Humans making headlines is soon going to be a thing of the past. With the world dancing to the tunes of AI and machine learning, it is no wonder they are the newsmakers (and breakers) in 2023.
OpenAI-developed ChatGPT has caught the world in a frenzy of futuristic ideas that were a figment of humans’ dearest dreams until recently.
The growing intelligence of conversational AI, led by ChatGPT, has the world divided about its benefits and disadvantages. Many consider it a disruption and fear its implications on human employment. In contrast, others are curious to explore its potential beyond composing poems, writing articles and codes, and giving sassy responses to quirky questions.
Let’s see how ChatGPT and its applications can be game-changers in various industries worldwide.
ChatGPT – An introduction to the chatty AI
ChatGPT is a conversational AI built on various Natural Language Processing (NLP) algorithms and models, including the Large Language Model (LLM). This artificial intelligence chatbot was launched and developed by OpenAI, a San Francisco- based research laboratory, in November 2022 as a free research prototype.
Unlike other AI chatbots, ChatGPT can understand and respond to technical and non-technical user queries naturally and conversationally. Powered by the machine learning model GPT (Generative Pre-training Transformer), its “transformational” structure is trained to process long data sequences and prioritize phrases and words in each input.
In addition, the Reinforcement Learning with Human Feedback (RLHF) technique used to train ChatGPT allows it to comprehend user expectations and answer accordingly. Thus, the chatbot can hold human-like conversations customized to user preference. Moreover, its continual learning ability, even as it answers, trains it to improve its answers with each response.
The ChatGPT mechanism
ChatGPT was trained on 500 billion tokens (common character sequences found in a text), allowing it to easily assign meaning and predict probable follow-on texts. The tokens made up a deep-learning neural network.
Humans wrote the massive dataset feeding the network over time. It includes articles, books, essays, archives, and blogs of every available genre and style.
The neural network, modeled after the human brain, helps ChatGPT spot and learn patterns and relationships in text data to produce human-like language. It attempts to answer fully coherent responses to user prompts, much like a human. This implies it is far more intelligent than our standard virtual assistants on phones and laptops blindly guessing the next word.
Let’s take a look at the step-by-step process of how it works:
- Processing input – Put commands or inputs in ChatGPT’s text bar.
- Forming tokens – The input is divided into tokens or individual words to be analyzed.
- Embedding input – The input-tokenized text is embedded into the transformer area of the neural network.
- Encoder-decoder attention – The refined ChatGPT transformer encodes the tokenized text input to generate possible outputs based on probability.
- Output – Based on 175 billion variables or parameters, it produces the best output matching the user’s request and shows it on screen.
Industry-specific ChatGPT use cases
The fourth generation of the Large Language Model, ChatGPT’s immense capabilities are set to change the landscape of most industries, trumpeting a new era of artificial intelligence. Currently, 37% of companies and organizations worldwide use AI daily. Reports state AI’s contribution to the global economy will reach $15.7 trillion by 2030.
Having garnered 100 million active users within two months of its launch, ChatGPT will likely be a significant part of the AI-based revolution. Despite certain limitations, the conversational chatbot is already aiding businesses to grow and enhance customer experience.
Generating texts, writing curated content, translating texts, summarizing, creating original content, and responding to emails are just a few of the tasks ChatGPT has successfully been tested for. There are various other industry-specific possibilities the chatbot can be used for.
Take a look:
Sales and Marketing
Marketing professionals can use ChatGPT’s numerous functionalities to optimize content and personalize it to a great extent. It can be employed in multiple roles, from creating and managing marketing campaigns and advertisements to analyzing customer feedback.
- Analyzing keywords – ChatGPT can analyze huge blocks of textual data to give a non-exhaustive list of the most searched keywords.
- Copywriting – Writing attractive marketing and sales copies promoting products or brands has become infinitely easier with ChatGPT. Although there is a lack of human verve, it can be easily remedied with the smallest human intervention.
- Customer feedback – Product-based websites can automate customer feedback collection and grievance redressal with this advanced chatbot.
- A/B testing – ChatGPT can create distinct product descriptions and marketing campaigns by gathering and analyzing data from target groups.
Banking and Finance
The finance sector was the first to test ChatGPT’s plausible uses. Bankers put in text prompts to create financial polls, know employee retention credits, analyze legal contracts, and much more.
- Detecting fraud – ChatGPT can analyze historical data on customer behavior leading to fraud to observe similar patterns in current data and predict future fraudulent activities. This can also help create a comprehensive list of suspicious activities.
- Personalized financial advice – Financial institutions can utilize ChatGPT to analyze tonnes of customer data regarding their expenditure and investment habits. This can help formulate financial advice tailor-made for each customer.
- Draw up legal contracts – Researchers have nearly perfected this advanced chatbot’s ability to draw up accurate legal contracts. This would significantly reduce human time and effort consumed in creating exhaustive legal contracts speeding up legal procedures.
Healthcare
ChatGPT can go a long way in streamlining medical procedures, making them more patient-friendly.
- Front-desk assistance – ChatGPT-integrated assistants can streamline scheduling appointments, detailing patients on their respective illnesses, and providing information on nearby healthcare facilities. Apps using ChatGPT can even monitor patients’ vitals and alert relevant healthcare professionals to potential emergencies.
- Medical transcription – Transcripts can be more comprehensive and precise using an integrated AI-driven speech-to-text technology embedded with ChatGPT. It can accelerate reporting and medical response.
- Preliminary assessment – Inputting a patient’s vitals and symptoms into the AI can expedite the diagnosing process for doctors. The chatbot can propose the possible ailment followed by suggested treatment steps.
- Summarizing patient records – Already in use, ChatGPT can help doctors get an overall medical history of the patient and their family.
Education
Students were among the first to reap the rewards of this AI-based tool. However, ChatGPT’s efficiency and application in the education sector lie much beyond helping students write essays or research for their coursework.
- Assessment – Teachers can feed information into the program and criteria for assessment and see ChatGPT grade students. This can automate the grading system leaving teachers free to plan lessons and focus more on individual student growth.
- Grammar & writing feedback – ChatGPT has proven to be useful in correcting grammar and guiding students to better writing techniques. However, it should not replace a teacher but can be used as an assistant to the teacher.
Technology
The tech industry has suffered the hardest hit with the launch of this uber-intelligent chatbot. Amidst widescale layoff, ChatGPT has added fuel to the fire giving companies one more reason to downscale human resources. However, this AI tool can be a boon to programmers if used the right way.
- Coding – It can assist programmers in developing codes on any user prompt and even suggest ways to code better based on popular data structures and algorithms.
- Designing systems – Building, maintaining, and consuming any system from scratch would be hassle-free with this conversational chatbot for help.
- Automating QA – Developing test cases and test scenarios with ChatGPT can help assess a login page’s effectiveness in recovering passwords.
Streamline your analytics with ChatGPT in SAP Analytics Cloud
Are you looking to transform your analytics game with SAP Analytics Cloud?
Now is the time to leverage the power of the ChatGPT-SAC duo.
ChatGPT in SAP Analytics Cloud (SAC) streamlines data analysis, enhances accuracy, and enables better decision-making. Users can integrate ChatGPT can with SAP Analytics Cloud using a custom widget.
Learn more about the ChatGPT-SAC integration in our next blog ChatGPT in SAP Analytics Cloud.
Wrapping Up
ChatGPT is packed with immense possibilities, of which we have just scratched the surface. While its uses across industries seem boundless at present, its long-term implications are yet to be realized. Revolutionizing content creation, ideating ad copies, aiding in quality checks, and providing an enhanced customer experience are only one side of the coin. The other side presents significant repercussions, starting with human labor replacement.
Striking the right balance between human touch and ChatGPT may be the key to unlocking future growth.
