Generative AI in business is taking the AI game to the next level. And the recent storm of ChatGPT’s popularity clearly shows that. New assistive technologies are bringing powerful opportunities and capabilities to nontechnical users.
But what is the potential of AI tech? Are business intelligence bots here to improve efficiency and customer service or cause massive economic crises?
That’s what we are going to find in our deep dive into AI for businesses. Read on and get an understanding of chatbot’s potential and large language models like ChatGPT.
ChatGPT Who?
For those who have been living under a rock, and those who’ve heard a lot about ChatGTP but haven’t exactly understood what it is exactly, let’s start with getting our terms straight.
What is ChatGPT?
ChatGPT is a pre-trained generative AI language model. With it, entering a prompt user can get original content. And Chat GPT industries are limitless.
How does ChatGTP work?
It learns from existing data and enables the automation of different tasks that were previously done by people. Its main perks are:
- Increased efficiency
- Better productivity
- Reduced costs
- New growth opportunities
- Minimal effort
How can ChatGPT be Used?
AI business implementations are so numerous, but let’s take a look at 3 main ways to leverage ChatGPT-like tech.
| For personal use | For Developers | For content marketing |
| · Wring emails, resumes, reports, work evaluations, etc. | · Writing code | · Generating articles, newsletters, and email campaigns |
| · Getting ideas for wring block or advice | · Debugging a set of code | · Reviewing and editing the responses |
| · Finding simple explanation of complex topics | · Explaining code | · Doing information-gathering tasks |
The Impact of ChatGPT on Natural Language Processing & Artificial Intelligence
Just from the term you might think that ChatGPT is perfect. And many may share your opinion, that’s how we have ChatGPT mania. Only the first 5 days after release, more than 1M users registered to test it for themselves. But it’s not perfect, yet overwhelmingly impressive.
The Potential Business Applications of ChatGPT
Though ChatGPT is just in the early days of scaling there are already so many potential applications of artificial intelligence in business. Check out where businesses can leverage ChatGPT:
| Area of implementation | What do you get? |
| Operations | · Generation of most efficient roadmap of tasks
· Fast solutions for any given activity |
| Marketing and sales | · Create content for:
1. Personalized marketing 2. Social media 3. Technical sales content · Customization to specific business |
| IT/engineering | · Writing Code
· Recording · Reviewing |
| R&D | · Boost of new drugs discovery
· Fast access to vast amounts of medical info · Suggestions of most efficient treatments |
| Risk and legal | · Fast answers to complex questions
· Access to vast amounts of legal documentation and similar cases · Drafting and reviewing reports |
And those are only a few, as the potential of business AI implementations is truly limitless.
Comparing ChatGPT’s Performance with other Language Models
Today everyone is talking about ChatGPT. But it’s not the only language generation model out there. Let’s compare the main language generation models to ChatGPT.
| Criteria | GPT-3 | ChatGPT | Google’s LaMDA |
| Functionality | Huge amounts of training data + deep learning technology allows GPT 3 to:
· Process up to 500B words/numbers · Create human-like responses · Customization via model’s simplified API · Predictive analytics |
ChatGPT was developed for chatbots and conversational system apps, therefore it can:
· Answer questions · Admit mistakes · Dispute baseless opinions · Reject inappropriate proposals · Can work with mathematical equations · Write theoretical essays and creative stories |
Google’s AI system LaMDA can:
· Generate various content · Offer most efficient solutions · Find patterns in sentences to predict what comes next · Can have open-ended conversations, as it’s not limited to 1 database · Adaptation to conversation is real time |
| Capacity | · 175 billion parameters
· can produce 2048-token long-form content · Suitable for more complex natural language processing |
· Smaller than GPT-3, so it’s more suited for real-time chatbot apps
· Faster generation of responses |
· Trained on 3 different databases
· Product is not relized yet, so it’s hard to predict it’s full capacity |
| Output quality | Nice quality responses in a conversational context, yet superior size allows a wider range of functions, like machine translation or even improving search and product discovery | Higher-quality responses in a conversational context, yet it depends on the quality of the input. However, the output is really advanced. | LaMDA is based on:
· Sensibleness · Specificity · Interestingness Therefore outfit is more human-like and has increased safety of the answers |
So, which one is better? And there is no answer there, as each language generation model can provide benefits to different businesses.
The Future of ChatGPT & Its Potential Impact on Various Industries
At the first glance, GPT AI seems like a ready-set-go technology but even though technologically it might be ready for use, there are still so many questions about it:
- How will it be implemented in the business environment?
- What industries it will impact the most?
- Will it cause job layouts?
These questions are very natural, as AI is in very early adaptation stages. Developers are still working on testing and bettering AI, but there are already many practical and ethical issues open.
But what impact might it have?
- Higher efficiency of work processes
- Low effort and high outcome solutions
- Higher cost-efficiency
The possibilities of AI are very double-sided. If used right AI applications in business can enhance all processes, but if not they might have both practical and ethical challenges.
Case studies of companies currently using ChatGPT in their operations
It seems like ChatGPT is a new thing, but actually, AI examples in business are very common, and big companies are already leveraging the technology:
- Applein various features like FaceID, recommendations, smart assistant Siri
- Facebookwith help of DeepText and AI automatically understands and interprets the content of posts
- Alibabain City Brain project uses AI algorithms to reduce traffic jams
- Amazonin digital voice assistant, Alexa
- Google’s Alphabetin Waymo, self-driving tech, and other projects
AI ignites opportunities for businesses of all sizes and levels of tech proficiency. However, the risks exist, and you should be using AI experts to get the most out of the prominent tech while avoiding its downsides.
Final thoughts
ChatGPT is undoubtedly a game-changer for business. It has a revolutionary impact, as it improves lead generation, customer service, and can even generate marketing content.
Therefore AI-driven bots are valuable assets for any business looking for growth, boost productivity, and get a competitive advantage, while being cost-efficient. But the key is in using it the right way, as its output depends a lot on the input.
Are you ready to implement AI in your business? Contact OmiSoft niche specialist and book a free consultation on Artificial Intelligence development services.
FAQ
Is ChatGPT the Only AI Bot Available?
No, there are several other language generation models available in 2023, yet ChatGPT is the most advanced at the moment.
What are the Most Prominent GPT Industries?
IT development, marketing, and customer service are the most prominent GPT industries.
Can OmiSoft Help to Create Business AI Apps?
Yes. OmiSoft offers various Artificial Intelligence development services that include AI-driven apps for business.