The company OpenAI is making headlines worldwide after releasing ChatGPT. This is a language processing tool powered by artificial intelligence (AI). While it’s intended to be a chatbot, it can also make complex texts like composing essays and emails. Thus, it proposes potential for use in business across various industries.
Here’s a guide from QWERTYLABS to learn everything you need to know about it:
Research in artificial intelligence is one of the trending business investments lately. The concept is to make a natural language processing system that uses machine learning to improve future responses. Right now, it responds to queries in statements learned from data OpenAI collected online, allowing the language model to answer with near-accurate statements.
The idea of using ChatGPT for business is exciting because the language model is complex enough to analyse the content you provide. People can ask it to explain concepts, compose using a set of enumerated keywords, or quote a helpful textbook and provide sources. These gave ChatGPT real-world application for every field that benefits from content automation.
ChatGPT potential for businesses
The language model’s current performance inspired many people to speculate ChatGPT business use cases. Ideas expand to content creation for advertising or providing 24-hour assistance to consumers. Other ideas for marketing ChatGPT in business include the following:
Enhanced customer experience
The Internet made most businesses accessible to international markets. However, customer services via agents are limited by time zone. This results in the business owner needing to invest in cheap but stiff chatbots or expensive third-party agents with unreliable communication skills. ChatGPT allows customers to provide detailed feedback and appropriate responses.
Improved efficiency and productivity
Conversion of logistics details into a concise report often staggers employees. ChatGPT can help them compose that report or at least give them a good idea of how to start. Thus, it allows them to deliver sales reports to employers and investors with more communication efficiency.
Personalisation and customisation
Making custom content for your business website takes skills and effort, but creativity is hard to develop. ChatGPT can support you by providing suggestions. All you need to do is tell it what you want to say in the content, and it will start composing. There is a refresh button, or you can have it make revisions using another prompt so you have recommendations to choose from.
24/7 availability and scalability
What makes ChatGPT even greater is its round-the-clock availability. There are limits to how many users it can support at a time, and it will be unavailable during maintenance. However, it scales to support more users, so it’s more widely available in the future.
Cost savings and resource optimisation
ChatGPT is a free language program for the most part, but it also offers premium services. Regardless, the cost is still small compared to hiring or outsourcing personnel. Its implementation in the business process is a great opportunity for startups to be more ambitious despite their budget.
ChatGPT limitations for businesses
Although ChatGPT has obvious advantages, it also has its downsides. It is still not a good replacement for people with the expertise, skills, and experience needed for any job. All it can do for complex tasks is help an expert simplify their decision-making to minimise risk.
There is also the issue with ChatGPT relying on limited information quality gathered from various sources of web content. That’s why it is prone to the following ChatGPT limitations that all users need to acknowledge when implementing its services for commercial use:
Lack of contextual understanding
The first obvious limitation of ChatGPT and any AI, in general, is their incapacity for critical thinking. Comprehension and common sense are vital skills needed for most tasks, especially communication. Slang can be ambiguous, causing misunderstandings even if the definition is in the machine’s database.
Logic is an inherently human skill, and so is common sense. These are necessary for contextual understanding and accuracy in the proper usage of words. Until ChatGPT is capable of critical thinking, it will not match human thought.
Unavailable data for events after 2021
OpenAI is working hard in improving ChatGPT, but they’ve focused mostly on scalability to support more users. For now, the database of the language model stopped in September 2021. Thus, it loses credibility for all information about current events. Unlike Google, it is an AI language model that does not have web access to help you search.
Inability to handle complex and sensitive topics
As an extension for its lack of critical thinking, ChatGPT can’t be used for problem-solving with nuance. OpenAI program data protection in the AI language model to prevent it from inspiring any kind of bias that will instigate arguments against ethics or the law.
ChatGPT is also under regulation to observe privacy policies. Thus, it cannot reveal personal information of anyone unless it’s a well-known personality whose biography is made public. However, it can’t validate sources, making it prone to misinformation, especially given that its database is not updated past 2021.
Difficulty in addressing emotional or empathetic situations
If there is one aspect that you should never expect from an AI language model, that should be empathy. Machine learning is incapable of emulating emotions no matter the stimulus. Users cannot form any kind of trust or mutual understanding with it. All it can do is copy appropriate responses based on previous interactions.
Limitations in domain-specific knowledge and expertise
OpenAI only created ChatGPT as an AI language model. That means it can learn jargon or terminologies used in various industries and how to use them in sentences. However, it does not have expertise in those fields, making it unable to provide insight to help you learn them.
Thus, ChatGPT cannot be used for self-teaching. Its contents also can’t replace the authenticity of instructional materials provided by teaching websites. ChatGPT also cannot provide insights into niche markets, especially ones based on trends.
Industries that can utilise ChatGPT
Balancing the ups and downs of a tool is how people can properly explore ideas to use it. That is the same for ChatGPT as an AI language model. Thus, the following industries come to mind when finally enumerating all of the industries that can use ChatGPT for business.
ChatGPT in e-commerce and retail
Online selling can be a pain to work on if you have to make descriptions for every product you’re selling. You can have ChatGPT make it for you so long as you provide the necessary information. Also, include instructions to upsell or cross-sell with another product which you are also selling. Just add the appropriate backlink before posting then you’re set.
ChatGPT in healthcare
The main problem patients have with modern medicine is how time-consuming setting an appointment is for both doctors and patients. ChatGPT can be used as a form of telemedicine service where patients can consult a chat system that can respond instantly.
If the language model is built with medical records of the patient, then it can make an accurate diagnosis based on the symptoms provided. It can also update the doctors for a second opinion if needed and help with documentation processes.
ChatGPT in banking and finance
Transactions are already automated, but the integration of AI as complex as ChatGPT can make it more efficient. Its analytical capabilities can help in fraud detection, ensuring that online transactions are safer without sacrificing the accessibility of service. Likewise, a payment service provider can also benefit from customer service available 24/7.
ChatGPT in telecommunications
The most straightforward use case for an AI language model is for providing customer services. While ChatGPT is mostly known for text-based communication, it is actually capable of telecommunications as well. That means using AI-generated voices to answer questions.
ChatGPT is also multilingual as an AI language model. Thus, it can handle translations of database contents while also being capable of responding to clients using a supported language.
ChatGPT in transport and logistics
Besides its capacity as a language model, ChatGPT’s machine learning can also be used to streamline the supply chain in logistics. This can improve efficiency because data analysis will have minimal human error. Its tracking ability of the system also allows it to provide detailed reports for clients.
ChatGPT in manufacturing
For the same reason as above, ChatGPT’s machine learning can help manufacturing teams work more efficiently. It can streamline resource management and scheduling for the company. ChatGPT can make quick reports for every department that can minimise the need for meetings which, in turn, will increase the company's productivity.
ChatGPT in education
Using the ChatGPT website alone is not a reliable way to use its language model for education. However, it has the potential to streamline instruction materials for online learning. If a teacher is not accessible, students can review specific parts of their lessons through prompts.
ChatGPT in tourism and hospitality
ChatGPT’s ability to streamline manufacturing and logistics can also be applied to hotel booking. Guests can provide their preferences in prompts, and they will get recommendations from the system’s database. It also helps invite tourists through marketing by helping you compose content using keywords researched through search engine optimisation (SEO).
ChatGPT in real estate
The real estate industry is reliant on human skills to upsell but being creative is challenging when you have to do it for various properties. ChatGPT can compose blog descriptions of the property for listing or a concise email for reaching out to clients with full details. It can also make a script you can follow to present properties to potential buyers.
ChatGPT in gaming and entertainment
Creativity is the most important part of game development, but there are elements ChatGPT can help with. That includes adding text-based content on item descriptions or filler dialogues for non-player characters (NPC). It can help the developers streamline storytelling without trivialising other aspects like objects or visual characters in scenes.
ChatGPT in marketing and advertising
ChatGPT cannot compete with experts in copywriting, but it is great at rapid content creation for social media. This is effective because, sometimes, the frequency of the brand’s advertising is more memorable than a high-budget marketing stunt. ChatGPT can also ensure that all information provided is accurate, which is an important element in a business like a casino.
ChatGPT and the future of business
Software development has come a long way in making machine learning viable for various industries. It helps mitigate tedious tasks which force businesses to depend on non-skilled labour.
More improvement is expected from AI, especially in businesses where brands are in a marketing competition with each other. While it can’t develop a strategy independently, ChatGPT still contributes to productivity and cost-efficiency for all kinds of business opportunities.
Evolving AI technologies
The most exciting part about the development of ChatGPT is knowing that it has plenty of support in the present. These help investors have confidence in its future, and its advancement is bound to open AI technology to more industries.
Besides language models like ChatGPT, other AI technologies are also prevalent worldwide. That includes voice modulation, image generation, and SEO tools. Their development today inspires predictions of positive impact in the future.
Human-AI collaboration is the goal of research in artificial intelligence. However, there needs to be a clarification on how work balance is interpreted between humans and machines. Further research on this is underway, but there is one popular idea which is the following:
No matter how advanced they get, AI technologies are still just tools. They will need human operators to contribute to a business’ success properly. It will be the people that use them who take accountability for all that they do, and that’s why businesses must promote transparency for ChatGPT applications in business.
What is the future of AI content creation?
The development of ChatGPT and similar AI services proposes a promising future for businesses. They can serve as tools for professionals to streamline the trivial parts of their jobs. There are also ideas for making high-quality training materials for turning novices into experts that are highly in demand in the workforce.
The modern results of AI development are already in an impressive state. However, they are still just tools without the ability to replace true experts. If you need help with using them in your business, then contact us now at QWERTYLABS. ChatGPT is one of the tools used in SEO marketing, so working with experts on content creation is the best way to use it.
ChatGPT is an impressive language model, but it’s still a rather new concept to introduce to the world. The best way to understand it is to ask questions from the experts. Here are some of the most popular queries regarding ChatGPT and its use in business:
Can you use ChatGPT for business?
Yes. ChatGPT helps trivialise many parts of one’s business strategy. Thus, an entrepreneur on a tight budget or a large company with many moving parts can use this AI to improve efficiency.
What does ChatGPT really mean for businesses?
ChatGPT is a tool capable of streamlining various language-related tasks. That includes composting emails, detailed reports, or explaining stuff. It’s also an advanced machine learning technology that can be used in simplifying complex systems to make it easier to manage resources.
How to use ChatGPT for business?
ChatGPT is flexible in its applications. You can use its free services 24/7 by simply giving prompts to complete tasks for you. However, it cannot make original content or solve problems requiring critical thinking. The best way to use it is to give it commands that it can follow through.
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