Hello fellow readers, are you tired of talking to chatbots that sound like they were programmed in the Stone Age? Buckle up, because we’re about to talk all things ChatGPT! It’s not just your average language model, it’s like having a witty and knowledgeable friend who never gets tired of your questions. The best part? You don’t even have to buy it coffee or tell it your life story. So, let’s dive into the world of ChatGPT and discover how it can revolutionise the way we interact with computers.
FYI, ChatGPT wrote that intro…
Launched in November 2022 with its advanced training facilitated by OpenAI, which was co-founded by Elon Musk, ChatGPT is an LLM (Large Language Model) that can understand and respond to user queries like no standard chatbot. It can quickly and accurately understand and provide a response, reducing the need for human intervention in routine tasks through Natural Learning Processes (NLP) – this refers to the way that humans and animals acquire new knowledge and skills through experiences and interactions with the world around them. Here’s the best part, the OpenAI API behind ChatGPT can be applied to virtually any task that involves natural language or code. This is likely to blow up with the introduction of GPT-4, which according to Daniel Hulme (CEO, Satalia), is only a small part of a ‘Cambrian explosion’ of innovation.
ChatGPT isn’t just a conversational chatbot, it’s the Swiss Army Knife of the AI world. Businesses around the world are using it for many services, but here are some real-life examples:
Customer support: Slack is using ChatGPT to provide an instant response to customer queries, therefore reducing hold times.
Marketing: Mastercard has integrated ChatGPT into its mobile app to provide personalised recommendations to customers based on their spending habits.
Content creation: Forbes is using ChatGPT to generate written content for their website, including news articles and summarising earnings reports.
These are just a few ways that brands are leveraging Chat GPT – but if you can dream it, ChatGPT can (maybe) do it. Sales? Check. Internal comms? Check. Personal assistants? Check. Education? Check. ChatGPT is the Jack-of-all-trades, and it won’t even ask for a raise!
So, why have I been looking into ChatGPT? At VML, we believe that this generational chatbot could benefit both future and existing clients (especially since the $10bn Microsoft investment), and this is how:
It provides valuable customer insights through social media interaction analysis and can generate text-based content, saving time and increasing efficiency in creating e-commerce websites for clients, whilst also supporting customer services and call centres of our clients in handling customer queries. Furthermore, ChatGPT leverages NLP for tasks such as sentiment analysis, text classification and named identity recognition, enhancing marketing and communication efforts. Plus, it can translate text and speech in real-time – brilliant for international businesses.
It's not all cloud nine for OpenAI’s ChatGPT, even with the latest launch of GPT-4. Due to its success, some of the world’s largest businesses are also creating similar AI developments. Notably, Google’s Bard seems to be its main competitor, although having recently answered a question wrong in its testing phase, Bard wiped $100bn off Google shares.
Meta’s RoBERTa, AWS’s Sagemaker GPT-3 and IBM’s Watson are also undergoing significant development, which just goes to show that the race to create the ultimate AI pre-trained software is heating up.
ChatGPT and chatbots alike have the power and potential to revolutionise ways in which businesses operate. It has also come to my attention that there are many challenges that are likely to disrupt and prevent immediate adoption and implementation for retailers, such as:
- Limited abilities to handle complex tasks.
- Biases and inaccuracies, like any chat model (as seen with Bard).
- Customer acceptance, in that people may have a reluctance to move from traditional forms of communication.
- ChatGPT’s training and data knowledge is currently capped off from 2021.
So, in my opinion, ChatGPT (and AI chatbots in general) is very much in its infancy, and whilst it has already shown power and intelligence, there’s a long way to go until it revolutionises the world of business. This being said, in years to come, it is likely to minimise these limitations and become an integral business tool worldwide.
Thanks for reading this blog on ChatGPT, please feel free to reach out for more information.
