What Is ChatGPT and How Can It Benefit Your Business?

ChatGPT — the latest AI phenomenon — is taking the world by storm. Making a footprint in both the professional world and our personal lives, ChatGPT claims to use high-end artificial intelligence to “optimise language models for dialogue” and “interact in a conversational way.” And people are truly testing how far it can go.

What exactly is AI?

To test ChatGPT’s ability, we asked it to answer this question. The response?

Artificial Intelligence (AI) is a branch of computer science that deals with the creation of intelligent machines that work and learn like humans. These intelligent systems are designed to perform tasks that typically require human intelligence, such as visual perception, speech recognition, decision-making, and language translation. The ultimate goal of AI research is to create systems that can perform any intellectual task that a human can, and to create a machine that can think, learn and adapt like a human being. AI techniques can be used to create a wide range of applications, including self-driving cars, virtual personal assistants, and medical diagnosis systems.

But for those of us who want it in layman’s terms, we asked it to answer it as if we were 8 years old:

AI stands for Artificial Intelligence. It's when computers and machines can do things that usually only people can do, like understanding language and making decisions. Think of it like giving a robot a brain!

Not bad, surprisingly.

4 ways businesses are using ChatGPT

While ChatGPT might be the new kid on the block, chatbots have been around for a while. The first chatbot was invented in 1966 and since then—but predominantly in the last decade—society has been using chatbots for almost everything. Today, the undeniable efficiency of ChatGPT has seen businesses get truly creative with how they’re leveraging the latest chatbot.

1. Customer service

From writing help centre articles and FAQs to crafting on-the-spot responses to customer chat queries, companies are taking advantage of ChatGPT to serve their customers and free up the time of their employees so that it can better be used elsewhere.

2. Coding

Developers at companies across the globe are jumping on the ChatGPT train, and for good reason. According to many, it’s the end of programming as we know it. Why? Because no single human can retain more information than a chatbot. With a simple prompt like “Write code for an ecommerce website using html and CSS. Include navigation bar, body section and products with prices,” ChatGPT can spit out code that would’ve taken the average person hours to write, within a matter of minutes, or even seconds.

3. Marketing and social media content

Depending on what you ask, you could get your hands on anything from LinkedIn articles, paid Google ad copy and Instagram captions, to a lead generation email campaign and an abandoned cart series. But businesses are saying it’s all in the prompt.

4. Automating mundane tasks

ChatGPT has gone as far as generating reports, presentations and proposals in the workplace, cutting the time taken for humans to do this by much more than half. Generating a report on quarterly sales figures and want to include charts and graphs? Not a problem. 

From writing student essays that pass plagiarism tests and crafting casual replies for dating apps to brainstorming side hustles and writing movie scripts, it seems ChatGPT can do it all. But does it pass the test and what could it mean for the future of business efficiency?

What does ChatGPT mean for business efficiency?

It means a few things:

1. Saving time: By performing menial tasks in a matter of seconds, ChatGPT is proving to be a huge time saver for companies.
2. Quick customer acquisition: Sure, ChatGPT can help craft responses to customer queries, but it can also identify leads based on words or phrases used. 
3. Customer satisfaction: The speed at which ChatGPT can generate responses to queries means that not only does the business save time, but customers get their answers a lot quicker than they would if they were waiting on a person to respond. This means more satisfied customers and ultimately, an increase in customer loyalty.
4. Idea generation: Working on a marketing campaign? Ask ChatGPT for some ideas — we think it’ll come up with things you’d never even have thought of. It’s as if ChatGPT has a brain. 

So while there are a multitude of business benefits, we don’t think ChatGPT will be replacing employees anytime soon — at least not in the next few years. While it can produce quick content with an unrivalled turnaround, ChatGPT lacks the human touch: the tone of voice, the branding, and the personality that makes brands around the world so successful. 

We definitely think, however, that it is worth playing around with for ultimate business efficiency.

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