ChatGPT: How is this AI model impacting businesses?
The impact of ChatGPT on society is clear and companies should now prepare to use AI to improve their business models.
Over the years, artificial intelligence (AI) has reached a high level of innovation and development with modern systems such as ChatGPT. AI can not only improve people’s quality of life, but it is also having a significant impact across industries.
Nowadays, companies are increasingly looking for digitalization and AI is opening a world of possibilities to create modern and flexible business models. It is a fact that this is a crucial moment in which technology can make a difference in the way companies operate.
With the dynamism and multifaceted capabilities offered by AI, this technological revolution has presented innovative solutions such as well-known chatbots, virtual assistance models such as “Alexa”, and applications for human resources and even for medical diagnoses in the health industry.
Even so, this technological impact has not only reached large industries, but now the novel AI model “ChatGPT” is revolutionizing society, and it is precisely because it is one of the most complete and capable chat systems in its generation of responses.
What is ChatGPT?
According to Business Insider, ChatGPT is a chatbot that employs GPT-3, a next-generation AI model that uses a large amount of data to generate human-like text. This system created by the company OpenAI is based on a conversational AI language model that beyond giving automatic answers, can develop various tasks thanks to its wide range of applications.
Since its launch on November 30, 2022, ChatGPT has achieved great popularity around the world, becoming one of the fastest-growing applications and conquering 100 million active users in just 2 months. ChatGPT’s potential to understand and generate responses continues to impress society and even industry experts.
How does ChatGPT work?
ChatGPT works thanks to the Artificial Intelligence GPT-3 (Generative Pre-trained Transformer 3), this uses a generative language model from deep learning whose purpose is to generate systems that can hold conversations in neutral language.
In particular, ChatGPT is composed of a neural network of great complexity that involves aspects such as computational resources and data inputs, however, its genius is due to the high development of conversational AI potentiated by large amounts of text and continuous human training.
ChatGPT Features and Applications
So far ChatGPT has been tested in different tasks whose level of complexity ranges from the lowest to high, many users have already made many requests and ChatGPT has managed to give from cooking recipes, complete articles, translations, and even give lines of code. Though, the creators themselves emphasize that there are still many limitations and many other functions that have not been discovered.
In general, these are the most outstanding features:
- Solve questions, analyze problems, give advice, and come up with ideas. This is one of the most notorious features because ChatGPT is designed to maintain a conversation based on questions that users are proposing, this is how this system can explain and address different topics in a simple, clear, and coherent way.
- This chatbot can generate texts according to the parameters that are established, in such a way that it can develop summaries, articles, descriptions, and even literary creations; All these have the possibility of being generated in different languages and styles.
- With GPT-3 technology, this chat can facilitate the generation of content, since it is able to generate attractive messages useful for marketing content or advertisements. In addition, it can be useful in the elaboration of reports, emails, and other personalized texts for the user.
Why is ChatGPT impacting businesses and industries?
As seen above, ChatGPT is one of the most renowned technological innovations in recent years, but this popularity has caused the chatbot to be questioned by many industry experts, who observe the potential and capabilities of this system to reform and potentiate organizations. About this cutting-edge technology, Bern Elliot in an interview for Gartner said that “The most useful perspective is to see chatbots and extensive-language models (LLMs) like GPT as potentially useful tools for performing specific tasks and not as parlor tricks. Success depends on identifying applications for these technologies that deliver significant benefits to the organization.”
Previously, chatbots like ChatGPT have already been driven by companies as an essential tool in the customer experience, these can mainly handle multiple requests for consumer attention and are truly effective in keeping satisfied clients 24 hours a day. Similarly, this system as mentioned can be a profitable function for the administrative and marketing area that can take advantage of a set of skills to optimize content and repetitive tasks.
For many industries, many applications of this AI can be generated, the pharmaceutical industry for example is promoting the development of drugs from these technologies, in the legal field there have been interesting approaches to processing highly complex documents, and the computer sector has also developed tests in the execution of codes, nevertheless surely there are still more scenarios where GPT-3 technology can be tested.
The participation of ChatGPT and other models of Artificial Intelligence in the business environment is a debate that is being reconsidered with greater force, however, it is an issue that requires a professional evaluation criterion within each organization. That is, although ChatGPT is conceived as a promising element in business, it is necessary for companies to analyze a path of successful implementation of AI systems so that they really generate value, and for this, a meticulous analysis must be required regarding the use of these technologies as a resource, improve processes, optimize productive tasks and generate competitiveness.
There is no doubt that technological developments in AI will be exceptionally promoted in the near future, not only with ChatGPT but that the new technological era continues to strengthen more and more to establish optimal lifestyles and work. Gartner postulated AI models as one of the 10 strategic technology trends for 2023 so it is predicted that from this year the growth of these technologies will be imminent.
It is important to note that these systems have come to take an important participation and now technological giants such as Google and Microsoft are preparing to generate their own prototypes of chatbots that hope to compete with the creation of OpenAI.
Companies must already prepare to be at the forefront of these technologies, and that is why they need to strategically formulate the cooperation of these innovative models with the current needs of their organization. Taking advantage of the opportunities offered by technology should not only be considered with the aim of modernizing but must go further and be structured as the route to generate value in the business model.
Many times, the successful implementation of these systems can be a significant challenge for companies, so strategic planning toward a digital transformation model is one of the most valuable resources for decision-makers. Also, establishing robust technological infrastructures is an essential point, and this is because the correct functioning of computer models is always subject to the good performance of the company’s information systems, then, maintaining the high performance of the equipment and implementing agile technological means will be the key to march successfully towards the current and coming technological revolutions.
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Viral chatbot ChatGPT will be overhyped, then overlooked, and then, perhaps, essential. (December 20th, 2023). Business Insider. <https://www.businessinsider.com/chatgpt-will-be-overhyped-overlooked-and-then-perhaps-essential-2022-12?international=true&r=US&IR=T>
Why is ChatGPT Making Waves in the AI Market? (December 8th, 2022). Gartner. <https://www.gartner.com/en/newsroom/press-releases/2022-12-08-why-is-chatgpt-making-waves-in-the-ai-market>
Gartner. (December, 2022). Gartner’s top strategic technology trends for 2023. Gartner.es. <https://www.gartner.es/es/tecnologia-de-la-informacion/insights/principales-tendencias-tecnologicas>
Atria Innovation. (January 5th, 2023). How does Chat GPT work? atriainnovation.com. <https://www.atriainnovation.com/en/how-does-chat-gpt-work/
Paris, M. (February 3rd, 2023). ChatGPT Hits 100 Million Users, Google Backs AI Bot Maker And CatGPT Goes Viral. Forbes. <https://www.forbes.com/sites/martineparis/2023/02/03/chatgpt-hits-100-million-microsoft-unleashes-ai-bots-and-catgpt-goes-viral/?sh=7850ef34564e>