ChatGPT: an overrated AI tool or a source of immense business opportunities

If we were to name the most outstanding AI-based tool that has made an unprecedented splash both among the general public and IT enthusiasts, ChatGPT would be the first thing that springs to mind. As with any other major technological innovation, since its release in November 2022, the tool has been surrounded by quite a buzz about its flaws and merits for average users and business owners. Ready to look into the essence of ChatGPT and decide if it’s worth leveraging? Let’s get right into it.

ChatGPT put simply

Basically, ChatGPT is a highly sophisticated AI-based chatbot, capable of processing text queries and responding to them smartly in a human-like manner. If to go into more detail, it is a large language model (LLM) using a neural network and 175 billion parameters to be able to answer almost any question or solve any task within seconds.”GPT” stands for “generative pre-trained transformer”, which is the name of a language model architecture built by OpenAI - research company that founded ChatGPT. Now you might say: “Wait, chatbots are far from being an innovation”, and that would be reasonable unless this particular model had something outstanding. And it has.

ChatGPT is the first-ever model to interact with users in a conversational way, able to understand human intention when they ask a question and provide helpful, comprehensive, and creative answers. To understand the potential of this AI tool and make it more powerful, accurate, and sophisticated, OpenAI made its basic version open to the general public, gaining over 1 mln active ChatGPT users within only 5 days from the date of launch. In February, the total number of active followers reached 100 mln, making the tool “the fastest-growing app of all time” according to Swiss bank UBS. But is the potential of ChatGPT viable and what exactly can it do?

The limitless pool of opportunities

One of the reasons for providing free access to the cutting-edge AI chatbot was to allow people and businesses to explore its possibilities and discover potentially useful applications. To date, the list of ChatGPT strengths includes the following:

• custom text generation based on input parameters
• provision of responses to any kind of questions
• task solving
• code writing
• data summarization
• idea generation
• language translation
• data comparison
• text completion
• human-like text voicing
• conversation holding
• analysis of human sentiments

Looks impressive, isn’t it? A tool that can write a poem for your loved one and make you feel better when you’re down, tell a joke, help with coming up with a project idea, or give you a brief analysis of a whole pile of data you’ve just read. So amazing that even a bit scary.

ChatGPT from the developer’s perspective

Among the above-listed LLM possibilities, there are some, particularly interesting for software development engineers in terms of automation of complex time-consuming tasks for streamlining the whole project development process.

Code writing

To date, ChatGPT is capable of generating high-quality code in any of the most popular programming languages, allowing developers to focus on more critical tasks.

Document writing

Code documentation takes almost as much time as code development itself, making engineers spend hours describing each line they’ve written. ChatGPT can deal with the task in seconds.

Code optimization

The model can come in handy for code simplification by analyzing the given lines and suggesting how to make them more efficient and less bug-prone.

Bugs identification

Looking for bugs in hundreds of code lines is one of the most tiring and time-consuming tasks. With ChatGPT engineers are able to locate and fix code inefficiencies within a few minutes.

Q&A assistant

Regardless of the level of expertise, sometimes developers face challenges and seek support from the IT community. Even though the tool we’re talking about is not a search engine, it can provide instant helpful answers to complex code-related questions.

ChatGPT as an ultimate business booster

Since the day of its release, business owners have been generating ideas on how to leverage the new AI tool to gain maximum benefits and revolutionize the way their companies operate. Now, when more than 3 months have passed, the potential of ChatGPT for businesses has become quite clear. In fact, it’s impossible to squeeze all the perspective use cases of this model into a single article since every industry can benefit from it in a number of ways.

Customer support

The most natural way to use ChatGPT for your business is to task it with the responsibilities related to engagement with customers, instant processing of their input, and providing human-like answers without the need to connect to human operators if the query is too complex for a machine to deal with. Besides, it can significantly improve customer retention by providing post-purchase support and instructions.

Content generation

Another great way to save costs and streamline the updates on your website or across social media profiles is to let the AI-based chatbot generate relevant marketing content for your specific purposes, allowing marketers to concentrate on more sophisticated tasks. In fact, content generation is only a part of how marketing departments can optimize their workflow.

Research

Any modern business has to process large amounts of data to derive insights and conduct researches that would result in a more efficient work process organization. The tool can easily summarize the data and provide you with the core information within a minute.

Idea generation

ChatGPT is not only about retranslating the knowledge it was trained on, but also about creativity and guessing. By asking it a question with no particular answer people can tap into the pool of non-trivial ideas and find something in case traditional brainstorming isn’t helpful.

Documentation drafting

Creating and filling in piles of papers is the flip side of any business. However, it doesn’t seem that gloomy if AI comes to the rescue. The model is capable of writing custom documents based on input requirements unburdening employees from hours of monotonous keystroking.

Straight into the deep end: limitations to consider

Despite its immense potential, ChatGPT is a technology not deprived of flaws and drawbacks. Keep in mind that OpenAI itself admits that the model can generate reliable-sounding yet senseless answers or “hallucinate”. Its accuracy rate is as high as 85% leaving enough room for mistakes if the wording of the query is unclear or if the machine tries to guess the answer having no facts to rely on. Another pitfall is that ChatGPT is not a search engine and it’s not connected to the Internet or other external links. In solving tasks and question answering it counts on the data it had been trained on before 2021. So the query about events or data released after 2021 won’t be satisfied properly.

GPT-4: the hot new ChatGPT successor

OpenAI decided not to rest on its laurels after the quite recent release of ChatGPT and launched the new significantly enhanced GPT-4 version on March 14th, 2023. The key difference between the siblings lies in the ability of the latter one to process image input in addition to textual one without losing on the quality of answers. OpenAI claims that the latest version is capable of performing complex tasks more accurately, creatively, and reasonably. GPT-4 can cope with an input consisting of up to 25,000 words while its predecessor could deal with ⅛ of that amount. Another impressive fact is that the recent LLM’s answers are 40% more logical and factual.

Such a quick update of the viral ChatGPT model shows how much interest is vested in the technology by its researchers and investors, making us sure to hear about another major new GPT version with broadened opportunities and fixed drawbacks.

Wrapping up

At Modsen, we keep a close eye on the latest developments of ChatGPT and generate ideas on how to make maximum use of the technology for the benefit of our partners. Despite the obvious imperfections, this AI tool can be leveraged safely and efficiently under the guidance of Modsen specialists. We are ready to equip our clients with the most sophisticated GPT-4 opportunities to make their businesses more advanced and agile.