Generative AI, the generation of content through learning from current data, can change the way businesses function. ChatGPT is one generative AI’s most popular and intelligent chatbots, with over 100 million users in less than two months.
The question on everyone’s mind is whether ChatGPT is another trendy algorithm or will its various applications truly benefit businesses. In this article we explore the business applications of ChatGPT and other generative AIs that you might not be familiar with. Let’s get started.
Table of contents
What are Generative AI technologies?
Generative AI is a type of artificial intelligence (AI) algorithm that generates outputs based on training data. To generate content, generative AI employs generative adversarial networks (GANs), a kind of deep learning. A GAN has two neural networks: a generator that creates fresh data and a discriminator that assesses the data. These two networks work in unison to generate content indistinguishable from the original data.
Generative AI helps businesses increase efficiency and productivity, cutting costs, and opening up opportunities for growth by enabling the automation of jobs performed by humans. Organizations that effectively harness technology acquire a considerable competitive advantage.
What is ChatGPT?
ChatGPT is a pre-trained generative conversation AI chatbot that uses Natural Language Processing (NLP) and deep learning to generate human-like responses to text-format input. It gets information from textbooks, the internet, and various publications, which it models into its own language (Generative Pretrained Transformer or GPT).
ChatGPT was released in November 2022 and has become the talk of the business world. What makes this chatbot by OpenAI different from other intelligent systems? ChatGPT can converse like an expert—it can hold discussions on history, philosophy, culture, and so forth. It can provide businesses with a competitive set of opportunities with quick and data-driven responses.
How does ChatGPT learn and grow more intelligent? We’ve simplified the process into 3 major steps.
- Developers use conversations between a person and a hypothetical perfect chatbot. To develop appropriate chatbot responses, a GPT3.5 (latest) model is trained on these conversations.
- The resulting bot response is prompted, and some of its responses are sampled (multiple sampled responses per prompt). The labelers then rank the appropriateness of each prompt’s responses. These rankings are used to train (supervise) a model to rate the appropriateness of a prompt answer.
- In a reinforcement learning process, the two models above are used to produce responses, reinforce the generated responses based on step 2, and improve response generation through repetition.
Business applications of ChatGPT and generative AI
Business and marketing ideation
ChatGPT is a powerful tool for generating creative ideas and strategies. It can help build better campaigns and power them with key information fitting your industry the best. Here are the top four answers from ChatGPT when asked for marketing campaign ideas to sell laptops to consumers:
- With every laptop purchase, include a free laptop sleeve or carrying case
- Create a referral program in which customers who suggest friends or family to buy laptops get a discount or a free accessory
- Partner with a renowned video streaming service and provide clients who buy laptops with a free trial or discounted subscription
- Organize a “Trade-in” event in which consumers may exchange their old laptops for a discount on a new one
Meaningful content generation
ChatGPT and other generative AI technologies have come a long way in the past decade. Now these algorithms can match and in some cases surpass human abilities generating meaningful content.
Pros of using ChatGPT for content creation
- Can create content across different languages instantly
- Provides endless possibilities with chatbot-assisted research
- Saves valuable time and research
Cons
- Has limitations on thought leadership
- Might not provide SEO-ready content
Repetitive task automation
Conversational chatbots are known to have limited automation abilities, but ChatGPT could be an exception. The latest update enabled reinforcement learning from human feedback, so there are several possibilities of using it to automate small but repetitive processes. However, like any AI chatbot built for business automation, it must be trained to provide factually accurate responses, have greater observability and control, and require minimal effort for setup.
Improved customer service and support
Incorporating AI-based solutions such as ChatGPT into customer support can make your job easier, especially with repeated activities. Thanks to the large language model of ChatGPT enterprises can handle customer service by around 70%, according to VentureBeat. It is a conversational, intelligent chatbot that understands the customer’s purpose before offering a solution. Some use cases of ChatGPT for customer service and support include:
- Responding to client concerns
- Suggestions for troubleshooting
- Scheduling or issuing notifications
- Engagement with the company offers
- Responding to client feedback
- Customer and prospect response generating
Other technologies like ChatGPT
ChatGPT is by far the most popular generative AI algorithm in 2023. Last year was the year of DALL-E 2, an intelligent image-generation algorithm. Apart from these two, there are several other generative AI examples with their own abilities. Here are some of them:
Images: Dall-E 2, Midjourney, Games: Spellbrush, CultureDAO, Text Characters: ChatGPT, chai.ml, Audio: Soundful, Musico, Speech: Voicemod, replica studios
Bottom line
ChatGPT has taken the world by storm. Other intelligent chatbots are being deployed in businesses of all types to solve customer service issues, increase sales and improve customer engagement. They don’t just help us solve individual problems but also provide useful insights that we can use in future enterprise endeavors. Partner with Fusemachines today to equip your business with highly intelligent and capable chatbots like ChatGPT and pave your path to success.
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