What Does ChatGPT Do and How Can It Help Businesses?
Artificial intelligence has been growing in leaps and bounds in the last decade, making processes easier and bringing about significant changes in almost every industry. It’s not surprising that the AI global market is expected to hit US$ 1.8 trillion by 2030, from just US$ 136 billion in 2022. Now while most of us have had some experience with AI-assisted online shopping and have definitely heard of autonomous vehicles—some of the most well-known applications of AI, there’s a lot more out there.
A recently-introduced AI-powered technology has created such a huge impact across many fields, with social media feeds inundated by reviews and potential use cases of this tool. We’re talking about OpenAI’s ChatGPT. In this post, we discuss what it is and how it works, why it’s gaining a lot of attention, and how it can be relevant to your business.
What is ChatGPT and How Does It Work?
ChatGPT is a highly-advanced software that utilises artificial intelligence to formulate longform answers to questions and to participate in intelligent dialogues in a conversational and comprehensible manner. Developed by the company OpenAI, ChatGPT is the most common application of GPT-3 (Generative Pretrained Transformer 3), a revolutionary language processing AI model designed to generate human-like text that can be applied to various use cases such as language translation and language modelling.
With ChatGPT, what you get is an extremely smart and sophisticated chatbot that is optimised for generating natural language responses based on user input. This means that with a correctly worded prompt, ChatGPT can answer questions, compose emails, write essays, solve maths story problems, and even generate software code—all without breaking sweat. What makes the tool even more popular is that gaining access is straightforward, there’s no steep learning curve to using it, and it’s a free software (although there’s also a paid version available if you want premium features).
You simply head over to the ChatGPT website and sign up with your Google or Microsoft account. Once your account is confirmed (which won’t take long), you are brought to a page that shows some examples of how you can ask your questions, gives information on the app’s capabilities, and explains its limitations. Then there’s a small box at the bottom where you can type in your question. Just like that and you can ask away.
No doubt, ChatGPT is extremely capable in what it was developed to do. In fact, it’s been deemed to be too good for certain user groups—that is, students heavily relying on it to perform their schoolworks, such that its usage has been banned from many universities. As to how this technology will continue to impact academia and higher education remains to be seen; but it’s a different story in the business sector.
ChatGPT: Ushering In a New Era for Businesses
Commercial organisations are gradually discovering the many benefits of ChatGPT for improving customer service, boosting employee productivity, generating marketing leads, and overall, as a valuable business support tool. Here are 4 key applications of ChatGPT that you may be able to apply in your enterprise.
Having a more sophisticated, intelligible chatbot. A reliable customer support channel is one of the pillars of quality customer service these days. But deploying customer service representatives 24/7 is way beyond budget for most businesses, hence, the proliferation of AI-assisted chatbots.
The limited range of responses of the current crop of chatbots however, leaves a lot to be desired in terms of actually addressing the issues at hand, and the whole interaction can often feel underwhelming for the customer. With ChatGPT, customer interactions can be more satisfying because the flow of ‘conversation’ is more human-like, and responses are more attuned to the follow-up questions.
Creating suitable product descriptions and catchy sales pitches. When you’re trying to come up with unique descriptions for multiple products, the process can quickly become repetitive and words will eventually fail you. ChatGP can help with that by generating suitable and effective product descriptions in no time.
The same goes for developing a sales pitch. Thinking about the tone, the words, the call to action, and all the other elements that go into the pitch, and then presenting all these in a concise, engaging content that’s meant to convince can easily exhaust your imagination. When you’ve run out of creative ideas, try making different queries of your product or service on ChatGPT and see how some of the answers can be used as springboards to create the perfect sales pitch.
Offering better-worded, more streamlined translation. Having an online presence today basically means your business is not constrained by any geographical boundaries. Whether it’s providing your services to customers on the other side of the globe, or forging partnerships with foreign businesses, translation services are a must-have tool in your business support arsenal.
ChatGPT can be invaluable in providing translation for important documents, partnership agreements, website and lead generation content, emails, and other marketing collateral. It can also be a straightforward solution to simpler issues such as language barriers (and therefore potential communication problems) between employees of branch offices located in different regions of the world.
Developing social media content. Competing for consumers’ attention and business requires getting your products and services out there. This means producing content in all its different forms for multiple social media platforms, and as quickly as you can. ChatGPT’s answers to meaningful user input can be utilised for both short and long form text content including tweets, blog posts, guides, reports, ebooks, and even YouTube video scripts and text for PPC ads.
Now it’s worth noting that using full AI-generated content is discouraged by a few search engines, and some of the information it generates may require fact-checking. Thus, the most ideal approach to using ChatGPT in this case would be to get the initial text provided by the app and use this as the basis for your content, adding more facts and clarifications as needed.
Start Leveraging ChatGPT for your Organisation
Whether we like it or not, artificial intelligence and its related technologies such as ChatGPT is here to stay. While not all AI subfields are relevant to all industries (and some can even be downright debatable), there are AI models that are highly successful in whatever they’ve been designed to do and become game changers. That’s ChatGPT to the business world.
To learn more about how ChatGPT and other AI technologies can contribute to your enterprise’s success, consult with your IT managed services provider today.
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