I’m seeing an increasing use of generative AI tools for note taking in meetings. So I thought it would be useful to summarise some pros and cons of these tools and identify some of the popular tools being used. Let me start by listing in alphabetical order the four tools I am hearing the most about:
- Fathom Notetaker
Fathom AI Notetaker – Never take notes again - Fireflies.ai
Fireflies.ai | AI notetaker to transcribe, summarize, analyze meetings - Otter.ai
Otter.ai – AI Meeting Note Taker & Real-time AI Transcription - Microsoft Teams (with Co Pilot)
Use Copilot in Microsoft Teams meetings – Microsoft Support
Microsoft 365 Copilot—Business Plans | Microsoft 365
I’ve trialled the paid version of Fathom Notetaker and the results were nothing short of astonishing! I suggest you have a play with each of these and see which one is for you, if at all. The most common use is when you are doing an online meeting with Teams, Zoom or other tool.
Benefits
- Time saving / efficiency
Based on my experience, you can have a set of notes including summary and actions within a minute of your meeting ending. Even if a bit of manual tweaking is needed that will often represent a huge time saving. - Potentially greater accuracy
It’s easy to be “distracted” when taking notes in a meeting and not capture everything you intended or capture some things incorrectly. The AI notetaker can often do a better job than you. - Better engagement in meetings
If you are not needing to take notes you can be more focused on the other people in the meeting and be better engaged with them. - Greater focus on actions
These tools can identify actions to be taken and in my experience that can sometimes be a weakness with manual note taking.
Possible downsides
I have a paid subscription to Chat GPT and asked it to list some downsides. It’s a great list that I agree with:
- Privacy and Data Security Concerns
Data Sensitivity: Accounting firms handle highly confidential financial data, so using AI note-taking tools can raise privacy concerns. If the tools store information on external servers or share data with third parties, it could pose security risks. [I’d add to this concerns some firms have about the location of data storage.]
Compliance with Regulations: Firms must ensure that the chosen AI tool complies with industry regulations, such as GDPR, CCPA, or financial industry standards. If a tool lacks strong data protection protocols, it could lead to compliance issues.
2. Accuracy of Transcriptions and Summaries
Transcription Errors: AI-driven transcriptions aren’t always perfect. Misinterpretation of technical terms or jargon can lead to inaccurate records, especially when dealing with complex accounting or regulatory language.
Missed Context: Summarization algorithms may miss nuanced discussions or prioritize the wrong points, potentially leading to misinterpretation or loss of critical information.
3. Reliance on Technology
Dependence on AI Outputs: Relying heavily on AI-generated notes may cause team members to become less engaged in meetings, assuming that the AI will capture everything. This dependency could lead to overlooking key information or insights that might not be fully captured by the tool.
Reduced Human Oversight: Important decisions could be influenced by AI summaries without adequate human review, potentially leading to mistakes if the AI misinterprets the discussion.
4. Integration Challenges
Compatibility with Existing Systems: Some AI note-taking tools may not integrate smoothly with existing accounting software or document management systems, leading to data silos or inefficient workflows.
Implementation Time and Cost: Adopting and setting up new tools takes time, training, and resources. For firms that are already stretched thin on IT resources, integrating AI note-takers can add complexity.
5. Cost Considerations
Subscription Fees: While some tools offer free versions, they may lack advanced features like CRM integration, high-level security, or transcription accuracy. Premium plans can become costly, particularly for firms needing multi-user access.
Hidden Costs: Some tools charge for extra services like additional storage, integration with other platforms, or extended transcription hours, which can quickly add up for firms with high usage.
6. Limited Customization and Control
Generic Summaries and Outputs: AI-generated notes may lack customization, offering summaries that don’t fully align with a firm’s specific needs. For example, key action items relevant to accounting might not always be accurately identified or emphasized by generic algorithms.
Limited Control over AI Decisions: Accounting firms may want control over how certain discussions or details are prioritized in summaries, but many tools don’t offer this level of flexibility.
7. Potential for Misinterpretation or Miscommunication
Misleading Summaries: AI-generated summaries are often brief and may omit essential context. This can lead to misunderstandings or miscommunication if team members rely solely on the summary without reviewing full notes or recordings.
Errors in Action Items: If action items are incorrectly assigned or key points misinterpreted, it could lead to follow-up errors or misaligned tasks, especially in high-stakes environments like tax planning or compliance audits.
Despite these downsides, AI note-taking tools can be incredibly valuable for streamlining documentation processes. Accounting firms should conduct thorough due diligence, carefully assessing each tool’s data security, accuracy, cost structure, and integration options to mitigate potential issues and ensure it meets their specific needs.
I have a particular way I like to take notes, involving colours on my Samsung tablet using One Note. I’m still deciding if I will use a notetaker app on a regular basis but there is no denying that for some they will be incredibly useful. Feel free to share your experience with me.
Next month I’ll do a broader summary of where I see AI being up to across firms.