ChatGPT: the new tool in business transformation?

Business transformation and process automation have become an everyday topic of conversation in even the smallest organisations. But one buzzword piercing through all the noise more than any other is ChatGPT.

ChatBots aren't new—in fact, they've been around for decades. The first chatbot was developed in 1966. Since then, technology has made a lot of progress.

So much so, that we decided to test the potential of this technology by using ChatGPT to write this blog post.

What is ChatGPT?

ChatGPT was created by OpenAI, an AI and research company. The company launched ChatGPT on Nov. 30, 2022. Within its first five days after launching ChatGPT had more than 1 million users.

How does ChatGPT work?

ChatGPT runs on an artificial intelligence language model architecture, created by OpenAI called the Generative Pre-trained Transformer (GPT), specifically GPT-3. These types of artificial intelligence models are trained on vast amounts of information from the internet and learn to generate sentences based on the information available online, such as websites, books, news articles and more.

What makes ChatGPT unique is that it uses a combination of supervised learning and reinforcement learning. The use of Reinforcement Learning from Human Feedback (RLHF) makes it possible for ChatGPT to learn from human feedback. Through RLHF, human AI trainers provided the model with conversations in which human users played both parts--the user and the assistant--according to OpenAI.

How are organisations using ChatGPT?

With the rise of Artificial Intelligence, ChatBots have been used to help businesses reach out to their customers, provide information about products, and even sell products directly from their website.

Digital disruption is reshaping industries and creating new opportunities for businesses that can leverage technology to create innovative products and services. Increasingly, digital transformation has become the battleground upon which organisations seek to stay competitive in today's rapidly changing business environment.

In the new digital era, customers have higher expectations when it comes to digital experiences, and businesses that fail to deliver can quickly fall behind. Digital transformation allows businesses to meet customer expectations by providing seamless, convenient, and personalised experiences across all channels.

ChatGPT bridges the gap between internal human resources and external artificial intelligence, enriching human capabilities. It is the bringing together of 2 vastly different elements to form an entirely new kind of interaction. By combining humans and artificial intelligence this way, ChatGPT empowers organisations with a new way of doing business. The ability to streamline operations, automate processes, and improve collaboration are key differentiators in the digital arena.

ChatGPT is a powerful tool that demonstrates the potential to help organisations increase efficiency, agility, and responsiveness, enabling them to adapt quickly to changing customer expectations, and market conditions, staying ahead of the competition. Here are some of the ways in which ChatGPT can be used to transform business:

Customer service: One way that organisations are using ChatGPT is by building chatbots powered by the language model. These chatbots can help automate customer service and support, answering customer queries, and providing assistance around the clock. Chatbots can also be used to streamline internal processes, such as employee onboarding and training.

Marketing: ChatGPT can provide personalised marketing experiences to each user by analysing their interests, preferences, and past behaviour. Since it’s available 24/7, providing assistance and answering questions even when businesses are closed offers organisations the ability to enhance the customer experience and satisfaction globally across all time zones.

Not only that, ChatGPT can collect and analyse data on customer interactions, which can help businesses better understand customer behaviour and preferences, thereby optimising marketing strategies accordingly. Lastly, ChatGPT can help marketing teams generate leads by engaging with users and qualifying them based on their interests and needs. These activities can reduce the need for human interaction, reducing marketing costs by automating repetitive tasks.

Decision Support: ChatGPT can also be used to support decision-making in organisations. ChatGPT can generate complex query strings to aid data mining, helping users find key data points quickly and effortlessly. By analysing data and providing insights and recommendations, the language model can help staff and even business leaders make better-informed decisions. For example, ChatGPT could be used to analyse customer feedback data and suggest improvements to product or service offerings.

Personalisation: ChatGPT can also be used to provide personalised experiences to customers. By analysing customer data and interactions, ChatGPT can provide tailored recommendations and suggestions. This can help improve customer satisfaction and increase sales.

Knowledge Management: ChatGPT can also be used as a knowledge management tool. Organisations can use the language model to automatically categorise and tag documents and other content, making it easier to find and access information. ChatGPT can also be used to answer employee queries, providing quick and accurate responses to common questions. For example, as part of the change management process, ChatGPT can be used to provide training to employees by answering questions and providing guidance on new or updated company policies and procedures. In a traditional enterprise, where knowledge workers often can’t easily locate the latest data from within their own line of business, Chat GPT could be useful in helping to break down data barriers between organisational silos, yet this remains one of AI’s greatest challenges.

Product development: ChatGPT can also help organisations improve product development by providing insights into customer needs and preferences. This can help organisations develop more innovative and customer-centric products.

Is ChatGPT a good thing for business transformation?

As an AI language model, ChatGPT doesn't have a moral compass. As a tool created to assist people in various ways automating repetitive tasks and providing information its impact is largely down to the way in which it is used and how people choose to interact with it. Like all emerging or transformative technologies, it is almost impossible to predict where the AI revolution will lead. This should not stop organisations from considering the possibilities of how they can leverage AI tools such as ChatGPT.

Digital transformation is critical for businesses that want to remain competitive and relevant in today's digital age. It enables businesses to meet changing customer expectations, improve efficiency and agility, make data-driven decisions, and drive innovation and disruption.

ChatGPT is an advanced chatbot that has the potential to make people's lives easier and to assist with everyday tedious tasks, such as writing an email or having to navigate the web for answers. However, there are certain technical details that have to be figured out before it's widely used, to prevent negative outcomes such as the spread of misinformation. In general, AI and ML models rely on lots of training and fine-tuning to reach a level of ideal performance.