Following its launch last November, ChatGPT has quickly become a buzzword over the past months. In fact, it is estimated that the AI-powered software crossed 100 million monthly users last January, accomplishing in two months what TikTok, the latest big Internet trend of recent years, has reached in nine months.

But what is all this hype about? Can ChatGPT really be a game changer for businesses? Let’s have an overview of this latest technology that everyone is obsessed with.

• What is ChatGPT? 

ChatGPT, which stands for Chat Generative Pre-Trained Transformer, is a software application developed by OpenAI, an American company focused on artificial intelligence research and committed to building AI systems that are “generally smarter than humans”. 

Thanks to a large amount of data and a training model based on human feedback, ChatGPT is able to mimic the way a person would reply during a conversation providing articulate and seemingly authoritative answers across a wide range of domains. Different from older chat-based software, this innovative tool can generate, summarize and compare text; create images on command; write codes for programming; propose sales pitches.

• How Can ChatGPT Potentially Help Businesses? 

The main benefit that businesses can enjoy by incorporating ChatGPT in their processes is increased efficiency. In fact, by automating mundane tasks through the use of this cutting-edge technology, businesses can allocate their employees to higher-value activities. A few practical applications to consider include:

• Customer Service: ChatGPT can answer frequently asked questions, resolve issues, and provide a satisfactory experience for customers. 

• Sales: ChatGPT can provide personalized product recommendations, collect and analyse data on consumers interactions and provide valuable insights into consumers behavior.

• Research and Development: ChatGPT can assist in providing relevant information and insights to help develop new products and services.

• What Strategy Should Businesses Adopt with Regard to ChatGPT? 

Explore. There’s no rush. Although the potential of ChatGPT is enormous, considering it has been released only a few months ago and is still under development, at the current stage it may pose significant challenges for companies, particularly if the technology is not implemented properly.

In fact, OpenAI itself has admitted on its own website that "ChatGPT sometimes writes plausible-sounding but incorrect or nonsensical answers."  In addition, some companies may have issues related to data privacy or security, as well as difficulties with providing helpful information to customers.

Some recent attempts from companies to integrate chat bot technologies into their services have resulted in terrible PR crises. As an example, the mental health company Koko had to face a backlash after they announced having used GPT-3 to reply to their customers. After the incident, the company explained that AI was only used to create responses, but customers were not speaking directly to the chat bot. 

Conclusion

Even though ChatGPT can be of great support in increasing efficiency and streamlining operations, at its current stage of development, it is important for companies to consider with caution the potential benefits and drawbacks before incorporating it into their business.

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Read our original article published on WeChat at: ChatGPT: Why Companies Shouldn't Make Hasty Decisions