How ChatGPT and generative AI can transform your business

by Ana Lopez

Opinions of contributing entrepreneurs are their own.

ChatGPT is perhaps the first public instance of AI to truly go viral and is poised to revolutionize many aspects of the modern business world. While other use cases for AI continue to make an impact, especially in automation, this example of generative AI seems poised to take things to another level. ChatGPT is essentially a supercharged chatbot and offers the ability to produce written content, including documentation, articles and even prose.

It goes without saying that generative AI has the potential to optimize various business functions. These include coming up with new products, project management, customer service, marketing and much more. In fact, the possibilities seem limited only by the user’s imagination. Specifically, instead of replacing the human workforce, it serves to make employees more productive and enable them to focus on more value-added tasks.

So let’s take a general overview of how Generative AI can transform your fledgling business. It could be ChatGPT, Google’s Bard, or any of the other emerging apps that use natural language processing at the heart of similar AI-powered tools. The benefits of this technological innovation remain crucial for any to understand.

Related: How Companies Use AI to Increase Revenue

An AI-powered creative assistant

As noted earlier, ChatGPT’s natural language processing and generative features set it apart from other AI-powered tools. You could even boast of having some familiarity with the basic customer service chatbots in use today. Some securities firms even use automated trading bots that rely on machine learning. Expect something more transformative with Generative AI.

Every has experience brainstorming exciting new business ideas. ChatGPT helps optimize this ideation process that is crucial for any startup or other emerging company. Unlike relying on the tool to generate these ideas without any human help, generative AI only serves to collaborate with your project team. You still need to research each idea to see if it makes sense, in addition to determining if a relevant target market exists.

But when you consider that most startups struggle to find the funding to launch their early operations, it makes perfect sense to have a creative tool on hand. It can help your newly formed startup by writing a job posting draft, grant proposal, or even a search for potential venture studio partners. Of course you still have to work closely with the tool to verify the output, but this approach is certainly of added value for any emerging company.

Related: Should You Jump On The ChatGPT Bandwagon? Consider these tips first.

Other intriguing business use cases for generative AI

Needless to say, there are tons of interesting use cases for generative AI, including ChatGPT, Google Bard, and others. For example, generative AI helps marketing by creating concepts for ad copy, social media posts, press releases, and more. Other generative tools even create videos and music soundtracks, though their overall quality suffers at this early stage.

Since customer service served as an original use case for chatbots, it stands to reason that the higher quality of generative AI provides an even better experience for clients and customers. Expect future model improvements to support specific industries and topics. With automated trading currently in use in the financial world, generative AI significantly improves this approach, especially in determining and supporting the specific needs of each client.

The software development process already benefits from automation, especially at stores that use DevOps. Adding ChatGPT to the equation helps with code documentation, debugging, QA, and more. Again, this tool makes your developers more productive instead of replacing them. The importance of rapid software development for many startups makes generative AI absolutely worth exploring.

The Current Limitations of ChatGPT and Generative AI

It is also important to understand that ChatGPT and other generative AI tools rely on the initial input query. Even more important is the underlying data used to train the machine learning model where it finds the answers to those questions. Like many other technology applications, it essentially works as a black box. As such, the quality of the output ultimately depends on the quality of the input, especially that critical machine learning model.

For example, ChatGPT’s data model at the time of writing only contains historical information up to 2021. So it cannot tell you that Argentina won the 2022 World Cup if asked. Early media reports from users of the tool are also full of various inaccuracies or other biases generated by ChatGPT. Again, it emphasizes the concept that generative AI remains a tool better framed as an assistant rather than something to replace your employees.

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Even considering those limitations, it remains clear that generative AI offers myriad benefits to startups, especially in their earliest stages. Expect the benefits to continue to grow as the technology matures and the underlying machine learning models consume more data.

The ability of this type of AI to ultimately generate high-quality videos and other media also enhances potential use cases. It goes without saying that every should pay close attention to the latest news about generative AI and its most popular exponents, such as ChatGPT and possibly Google Bard. It just might be the special sauce your emerging business needs.

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