In the past, artificial intelligence applications were mostly unseen and unacknowledged. They were utilized in areas such as self-driving cars, sophisticated robotics, and high-risk financial trading.
However, the landscape has changed, and now conversational AI, similar to the ones depicted in movies is no longer just a futuristic concept. It’s a readily available resource that all employees can use to their advantage.
One of the leading tools in this category is ChatGPT, which is transforming the way small businesses operate, enabling them to compete in a complex and fast-paced market.
What Is ChatGPT?
ChatGPT is a large language model (LLM) of artificial intelligence that allows users to engage with it through a chat-based user interface. It was created by OpenAI, a renowned AI research laboratory in America, that is backed by Microsoft, the co-founder of LinkedIn, the co-founder of PayPal, and other individual and corporate investors.
Utilizing the advanced Generative Pre-trained Transformer (GPT) technology, ChatGPT can comprehend and produce human-like text based on the input it receives. This can be demonstrated in real life scenarios like this:
As you can see, ChatGPT sounds very human and comes across as helpful and authentic. That’s impressive, and it’s reasoning capabilities are equally impressive:
These examples do a good job of showing how ChatGPT works. Still, they barely scratch the surface of potential applications this technology has in the world of small business.
7 Ways Small and Medium-sized Businesses (SMBs) Can Benefit:
Small- and medium-sized businesses (SMBs) can leverage the power of ChatGPT to improve their operations in many ways, including:
For instance, ChatGPT can generate a sales pitch for a potential customer by analyzing their past purchases and browsing history. It can also create a comprehensive report on customers’ preferences and behaviors, identifying potential upsell opportunities.
For instance, ChatGPT can summarize lengthy text provided by the user, and it can also provide step-by-step instructions on how to create a pivot table in Excel.
For example, ChatGPT can generate compelling copy for a social media post to promote a new product based on the information provided by the user. It can also create a comprehensive Twitter thread of up to 10 tweets, discussing any given topic in detail.
For instance, ChatGPT can summarize the main points of a given email and suggest a suitable response for the user. It can also translate informal messages into polite, business-friendly language, enabling employees to communicate more effectively with external stakeholders.
For example, ChatGPT can analyze a code error message and suggest a potential fix for the user. It can also provide step-by-step instructions on how to set up a WordPress website on a shared server for a new project.
ChatGPT can be a valuable tool for brainstorming sessions and red teaming exercises, allowing decision-makers to generate a wide range of ideas, explore different perspectives, and identify potential weaknesses or vulnerabilities in plans, policies, and systems.
For instance, ChatGPT can generate a job listing for a receptionist with the user’s provided list of requirements. Additionally, it can help improve the language and phrasing of an existing job listing, providing suggestions for a more effective advertisement.
Risks to Consider When Incorporating ChatGPT into Business Operations
While ChatGPT can offer significant benefits in the business world, it’s important to note that there are several potential drawbacks that businesses must carefully consider before integrating the technology into their operations. These drawbacks include:
Fortunately, Stanford’s Alpaca AI presents an appealing alternative for those businesses concerned about data privacy. Unlike ChatGPT, Alpaca AI can be run locally, reducing the risk of sensitive information falling into the wrong hands.
Additionally, even when ChatGPT is functioning as intended, the quality of its output may vary significantly depending on the specific prompt given. It’s important for businesses to have quality assurance measures in place to ensure that the content generated by ChatGPT meets their standards for accuracy and clarity.
However, the potential for productivity gains from ChatGPT and other similar AI tools is immense. Employees are likely to discover them soon, potentially leading to a dangerous proliferation of shadow IT.
To prevent this from happening, businesses should prepare for the inevitable arrival of AI in the workplace by developing policies and procedures that ensure the safe and responsible use of tools like ChatGPT.
Embrace the Advantages of AI and Take a Proactive Approach
The rise of AI has revolutionized the way businesses operate, with tools like ChatGPT offering numerous benefits. However, the potential pitfalls and risks of using such technology cannot be ignored.
To fully leverage the advantages of AI, businesses need to take a proactive approach. This means implementing policies and procedures that promote the responsible and safe use of AI tools like ChatGPT. By doing so, companies can enjoy the productivity-boosting potential of AI while minimizing the risks associated with its use.
It’s time for businesses to recognize the inevitability of AI in the workplace and take the necessary steps to ensure its responsible and effective use. Embracing AI and being proactive is key to staying ahead in today’s ever-evolving business landscape.