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Artificial Intelligence(AI) has a multitude of applications across various fields and domains, be it automation, healthcare, finance or eCommerce. AI in marketing has helped to re-strategize and re-brand products by predicting customer behaviour and improving forecasting accuracy. Today, AI is helping marketers to create and tailor marketing content that targets segments of populations based on their specific patterns and interests.
Everyone is familiar with Alexa and Siri. Today, voice search is present in many mediums such as phones and virtual assistants. Chatbots too are AI-driven. They can be either text-based or voice-based. ChatBots are multifaceted and make for excellent client support, deciphering client inquiries, taking care of issues rapidly, and even creating leads for the sales & marketing team.
ChatGPT has hit the market big time. Below we will try and present to you the versatile tool that ChatGPT is all about.
AI chatbots and the ChatGPT
We know what chats are – messages between two people using an online interface. There are many AI chatbot platforms that can be used to build the exact right bot for your business. Most of these AI chatbots employ AI and Natural Language Processing (NLP) technology to recognize sentence structure, interpret knowledge, and improve their ability to answer questions.
But what is GPT? And what’s all the hype about ChatGPT!
Firstly, the AI research firm OpenAI, has developed a new chatbot, ChatGPT, that has now been trained on a language model from the previously unannounced GPT-3.5 series.
GPT stands for Generative Pre-trained Transformer 3. It is a neural network ML-trained model using internet data to generate any type of text. It just needs a small amount of text for input and can then generate large quantities of relevant machine-generated text. The beauty of GPT 3 series is that it is more context-based than the other AI chatbots that are iterative rather than creative.
ChatGPT has various applications across a wide domain but not limited to finance, healthcare, travel, education, creating small tasks and can even be deployed to help in the recruitment process! The significance here is that it can relate to the context of the conversation and even apologize if it can’t give an appropriate response!
What makes ChatGPT3 Significant
Most AI-powered chatbots are used in a very conversational way and have helped in customer engagement and responding to basic queries of the business process.
But ChatGPT has been trained on a transformer-based language model and is set to interact just like humans in various languages too!
It does not just respond to queries but can negate inappropriate queries, summarize, and provide a translation when requested.
It is still conversational. But the twist is that it can go much further than conversations and can even role-play based on the input topic without you having to engage with it.
Benefits of ChatGPT
Here are a few benefits of ChatGPT but not limited to this. Given it has just been released, there is still so much we can look forward to it doing.
Content Creation & Curation: request it to create any content and it will immediately do so. Content curation engages visitors and provides them with relevant content. Because of GPT, ChatGPT can generate creative writing such as blog posts and even advertising copy as per the industry.
Augmentation of the Automation process: This makes the automation process more efficient. Besides summarizing the text, it can improve the creative content
Conformity of content: When branding a product, conformity is very relevant. When you engage with ChatGPT, conformity in tone and text goes a long way.
Customization: ChatGPT is flexible. It can be customized and trained to generate text as per the requirements. It can help personalize the output based on the data input and is context specific.
Effective & efficient: ChatGPT helps create context-related content and saves the author time and effort. Important steps required in the content-building process are automated by ChatGPT
Given it is focused on text generation based on being pre-trained on a huge amount of text, ChatGPT can help in customer services in multiple languages.
Where can ChatGPT be deployed?
Since GPT 3 has been trained using Natural Language Processing (NLP), this AI technology has been designed to behave most naturally when in conversation or dialogue with humans. Most chatbots are already known to be deployed in eCommerce websites, banking and finance, healthcare, travel, and entertainment. Few marketing and Sales organizations have started initiating chatbots. But with GPT3’s newest version, ChatGPT can help many industries with their processes.
AI-powered chatbots are already employed for customer support. With predefined queries offered in the system, the chatbots can easily identify and lead the customer to the right product or provide a predefined solution to a common problem. But with ChatGPT, responses to queries with no predefined data can also be answered providing a delightful experience to the customer
Training and Education
During and after the pandemic, many online courses have been offered. Google does provide answers. But especially for those who are being trained in specific courses, ChatGPT responds effectively to certain queries given its training on a large size database and within context too.
Sales and Marketing
Prospecting online clients can be made easier with ChatGPT, as it can also qualify intent and help close deals with prospects. It is known to guide them well on what products and plans best suit them after an interactive conversation. It can be a great help in their Leadgen process.
AI-based chatbots have already been integrated with healthcare platforms. Seeking basic information on personalized details, and insurance details it guides patients on appointments, etc. Now with ChatGPT, basic diagnosis can also be offered while finding the best hospitals with the insurance details, it can also set up appointments for the patients.
Travel & Entertainment
Basic travel itinerary with the budget mentioned has had AI chatbots help travellers seek out the best accommodations and dates. But with ChatGPT, it can also act as the best travel guide informing you which place to visit first on your itinerary, which museums are closest to where you stay, or closed and hence what to do on those days. It can plan your itinerary for you.
And with the multiple OTT platforms, ChatGPT can easily make recommendations on what to watch next based on what you watch and what you enjoy best.
Finance & Banking
Chatbots for now respond to your banking needs 24*7 but are limited to the basic banking details of products and availability. With ChatGPT besides responding to queries and assisting with research, it can also provide perspectives on current trends, informing you what’s in and out in the stock world too! ChatGPT can automate customer service tasks and based on customer spending can also direct customers to the right product and services. This frees up customer service executives to focus on more complex tasks, thus improving the efficiency of the finance and banking industry.
Risks & Limitations of ChatGPT
However, we still must be cautious about the limitations of ChatGPT.
There is no continuous learning. It has been pre-trained on a large pre-set data and hence long-term learning memory is short.
Like all neural networks they lack the ability to explain and interpret.
It cannot work with large inputs of text in one go.
Given it takes a long time for the model to generate results, it lacks a quick turnaround time.
Why ChatGPT is the Future
Despite the meagre limitations, ChatGPT has the advantage of being able to provide more accurate and detailed responses. Additionally, because it is trained using a large amount of data, ChatGPT can learn and adapt to different conversational styles and contexts, making it more versatile and capable of handling a wider range of scenarios.
Most chatbots are designed keeping in mind the data set that they are trained on. But with Open AI, their chatbots are trained over a large volume of data spread across many domains, hence ChatGPT has the advantage to converse based on context.
Unlike other chatbots that respond with predefined responses, ChatGPT is highly interactive and friendly in conversation.
Chatbots are the drivers for change in many industries. With ChatGPT this change will drive better enhancement for customer support and service, automation of processes
In conclusion, ChatGPT with its enhanced Natural Language Process training will see a digital transformation like never before. Language translation and text summarization and creation are just a few of the many enhancements which will help leverage industries to new levels of customer engagement!