The incredible business applications of ChatGPT: Where it shines and where doesn’t

The incredible business applications of ChatGPT: Where it shines and where doesn’t

ChatGPT was launched 6 weeks ago and since has been the talking point all over the internet. Many analysts globally are considering it the next big thing in the Conversational AI space. It is said to have numerous advanced business applications, from SEO to on-demand programming, content strategy and the list goes on. But, Is it really cool compared to how it’s positioned? We’ll check it out in this blog.

First thing first, what is Chat GPT?

ChatGPT (Generative Pre-trained Transformer) is an open-source AI-powered chatbot built by Open AI. It is built on top of OpenAI's GPT-3 family of large language models and is fine-tuned (an approach to transfer learning) with both supervised and reinforcement learning techniques. ChatGPT was launched as a prototype on November 30, 2022,and quickly garnered attention for its detailed responses and articulate answers across many domains of knowledge. Its uneven factual accuracy was identified as a significant drawback. Following the release of ChatGPT, OpenAI was reportedly valued at $29 billion

Business uses abound

1. ChatGPT for SEO
If you’re active on Social Media, you might have already seen that experts are considering ChatGPT as destined to end Google’s search dominance because of its ability to show to-the-point results as compared to Google’s 10 search results on its first page. In fact, Chat GPT gives you personalized search results.

But, even though it has killed it with things it knows, there is a lot that it doesn’t know. In fact, Open AI says that it only has deep data sets till 2021. So, if you wish to seek information for post-2021, it simply can't. Also, many results it throws your way are not accurate yet.

Therefore, to wrap it up, ChatGPT is amazing, but how it becomes usable depends on how OpenAI teaches ChatGPT to learn from the patterns and enhance its capabilities to learn from data. Till then, as Elon Musk says, “It's Scary Good!”

2. ChatGPT for Content Creation

As ChatGPT uses AI for delivering personalized results, it becomes totally compatible to use it for content creation. Be it subject matter blogs, podcasts, or video scripts, ChatGPT can cover all. Here is an example: I asked ChatGPT to write me a blog on digital transformation, and it gave me a 350+ words blog covering all major aspects from a marketer’s POV.

ChatGPT can also be used for writing amazing social media post descriptions. Its ability to parse content basis context makes this tool super exciting for marketers.

3. ChatGPT for creating codes

ChatGPT is well-versed to speed up programming. It can create numerous programs on most programming languages within seconds. For example, if you search “Write me a Java code for Fibonacci series”, here is how quickly it creates the code and gives you accurate results.

Compared to Google, which simply routes us to the nearest search, ChatGPT entirely knits a solution tailored to your needs, MOSTLY!

Is it a replacement for Enterprise Conversational AI platforms

While ChatGPT and conversational AI platforms share some similarities, they are designed to serve different purposes and are not directly interchangeable. Conversational AI platforms construct and deploy chatbots and virtual assistants that allow users to interact with them through natural language conversations in order to provide a solution. These platforms typically include a range of tools and features that are necessary for any virtual assistant to function effectively from building, designing, and deploying a bot to including bot life cycle management, natural language processing (NLP) algorithms, machine learning models, and enterprise integrations.

In contrast, ChatGPT is a specific machine-learning model that is designed to generate human-like text based on a given prompt or context.

Here are some points which clear that ChatGPT can’t be used for enterprise use cases:

1. No integrations for transactional use cases

ChatGPT is excellent with its pre-learned knowledge, but in most business use cases, a conversation should essentially be destined to reach a live agent before any escalations. The inability of ChatGPT to personalize two-way conversations from a brand’s perspective makes it less relevant in the business ecosystem.

2. Doesn’t provide factually correct information, at all times

During its stint of popularity, it has come to light that many times it has responded to users with less-empathetic and even sarcastic responses. It cannot recognize the sentiments of the conversation and comes out to be dangerous to be used in the public domain

3. No On-Premise deployments

ChatGPT is an entirely cloud-based solution with no option to be hosted On-Prem. Many regulators and industries across the world have it as an SOP to host customer-facing platforms on their own premises, so they can manage and track every bit. ChatGPT can’t be used in these scenarios.

4. Concerns with Data Privacy and security

LLMs and other NLP models may be used to process sensitive or confidential data, such as financial or medical information. It is important to ensure that appropriate security measures are in place to protect this data from unauthorized access or disclosure.

The Conclusion

Overall, ChatGPT is a powerful tool that can be used to improve the quality and effectiveness of chatbot conversations, but it is just one piece of the puzzle when it comes to building and deploying a successful conversational AI platform. For those looking to develop witty comebacks or test pop culture references, LLMs are the perfect option. But at the end of the day, customers expect swift and effective problem-solving - and that's why AI-driven virtual assistants stand out as truly intelligent customer service solutions.

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