. And at the end of the process you might want to get some ideas on how else you can use this GPT and you can just type in help and it's then going to tell you what to do. So all you do is you upload a CSV file or an XLS file with your financial data. You just simply drag it in and then hit enter. When it does that, it's going to explain what it's going to do. It's going to first of all tell you what the data is just so you can make sure it's got the right data, it understands it, and you just set, say, ready. If it's got it right, it's then going to do a cleanup. It's going to go and analyze the data and it may need to clean it up if there's any errors or anything. Once it's done that, it will then ask if you want to proceed. Just say yes. And now it will, as you work through the process, it will now create your summary. Now, the only problem to be aware of is at the moment, ChatGPT is being used by so many people right now. Sometimes it does some odd things. And so you might find, for example, and we found that occasionally it would say, great, I've now done the table, and the table's not there. It does remind you how you can print it out. And that does work. But all you have to do is, like you would do with ChatGPT, is just say, well, where is the table? And it took me a couple of times with this particular one, but it did give me the table. It summarized the data in table form and it did this very, very well. And then I could print that out to a Word document as a table. And then once you've done that, another thing you could then do is you might decide one of the things that when I summarize financial data, you might only want to know the larger amount. You might have a de minimis where any amount under a certain amount you just summarize as other. So it'll prompt you for that. What would be your de minimis? I don't need an analysis of all these small items. So I specified I want the Deimis to be at 2000. And it's gone and summarized it with a other category now, which just lumps together everything under 2000. And as you work through the process, there's a few more prompts it will guide you through. It'll ask you, would you like some charts to summarize that? If you, if you want, you can specify your brand colors as well. And it will produce those charts. You can then download them if you want to an image file. So you could then put them into a PowerPoint presentation, a word document, whatever you want. And then if you're not sure what else to do. You can use the help command. It'll give you some other suggestions. It's just like ChatGPT. You can ask it to do anything else that you want, but it's essentially set up initially for you to put in your Excel spreadsheet. It'll summarize the data really quickly without you having to come up with the prompts to say what you wanted to do. That's what it's designed to do. Okay, I hope that's opened your eyes to possibilities. There are so many things you could do with GPTs. How do you get a copy of that one? I will put the link below the video. All you do is you click on the link. That'll put it into your version of ChatGPT as long as you have the plus account and you'll then see the little icon for it. And whenever you want to summarize financial data, you just start the GPT, you drag in the Excel spreadsheet or the CSV file and then it will work with you cleaning it up, summarizing it, asking if you want a de minimis, creating some charts for you, offering the ability to print those out as an image file. And of course because it's chatgpt, you can also ask it anything else you want. You could ask it to. You could ask it to explain the data if you want to tell you other things that you could do with it if you found this valuable, please give it a thumbs up. And if you want to learn more about ChatGPT and AI for accountants and bookkeepers, we have a Facebook group. Currently, I think there's about eight and a half thousand accountants and bookkeepers in the group, all learning about how we can better use ChatGPT and other AI tools. Again, I will put the link below. I look forward to seeing you on another video soon. Goodbye for now.