Generative Pretrained Transformer 3 (GPT-3) is a highly intuitive cutting-edge language processing AI model developed by Open AI – an American research laboratory. It can generate human-like text, opens itself up to a wide range of applications. The AI stands out in its ability as a highly capable chatbot.
GPT-3 allows the user to interact with the trained AI with a wide range of worded prompts in the form of questions, requests, or several other worded requests.
GPT-3 has about 175 billion built-in parameters, making it almost impossible to narrow down its scope. However, this model is restricted to language alone and hence cannot produce video, sound, or images but has an in-depth understanding of both spoken and written words.
According to McKinsey, generative AI is helping to bring down the development time and offering powerful capabilities to users that can transform the business world.
Businesses must revisit their processes and services offered with the advent of new technology; AIs like ChatGPT can enhance workflow automation and deliver superior customer experiences. Chat-based AI can augment human efforts to provide more engaging interactions with users.
- Compiling detailed research on various domains.
- Can help create compelling marketing content.
- Can be used as a collaborative tool among employees to brainstorm ideas.
- Automate the query-related aspects of the sales process.
- Easy onboarding of customers and work on providing customized instructions for after-care services.
- ChatGPT cannot write complex code, such as what’s required for banking applications, but it has every potential to become a proficient coder within the next decade,
- Help handle customer engagement, leading to improved loyalty and retention of customers.
- It may mark the beginning of AI-creating automation that can rise above what humans can create alone.
Let us look at these applications in a detailed manner.
- Handling unstructured data: Unstructured data is difficult to sort, manage and organize to derive use from. ChatGPT can easily convert unstructured data into structured data.
- Generating SQL queries with ease: ChatGPT can generate SQL queries, an essential tool for any data scientist. ChatGPT helps gain a solid understanding of SQL for those unversed with it.
- Provide superior customer service: ChatGPT helps businesses generate automated responses to all the customer wants by training it on a large dataset of customer interactions. This brings down the workload of service teams and improves customer satisfaction.
- Language translation for the business: ChatGPT can automatically translate text from one language to another as it is exposed to a large dataset of text in multiple languages. This is particularly useful for businesses with international operations.
- A to Z of text generation: ChatGPT can be used to create anything from social media posts to product descriptions. This is helpful to enterprises looking at expanding their customer base to conduct targeted campaigns effectively.
- Content personalization and virtual writing assistant: ChatGPT can also be used to tailor content to specific users in the form of emails, social media posts, and product recommendations. It can also generate complete articles or blog posts helping bloggers and writers who produce a large amount of content on a regular basis. It can also generate summaries of lengthy articles or documents.
- Customer sentiment analysis: ChatGPT can also be used to analyse sentiment by training it on large datasets of texts. This helps businesses monitor customer sentiment on social media or to analyze customer feedback.
- Classification of Text into various groups: Businesses can use ChatGPT to automatically classify new text into the appropriate category. This can be done by training it on a dataset of text marked under different categories.
While AI seems to be taking over the industrial world, it is critical for users to clearly understand what an AI tool can and cannot do and whether it is the right fit for a business. To know more about the potential and challenges associated with AI tools, contact us.
ChatGPT and Digital Transformation
ChatGPT can disrupt the field of software engineering. It has significant potential to accelerate digital transformation programs for enterprises. Developers can fast track software development, debug code quicker, and write in languages that were not known earlier.
ChatGPT can resolve simple comprehension queries of developers, thereby, helping developers equip themselves with more skills. IT teams may begin to consider ChatGPT as a productivity tool, allowing them to spend more time combatting architectural issues and engaging with the CX team for better outcomes.
Businesses can reimagine a digital future beyond the confines of conventional rules. It highlights that this future can be realized if there is enough preparation to tackle challenges that may crop up due to the usage of AI.
It is essential to note that there are limitations to what these tools can do and the associated ethical concerns of working with AI.
The ability of ChatGPT to generate highly coherent and contextually appropriate text can help businesses improve customer service, reduce costs, and increase overall efficiency. Implementing ChatGPT in a business setting can be complex and may require a substantial investment in terms of time and resources. This is a major challenge.
Overall, ChatGPT has the potential to bring significant benefits to businesses but jumping into implementing one requires a lot more careful consideration and planning.
