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Today, ChatGPT is being discussed on an unprecedented scale. And if you run a business, you're probably aware of the revolutionary alterations this technology brings. To name a few, ChatGPT is believed to improve customer experience, reduce costs, increase efficiency, and generate leads. The remarkable potential of ChatGPT makes it exceptionally beneficial to businesses. However, its potential risks must not be overlooked.
In this article, we examine both the benefits and the potential harm that ChatGPT can bring to a business and provide you with real-world use cases, so you can better understand the potential of this buzzing technology.
Reasons for ChatGPT Popularity: What Makes it Stand Out?
Just in case you need some information on how ChatGPT differs from other chatbots, let us explain briefly. The NLP (natural language processing) abilities of ChatGPT surpass those of typical chatbots, as it can perceive both the language and the meaning behind the words being used in the conversation. As a result, ChatGPT can create more human-like replies and have smoother and more realistic discussions with customers. Additionally, compared to most AI chatbots with "stateless" features, meaning each new request is addressed as an isolated incident, ChatGPT stands out by remembering and learning from earlier conversations, making the experience more personalized.
According to Open AI, the natural language processing capabilities of GPT-4 (the language model standing behind ChatGPT) can be used for a wide range of tasks.
Copywriting
GPT-4 is proficient in composing quality copy for promotional content, such as product descriptions, advertising slogans, and attention-grabbing titles.
Summarization
With advanced artificial intelligence algorithms, GPT-4 can understand lengthy texts and extract the most relevant information, succinctly conveying the main points.
Parsing text
With its ability to process immense amounts of unstructured text, GPT-4 is capable of deriving pertinent information and recognizing specific patterns therein.
Classification
With its ability to analyze text, GPT-4 can accurately classify it into different categories. The key capabilities include sentiment analysis, spam detection, and topic classification.
Translation
GPT-4 can translate texts into 26 different languages (English, Spanish, German, etc.), thus providing a wide and multicultural reach.
Creativity
GPT-4 can produce, edit, and revise original material to support users in various writing assignments, like making music, crafting movie scripts, and emulating a user's writing technique.
Visual inputs
GPT-4 is equipped to accept inputs of both text and images, enabling users to complete any vision or language task with relative ease. However, the image input feature is still in its research and development stages and not publicly accessible.
Longer context
Compared to previous versions, GPT-4's boosted capacity to handle over 25,000 words allows extensive copy creation, chatbots offering extensive conversations, and better document search and assessment.
With these models, companies can save resources, reduce expenses, and elevate the quality and accuracy of their customer interactions - thus furthering their goals. ChatGPT enables businesses to craft engaging and compelling copy for their products, summarize lengthy documents, analyze customer feedback and reviews for greater understanding, classify customer inquiries to ensure they are directed to the relevant department, and even translate material for an international readership.
So now it’s time to dig a bit deeper and see how ChatGPT can be used for your business purposes and look at some examples of world-known, trusted companies that have already taken advantage of this innovative technology.
ChatGPT in Business: Real-World Use Cases
In February 2023, ResumeBuilder.com surveyed 1,000 American business executives to evaluate the implementation of ChatGPT among businesses. The survey revealed that nearly half of all companies had already incorporated the technology into their operations. Another 30% intended to do so. And almost half of those already using ChatGPT said it had replaced their human workforce.
So let’s start with the use cases.
OpenAI and ChatGPT in Microsoft
Microsoft and OpenAI initiated their alliance in 2019, with the latter being financially backed with $1 billion. According to The New York Times, Microsoft contributed an extra $2 billion to OpenAI between 2019 and 2023. And this year, the tech giant declared the third phase of its extended partnership with OpenAI by investing billions of dollars in speeding up AI breakthroughs to ensure these advantages are widely available.
In January 2023, Satya Nadella, Chairman and CEO of Microsoft, spoke on extending the partnership between Microsoft and Open AI, emphasizing that this agreement will promote pioneering AI exploration and facilitate its use by a broad range of developers and companies. Furthermore, users of Azure will be given access to top-tier AI tools, models, and systems.
In two months, Microsoft announced that ChatGPT was available in its Azure OpenAI Service's preview version. This implied that developers could insert custom AI-powered experiences into their applications: from augmenting existing bots to answer unexpected queries to summarizing conversations from customer support to facilitate the resolution process, producing new promotional content with personalized deals, and automating claims processing.
Apart from the Azure OpenAI Service, ChatGPT is incorporated into other Microsoft products.
- Microsoft Teams Premium offers AI-enabled recaps and chapters, helping teams and organizations become more productive.
- Microsoft Viva Sales' AI-infused seller experience gives sales teams the tools to engage in more effective selling techniques.
- Microsoft Bing's AI-backed chat provides an innovative approach to consumer searches.
- Microsoft Copilot uses huge language models (LLMs) with business data and the Microsoft 365 apps to boost creativity, productivity, and skills.
ChatGPT in Carrefour
Carrefour, a global grocery chain with stores across more than 30 countries, has implemented a chatbot and a human avatar generated by AI to minimize the cost of creating videos for customers. Elodie Perthuisot, Chief eCommerce, Digital Transformation and Data Officer at the retailer, posted a video on LinkedIn featuring an ultra-realistic human avatar and ChatGPT-created script in February 2023. This first example was an FAQ-style explainer: the avatar advised purchasing healthier and cheaper groceries through the company's website.
Ms. Perthuisot expressed that AI in the company is employed as an avenue to tailor purchases, streamline product selection, and reduce waste. Additionally, she specified that the data and innovation teams consistently assess the possibilities of leveraging ChatGPT and generative AI, with the customer being a major driving force in perfecting these methods.
ChatGPT and Ada Chatbots
Ada, a Toronto-based company automating 4.5 billion customer service interactions, has recently partnered with OpenAI to enhance its chatbot capabilities further. While Ada’s chatbots have traditionally been successful with handling repeatable requests with accurate responses, they have struggled to manage more complex customer questions. By leveraging OpenAI's GPT-3.5 generative model, the company has gained an opportunity to access deeper insight into customer inquiries, provide more effective solutions and synthesize conversations between a customer and a bot before they are submitted to human personnel, which enables gathering of vital information regarding customer behaviors and preferences.
It's worth noting that Ada's chatbots themselves can facilitate the refund process, eliminating the need for tedious approval processes. So with the combined strength of Ada and OpenAI, the company gains the potential to revolutionize the customer service industry by enabling chatbots to comprehend and fulfill customer needs unprecedentedly.
Misuses of ChatGPT: How It Can Put Your Business at Risk
Open AI's version of ChatGPT is undoubtedly very promising and exciting, but its implementation into businesses comes with certain risks that must be considered.
It can make your business sound frivolous
Business owners have already discovered that their clients want a conversational AI capable of answering their inquiries without sounding robotic. So, on the one hand, having a natural-sounding customer service chatbot is desirable, but on the other, ChatGPT's generative nature of forming sentences may conflict with a company's desired output. Ajay Agarwal, a professor from the University of Toronto focusing on AI, told Forbes that while ChatGPT excels at coming up with non-scripted replies and encourages creative exploration, you cannot always count on its answers.
It can provide wrong information with a high level of confidence
ChatGPT's capacity for producing conversational text has raised ethical worries about its possibility of spreading deceptive content, wrong information, or other misleading information. This could lead to destructive results, such as ruining reputations, circulating incorrect facts, or even inciting violence.
Misinformation appears to be the biggest worry in this scenario. Nonetheless, ChatGPT's consistent and coherent responses, making it sound legitimate and trustworthy, make the issue even more alarming, especially in such areas as healthcare.
It can respond to inappropriate requests putting sensitive information at risk
Despite having established guidelines that it refuses to breach, namely denying "inappropriate requests," people have still discovered a means of circumventing them, like rewriting a command for restricted information as a hypothetical problem or requesting the bot to write a scene from a play or even urging it to switch off its own security measures. Businesses using this technology need to be conscious of this since ChatGPT could potentially pass on confidential data from its instructional databases.
It can be offensive, sexist, racist, or altogether
People have ingrained understandings of what is acceptable behavior and what is not. Without context, ChatGPT could be potentially hazardous when navigating sensitive topics. Furthermore, it has shown how it can formulate answers based on someone's skill set, ethnicity, gender, and appearance in both a positive and negative fashion. And even though OpenAI takes strides to make ChatGPT more unbiased, not everyone will consent to their response system.
There is a chance of plagiarism and the use of untrusted sources
Beyond moral considerations, AI-generated responses can be seen as plagiarized. Though these responses might seem distinct in some instances, they are often generated based on the data provided by a third party that might use the wrong citation, information, or reference.
The Bottom Line
OpenAI has released the ChatGPT bot to the public for testing to identify blind spots that could lead to misuse of the technology. To this end, future releases will likely patch up these vulnerabilities and other yet-to-be-discovered workarounds. But if you are considering integrating this cutting-edge technology into your business right now, remember to address the potential risks.
- Proper training and monitoring of chatbots are critical to reducing the risks connected with ChatGPT. For example, periodic updates and refinements can help ensure a chatbot provides accurate and relevant responses.
- Human oversight is imperative to diminish the hazards of the chatbot's restricted personalization and potential misinterpretations. This can include intervening as necessary to monitor the quality of responses.
- Even though Open AI commits that ChatGPT won’t expose your sensitive data, it’s still better to think about the additional layers to data security. First and foremost, it is imperative to guarantee that chatbots are designed and implemented correctly and ensure that sensitive customer information is encrypted and stored securely.
Emerline's Research and Development team is devoted to keeping up with current technologies, exploring every new trend, and working out how it can be effectively implemented in business scenarios. Our team is excited to take advantage of ChatGPT’s potential, having already begun several projects involving this technology that we are eager to share the results of. So don't miss the forthcoming updates!
For more information on how we can utilize Open AI's new innovation for your success, contact us today.
To conclude, here’s a little versed guidance from ChatGPT.
November 5, 2023
