What Does ChatGPT Really Mean For Businesses? – Forbes
ChatGPT, a new artificial intelligence chatbot, has taken the internet by storm.
This tool is the latest example of AI-based tools that are augmenting the way we do business. There are many others, but natural language processing bots and generative visual AIs like DALLE•2 are advancing particularly fast.
ChatGPT is a variant of the GPT (Generative Pre-training Transformer) language model that was developed specifically for generating human-like text in a conversational context. It is designed to generate natural vocabulary responses when given input from an user — making it potentially useful in the variety of business applications where human-like conversation with customers or clients is desirable.
In light of this new technology, businesses need to think about how they are doing their work, what products and services they offer, and how AIs like ChatGPT could enhance workflows and deliver better customer experiences.
Let’s explore some of the biggest business implications associated with AI-powered chatbots like ChatGPT.
The Opportunities of Chat-Based AI
Tools such as ChatGPT can create enormous opportunities for companies that leverage the technologies strategically. Chat-based AI can augment how humans work by automating repetitive tasks while providing more engaging interactions along with users.
Here are a few of the ways businesses can use tools like ChatGPT:
● Compiling research
● Drafting marketing content
● Brainstorming ideas
● Writing computer code
● Automating parts of the particular sales process
● Delivering aftercare services when customers buy products
● Providing customized instructions
● Streamlining and enhancing processes using automation
● Translating text from one language to another
● Smoothing out the customer onboarding process
● Increasing client engagement, leading to improved loyalty and retention
Customer service is a huge area of opportunity for many companies. Businesses may use ChatGPT technology to produce responses for their own customer service chatbots, so they may automate many tasks typically done by humans plus radically improve response time.
According to a good Opus Research report, 35% of consumers want to see more businesses using chatbots — and 48% associated with consumers don’t care whether a human being or even an automated chatbot helps them with a customer support query.
Overall, ChatGPT can be useful for any situation where you need to generate natural-sounding text based on input data.
On the other hand, the possibilities of AI-based chatbots can turn into threats if your competitors successfully leverage the particular technology plus your company doesn’t.
Thinking Through the Potential Dangers of Chat AI
There are enormous opportunities for businesses to use tools like ChatGPT in order to improve their own bottom line and create better customer experiences — yet there are some potential dangers along with this technologies, too.
In the beta version of their particular ChatGPT software, OpenAI acknowledges the current limitations from the AI, including the possible to occasionally generate incorrect information or biased content material. It also says the AI may have limited knowledge of events or knowledge after 2021, based on whenever the model was trained.
AI models require lots of training and fine-tuning to reach ideal performance levels.
There are also potential privacy concerns. ChatGPT can be vulnerable to cybersecurity attacks, as it will be connected to the internet and could possibly be used to spread malicious content or even viruses. Malicious cybercriminals can also manipulate people into divulging personal information using the chatbot, then use that information with regard to fraudulent purposes or regarding targeted phishing attacks.
Will AI-Based Chatbots Replace Jobs?
There are also some who predict that will tools such as ChatGPT will threaten people’s livelihoods as it automates many tasks currently being performed simply by human beings.
AI-based chatbots may be used to automate some jobs, but these people aren’t capable of numerous skills that people are great at, like critical thinking, creativity, or strategic decision-making. Instead, chatbots can be used to supplement customer service staff, allowing people in order to focus on more complex and more ‘human’ tasks.
Companies can use tools like ChatGPT to reduce costs associated with training and hiring customer service staff, helping them save money and stay competitive.
Technology With Huge Potential
Overall, tools like ChatGPT have the potential to improve efficiency and productivity in a variety of business contexts by automating tasks that would normally be performed by humans.
However , ChatGPT is still a relatively new technology, plus its capabilities are likely to continue to evolve in addition to improve over time.
To stay on top of the latest on AI and other new and even emerging business and tech trends, make sure to subscribe to my newsletter , follow me on Twitter , LinkedIn , together with YouTube , and check out the books ‘ Future Skills: The 20 skills and competencies everyone needs to succeed in a digital world ’ and additionally ‘ Business Trends in Practice , which just won the 2022 Business Book of the Year award.