How ChatGPT is Poised to Change Everything
Whether you're a tech enthusiast or not, you've probably heard of ChatGPT, a natural language model developed by OpenAI. Almost everyone interacting with ChatGPT has been impressed. Recently, it successfully completed the Wharton MBA final exam and is preparing to serve as a "Robot Lawyer" in its first U.S. Court Case. Additionally, ChatGPT has also demonstrated its ability to produce creative output, such as poetry and song lyrics.
Innovation Triggers
As someone who has been pretty deep in technology for the last 20 years, I can confidently say this has the potential to be a massive innovation trigger for the tech industry.
By “innovation trigger" I mean a breakthrough in technology or an innovation that acts as a catalyst for further developments and advancements in the industry. An example of this is the launch of the iPhone, which led to the rise of many successful companies in the tech industry, such as Instagram, Uber, Snapchat, and TikTok, all of which wouldn’t exist without the modern-day smartphone.
After using ChatGPT for a week and collaborating with my engineering team on some small projects, I am confident that this and GPT3, the model ChatGPT is based upon, will drive the creation of the next wave of billion-dollar companies.
So, what exactly is ChatGPT?
ChatGPT is a large language model developed by OpenAI. It can understand and generate human-like text, which can be used in various applications such as chatbots, automated writing, and language translation. In practical terms, this means you can train ChatGPT to understand almost any topic and then communicate with it through a chat interface using plain English. It can understand your requests and provide high-quality, accurate responses to your questions.
Natural language processing and concepts like machine learning have been around for years, but the introduction of ChatGPT feels like a significant leap forward. Existing technologies like Siri or Alexa almost seem primitive in comparison. Believe me when I say it’s a game changer, and it will revolutionize how we interact with technology.
Transforming customer engagement
One of the most obvious use cases for ChatGPT is in chatbots for customer support. By training the bot on a company's full range of products, understanding the existing customer base, and learning policies and procedures, the bot can potentially resolve almost any request or issue posed by a customer, possibly even more effectively than a human.
But the potential of ChatGPT extends far beyond customer support. By training the model on a company's CRM system data, including purchase history, contact information, and all customer interactions, a chat interface can be created that understands and responds to plain English questions about customers and prospects. This can assist the sales team in making recommendations to customers and identifying potential upsell or cross-sell opportunities, ultimately increasing sales effectiveness. ChatGPT is not just a customer support bot, it has the power to revolutionize the way sales teams interact with CRM systems.
Revolutionizing business intelligence
ChatGPT has the ability to be trained on a wide variety of data sources, including disparate databases and data warehouses, opening the door to real-time insights on a wide range of topics. This versatile capability has the potential to revolutionize how businesses access and utilize data to make informed decisions.
Businesses today invest heavily in various tools to provide decision-makers with actionable analytics, but the process can be tedious and time-consuming. ChatGPT can simplify this process by allowing decision-makers to ask questions in plain English and receive answers in real-time, bypassing the need to sift through complex reports and analysis tools.
The potential benefits of this approach are significant. Imagine having a Slack channel available to your leadership team that can provide instant answers to virtually any question about your company, enabling faster and more informed decision making. ChatGPT can be a powerful tool to bring data-driven insights closer to the business operations, it can be the ultimate decision making assistant.
The potential of ChatGPT to power the next wave of “Unicorns”
These use cases are just the beginning of what's possible with ChatGPT. The ability to understand and generate human-like text opens up new opportunities across a wide range of industries. The ability to interact with computers using natural language, similar to how we communicate with our colleagues, represents a paradigm shift in technology. It has the potential to give rise to new companies and industries that would not have existed otherwise.
Just as the advent of smartphones paved the way for companies like Uber and Instagram to emerge and thrive, I believe that natural language models like ChatGPT will be the driving force behind the next generation of “Unicorns.”
