It’s practically impossible to avoid the buzz about the latest artificial intelligence (AI) tool, ChatGPT. Since its launch in 2022, people have praised its many advantages. These include boosting productivity, content creation, and conversational interaction.
There’s no doubt that ChatGPT and other AI language tools can be hugely beneficial to companies. But amidst the buzz, there are still many questions to be answered.
What exactly is ChatGPT?
I am ChatGPT, a large language model created by OpenAI. I have been trained on a vast amount of data and can perform a variety of natural language processing tasks, such as answering questions, generating text, and translating languages. My purpose is to assist and provide information to those who interact with me.
ChatGPT is a language tool that is based on the concept of “generative pretraining”, a type of unsupervised machine learning technique that involves training a neural network to generate new data that is similar to a training set of existing data.
Machine learning enables computers to learn from large amounts of text data, such as web pages and books. This training data is used to generate new text with a similar style and content. The result: a powerful tool for businesses that rely on content marketing and sales to drive their digital commerce.
What are its current limitations?
The research interface for ChatGPT includes three major disclaimers, as follows verbatim:
- May occasionally generate incorrect information
- May occasionally produce harmful instructions or biased content
- Limited knowledge of the world and events after 2021
How can I use ChatGPT for business?
ChatGPT and other chatbots offer immense potential for e-commerce. By leveraging browsing history, purchase records, and other metrics related to a user’s behavior, these chatbot technologies may soon become integral components of personalization engines for e-commerce sites.
Automate tasks and workflows
ChatGPT can manage time-consuming tasks like scheduling meetings, generating event reminders, and responding to emails and reviews.
Although ChatGPT isn’t specifically designed to be used as a search engine, it can be a good tool to start research on a project or generate ideas. It’s important to take into account that ChatGPT is limited to the information it has been trained on, unlike search engines like Google or Bing, which are specifically designed to crawl the web and index information.
ChatGPT is a great tool for generating ideas and creating short-form content, including copy for social media posts. Ryan Reynolds, actor and owner of Mint Mobile, recently used ChatGPT to write a script for a commercial using just a few phrases. He called the outcome compelling and mildly terrifying.
Employees can use natural language to engage with ChatGPT to get quickly educated on a product or service that they do not fully understand or to get guidance on a unique situation by simply providing some of the key issues they are facing.
What should we look out for next?
Open AI launched GPT-4 on 3/14, 2023. This next generation of GPT may be better at preventing hallucinations, the phenomenon of generating extremely authoritative-sounding misinformation at a rapid pace. The new GPT is a multimodal model and is able to accept both text and image inputs.
What actions do you recommend we take right now?
- Optimize your in-house content creation with GPT-3. GPT-3 is designed to augment the content marketing industry and is good at writing compelling short-form ad copy, even though everything it writes will be derived from content already existing online.
- Do not replace existing content teams with ChatGPT technology. Even though it can do incredible things, it is still in essence an elevated form of autocomplete.
- Plan for the future of online customer service today. ChatGPT was designed to disrupt the customer service industry.
- Realize that GPT-3 and ChatGPT cannot currently disrupt the digital personalization and paid search industries. ChatGPT is currently limited to the analysis of public web content published prior to 2021, but the possibility for disruption of the paid search industry certainly exists in the future.