Latest NFP Structures News
Sep 18, 2023
Enterprise software vendors of all stripes are beginning to add generative AI features to their applications. Here’s how Stream Financial, NFP, and Thomson Reuters are (cautiously) taking advantage of the technology. Show More ChatGPT, Claude, Bard, and other public-facing generative AI chatbots based on large language models (LLMs) are nice enough, but they’re general-purpose and not well integrated into enterprise workflows. Employees either have to go to a separate app, or companies have to spend time and effort adding the functionality to their applications via application programming interfaces. Plus, in order to use ChatGPT and other genAI chatbots well, employees have to learn prompt engineering . Embedded generative AI , by comparison, promises to put the new AI functionality right where employees need it most — into their existing word processing applications, spreadsheets, email clients, and other enterprise productivity software — without any work on the part of their employers. If it’s done right, the new AI functionality should be seamless and intuitive to users, allowing them to get all the benefits without genAI’s steep learning curve. Based on a recent survey of technology decision-makers in North America and the UK, Forrester predicts that by 2025, nearly all enterprises will be using generative AI for communications support, including writing and editing. In fact, 70% of the survey respondents said they were already using generative AI for most or all of their writing or editing. But according to Forrester, standalone genAI tools — like ChatGPT — can’t support cross-functional collaboration and don’t work where employees work. “That means that for many use cases, genAI will be more beneficial as an embedded functionality than as a standalone app,” the firm said in the survey report. Manish Goyal, global AI and analytics leader for IBM Consulting, agrees. “You can have all the best AI, but if it’s not in the workflow where people use it, it’s not going to get adoption,” he said. The biggest buzz in embedded genAI has been around Microsoft 365 Copilot , a generative AI assistant being built into apps across the Microsoft 365 productivity suite. Although some genAI capabilities have been rolled out to Teams and other Microsoft 365 apps, Copilot itself is not yet generally available, with only 600 companies allowed early access for testing purposes. David McCurdy, chief enterprise architect and CTO at solutions integrator Insight, is eagerly awaiting the general release of Microsoft 365 Copilot. “For people who’ve seen the demos, the integration of generative AI is going to completely change how back-office work is done,” he said. In the meantime, some enterprises are adding generative AI to their apps themselves, via API calls to OpenAI or locally run LLMs like Llama 2. Insight, for example, embedded generative AI into Microsoft Excel via APIs. “But we don’t want to do too much development, because Office 365 is going to have it,” McCurdy said. Even companies without the time or people needed to create their own AI embeds can start using generative AI within their productivity tools today, because many vendors have already added various genAI features to their apps. For example, several online meeting platforms, including Zoom and Microsoft Teams, are now offering built-in or add-on AI-powered summarization features. “It completely changed how meetings are summarized,” McCurdy said. “We can say with certainty that the summarization features are second to none. There are plenty of things that aren’t going great, but for summarization and creating lists, it kicks butt.” Here's a look at how some companies are using generative AI in their workflows, where it works well, and strategies for embracing genAI safely. Stream Financial: genAI in emails, text documents, code “We use an email client called Spark, and it has generative AI built in for summarizing emails — because people can be long-winded — and for composing emails,” said Jowanza Joseph, head of engineering at Stream Financial Technology, a Salt Lake City-based fintech firm. Stream Financial Technology Jowanza Joseph, head of engineering, Stream Financial Technology “For me, and for most of the leadership team, the view is positive,” he said. “The only negative that we see is that it can be a façade for someone’s lack of understanding. Sometimes you read something, and it doesn’t make sense and you can tell the AI wrote it.” Another generative AI tool that his company uses is Grammarly, which works inside of Microsoft Word, Google Docs, and many other applications. Grammarly was originally just a grammar checker but recently added AI-powered text creation, rewording, and summarization . “We have a corporate Grammarly subscription,” Joseph said. “It works inside of Google Docs, and we can ask it to write paragraphs or summarize. It’s good at filler and summaries, but if you want to get in depth on a technical subject, it just can’t do it.” The problem with Grammarly’s AI, Joseph said, is that each interaction stands on its own. You can’t have the kind of back-and-forth that you can with ChatGPT or Claude in order to fine-tune the output. “We don’t have a good way to prompt it to tell it what to do.” The company is careful not to use public AIs for confidential data or customer information, Joseph noted. Long term, he said, he’s optimistic about using generative AI to generate content, such as marketing text. “Maybe writing different copy to A/B test. Or creating different iterations of the same copy.” But the biggest impact Joseph sees genAI making is with code generation. “We’re paying $19 a month per person for GitHub Copilot,” he said, “and we’d easily pay five times more.” The tool has saved the company countless hours and has a good depth of knowledge, he said. “That’s really where generative AI has proven its value,” Joseph said. “Everything else is still to be determined. There’s still a lot of work to be done.” NFP: genAI for marketing copy, meeting summaries Insurance broker NFP has been using AI to write text for two years. Long before ChatGPT came out publicly, the company was using Jasper AI to create marketing copy, said Kyle Healy, the company’s SVP of sales enablement. Launched in February of 2021 and initially based on OpenAI’s GPT 3.5 large language models, Jasper claims to have more than 100,000 enterprises as customers, including Pfizer, Sports Illustrated, HubSpot, and SentinelOne. Today, Jasper AI uses GPT 4, the same set of models that power the most advanced version of ChatGPT. But it adds business-friendly functionality such as fine tuning and additional models designed to create marketing or business content tailored to specific use cases. In addition, it can be trained on a company’s own brand voice and used via extensions and APIs inside company workflows. NFP Kyle Healy at Dreamforce 2022 “Some of our concerns were about security, and Jasper is a closed system,” Healy said. “Some of our marketing people are still using it for some of our copywriting.” But recently, the company has mostly moved on from Jasper to the generative AI tools embedded in Salesloft, its sales engagement platform. This spring, Salesloft added generative AI capabilities allowing fast creation of emails. “We’ve also started using generative AI in coaching and in directional guidance in some of our CRM systems,” Healy said. “And we’re now using GPT in more of our programs, as it starts to get connected into everything,” he said. “It’s totally embedded across the Microsoft ecosystem.” Healy himself is a major genAI user. “I wrote my entire 2023 business plan with AI,” he said. “We were trying to convince some people internally how effective it could be, and someone senior to me said it wasn’t there yet. So — initially as a spoof — I had it write my business plan and turned it in. I got nothing but great reviews and said, ‘Gotcha! A robot wrote that!’ “We also had a senior member of our sales team who worked in private equity and started to use it to write their leads and construct contracts. We had a lot of people come to use it early this year — leadership, sales, everything. They’re saying, ‘We have got to get on this. We have to. Have to. Have to.’” Another way the company uses generative AI is in Microsoft Teams, where it automatically generates meeting notes. “What’s important for everyone to understand is that it’s amplifying and augmenting what we’re already doing, not replacing it,” Healy said. “It enables us to do more with the same amount of people.” The next step, he said, is to use the generative AI capabilities in Salesforce to turn raw data into commentary. “It’s something that we’re working on now,” Healy said. “It will allow executives to absorb information in a way that’s natural to them. I’m not a numbers person. I get stuck in numbers all the time.” When deciding whether to use a generative AI tool, the accuracy of its training data is important, as are privacy, security, and usability. “With sales and marketing copy, we’re not dealing with anything proprietary,” Healy said. “But we do a lot of acquisitions. Can our legal teams use AI to create contracts quicker or find nuances and details? We’d have to explore privacy and security and closed-source models.” For now, he said, he’s working on getting salespeople up and running with the new AI tools. “It’s about simplicity and ease of use,” he said. “Does it feel natural, or is it something that they have to go and learn?” ChatGPT, for example, was not easy to use, Healy said. “You almost had to take courses on how to talk to it. It was almost like programming, to some extent. And we’re not a tech company — we sell insurance.” Generative AI that’s embedded into the tools that employees already use can overcome those usability obstacles. “Salesloft, for example, is iterative and organic,” Healy said. “Generative AI is a natural extension of the tool. We don’t have to go and learn something new, which is important to us. We can give it to a 35-year insurance veteran, and they can use it. Or we can give it to a 25-year-old who’s super native in the whole thing.” Thomson Reuters: genAI to draft communications, answer employee questions Thomson Reuters has been using AI in its products and workplace for decades, said Mary Alice Vuicic, the news organization’s chief people officer. “It’s embedded into so much of what we already have,” she said. “It’s about augmentation, about freeing up humans to do higher-value work.” Thomson Reuters
NFP Structures Frequently Asked Questions (FAQ)
Where is NFP Structures's headquarters?
NFP Structures's headquarters is located at 1250 Capital of Texas Highway, Austin.
What is NFP Structures's latest funding round?
NFP Structures's latest funding round is Other Investors.
Who are the investors of NFP Structures?
Investors of NFP Structures include American International Group.
Who are NFP Structures's competitors?
Competitors of NFP Structures include Integrated Financial Settlements and 4 more.
Compare NFP Structures to Competitors
Aegle Health Partners uses financial engineering and technology to focus on the health reinsurance space for fully insured health payers, self-insured employers, governments, and at-risk providers.
J.P. Morgan Asset Management is a liquidity partner that is committed to succeeding through all market cycles. It delivers solutions based on organizations' objectives. It was founded in 1871 and is based in New York, New York.
Apex Group is an independent fund administration company. The company delivers global fund administration solutions to investment managers investing in traditional and alternative assets such as onshore and offshore investment funds such as mutual funds, fund of funds, private equity, and real estate. The company was founded in 2003 and is based in Hamilton, Bermuda.
Sanlam delivers wealth and investment management services to private clients, families, financial advisers, and professional investors. The company was founded in 2006 and is based in London, England.
kANU Asset Management is an investment advisory firm. Its services include tax minimization, retirement planning, wealth management, income planning, estate planning, investment management, impact planning, and many more. It provides its services to physicians, business advisory groups, institutions, investment managers, and more. It was founded in 2004 and is based in Cincinnati, Ohio.
Compre is an insurance and reinsurance legacy business. It offers legacy experts, offering legal, economic and operational finality. The company was founded in 1991 and is based in London, U.K.