Understand the Impact of Recession, AI and ChatGPT With FiscalNote’s (NYSE: NOTE) Board.org Community
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February 23, 2023 09:26 AM Eastern Standard Time
By Jad Malaeb, Benzinga
History tells us that recessions are a troubling time for businesses and their leaders.
In a report by Statista, it was found that even the “short-term” economic downturn instigated by the pandemic in 2020 led to 244 annual U.S. bankruptcy filings. This was the greatest figure recorded since the Great Recession of 2008-09, which saw 225 and 293 bankruptcies in 2008 and 2009 respectively.
After an extended bull run between late 2020 and into 2021, it seems that threats of a recession are beginning to surface once more. The International Money Fund (IMF) expects the economies responsible for one-third of global output to shrink during part of this year or next. In the U.S., the job market has teetered along the edge of safety, marking no significant declines yet, but marks of a slowing gross domestic product (GDP) have already been etched into news headlines.
Decision-making during these difficult times could mean the difference between survival and bankruptcy – businesses with access to decision-optimization tools or a strong network of proven leaders could have a competitive advantage over their counterparts. FiscalNote’s (NYSE: NOTE) Board.org feature is one of the few places where business leaders can go for help in troubled times.
FiscalNote Can Help Leaders Execute Important Decisions
In 2021, FiscalNote (NYSE: NOTE), a leading technology provider that helps organizations navigate government policy and regulations and geopolitical risk using AI and machine learning, acquired Board.org, a company providing vendor-free, peer-to-peer communities for people leading the world’s biggest companies.
At its core, Board.org is a decision-optimization organization. It creates communities for leaders facing difficult tasks and helps them source advice from their peers. The Data Privacy Board, DEI Board and Talent Marketing Board are just three of the names involved in Board.org, and they’ve been helping the world’s experts since 2007.
With this acquisition, FiscalNote enveloped Board.org’s communities into its portfolio of market intelligence products, providing customers with unparalleled access to the world’s leading voices. FiscalNote aims to grow the number of Board.org communities and to encompass more industries through this growth.
Board.org Experts Discuss Artificial Intelligence
ChatGPT’s rise to stardom is indicative of a coming-of-age of artificial intelligence (AI).
While the technology has existed since 1951, it has mostly taken subtle forms in the shape of “intelligent” search browser recommendations, voice assistants (“Hey, Siri.”) and image recognition software on smartphones. ChatGPT encapsulated what most envisioned AI would eventually become: A human-like program that can be asked nearly anything and produce an intelligent answer.
The emergence of ChatGPT, however, has introduced new problems. Prompted by instances like ChatGPT’s refusal to describe the characters of Donald Trump and Jordan B. Peterson, AI critics posit that ethical and political consideration in the construction of AI will be key to successfully navigating AI in the future.
This is especially true for corporations that aim to leverage AI. In a blog post, the Enterprise Data Strategy Board, a member of Board.org, shows a plethora of case studies of AI gone wrong, including Amazon scrapping an AI recruitment tool that discriminated against women.
The blog discusses the threats future corporations face by not appropriately considering AI ethics, an idea reiterated by experts at Forbes, KPMG, and TechTarget.
Without pesky vendors or expensive consultants, Board.org packs insight gleaned from corporate experts and rigorous data to produce actionable insights. These insights help corporations tackle relevant problems like AI, recessions, and rising interest rates.
Board.org – A Trove Of Insight From The World’s Business Leaders
Board.org has strict guidelines for its communities. It screens members to include only leaders in their fields; it prohibits vendors from entering communities, meaning no one will attempt to sell you anything; it facilitates confidential conversations between leaders via its online staff; and it only communicates via phone and email. According to the company, they’ve had an 80% renewal rate for 14 consecutive years.
“In a continuously evolving and more globalized world, our customers require access to the information, workflow tools, and communities that propel them to excel at their jobs,” noted FiscalNote founder and CEO, Tim Hwang. “We are excited about deploying Board.org and its proven model to better serve our customers as they wrestle with the various issues that impact their organizations on a daily basis.”
FiscalNote’s acquisition of Board.org is just one of the many acquisitions the company has made. With a mission to expand its product holdings and improve its market intelligence, the company has also acquired FactSquared, Oxford Analytica, TimeBase, and FireSide, all of which provide unique intelligence-gathering features in the political domain and beyond.
Click here for more information on FiscalNote.
This article was originally published on Benzinga here.
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