To address the increasing demands for new business capabilities, rising User expectations, and the evolving technology landscape, with the increasing presence of AI (ie: ChatGPT) and other enabling tools, there are more options to make innovation more rewarding – especially with solutions that include multiple and complimentary technologies (ie: AI, XR, BI, NLP (Natural Language Processing), sophisticated analytics and visualization products, no / low code tools, etc.). This is an important strategy to –
A. improve the quality and timeliness of decision making
B. enable organizations to better identify and make good on new opportunities
C. better manage the risks associated with change and innovation
Understanding the benefits and limitations of ChatGPT
ChatGPT is a language model that generates text based on the input it receives to provide insightful commentary and simulate humanlike communications. However, with ChatGPT responses not fact-checked, hallucination can occur because the model answers users questions – even if no factual information exists ! And, because ChatGPT information is not curated, it can be misleading and often contains biases – that don’t necessarily align with business or client objectives ! As a result, these limitations mean organizations need to be careful in using of ChatGPT – especially with applications that involve inputting sensitive information or making important decisions.
ChatGPT Enterprise / ChatGPT Plus / ChatGPT free edition Versions
With OpenAI offering multiple versions, including the ChatGPT Enterprise version for businesses as well as a free version and the Plus version available to consumers, understanding the differences between these options is needed to make an informed decision that includes the following considerations –
- Control and customization – The Enterprise edition provides more control and customization, with longer inputs, more advanced data analysis features and stronger privacy protections for input data. This is valuable in scenarios where accuracy, security and precision are paramount.
- Scalability – While the free and Plus versions of ChatGPT are a great starting point, they might not be suitable for large-scale enterprise applications. The business version offers better scalability and monitoring, ensuring ChatGPT can handle increased workloads and concurrent users.
- Support and maintenance – OpenAI products include support and maintenance to ensure they perform as expected as well as operating smoothly and efficiently.
- Cost – While ChatGPT Plus costs $20. / month / user and ChatGPT Enterprise pricing varies, enterprises need to assess the potential benefits of the additional features against budget or other considerations.
Practical AI use cases for enterprises
Before implementing ChatGPT, organizations need to explore and be selective to determine the best fit and opportunity. Popular use cases in enterprises include –
A. Content Creation – ChatGPT can assist in generating high-quality content for blogs, websites, and marketing materials by being a valuable tool for content marketers and copywriters in providing ideas, drafts, and suggestions for improvement. This is especially true for users who are already familiar with the area they’re writing about and only need help coming up with concepts and outlines. ChatGPT can also be useful for creating content in HR, such as job summaries based on users’ input about what tasks they perform or interview questions based on a role description.
B. Coding – Although not recommended for complex tasks, ChatGPT can generate basic code scaffolding in many languages. Despite generative AI’s great potential for writing routine code and helping to build frameworks, only experienced engineers should use ChatGPT as a timesaver.
C. Marketing – By automating Customer interactions and responses on websites and social media platforms, ChatGPT can enhance Customer engagement, assist in crafting compelling ad copy and email marketing campaigns, etc.
D. Research – ChatGPT can accelerate the research process by summarizing articles, answering questions, and generating insights from vast amounts of text data. Researchers can use it to extract valuable information from academic papers and reports. In addition, the paid version of ChatGPT offers web browsing, which is useful for tasks such as producing a list of companies that meet specific requirements for services and functionality.
E. Business Innovation – Use ChatGPT to assist in creating new digital services, better manage change, reduce the risk and cost of exploring new opportunities, have another forum to test hypotheses, make suggestions for new capabilities, etc.
F. Search Engine Optimization – ChatGPT can assist in optimizing website content for search engines by suggesting relevant keywords, meta descriptions, and content structure – to improve your website search engine rankings and visibility.
G. Data Analytics – ChatGPT can help interpret data and generate reports, making data analysis more accessible to a broader audience within an organization, to assist in identifying trends and patterns in data sets — particularly when based on trusted sources and internal company data.
H. Customer Support – Integrating ChatGPT into customer support systems can improve the responsiveness and quality of responses to Customer inquiries, questions, and issues – to provide a better UX with faster and more personalized responses times and increasing overall customer satisfaction.
I. Legal and Compliance – Legal teams can use ChatGPT to analyze contracts, new legal documents, changing regulations, etc. – to better assure the organization is compliant with evolving laws, etc. This is especially useful when a company is entering a new jurisdiction (ie: state or country) with their respective guidelines and laws.
J. Product Recommendations – E-commerce businesses can use ChatGPT to generate personalized product recommendations for Customers to improve the shopping experience and increase sales.
K. Language Translation – Enterprises operating in global markets can use ChatGPT for real-time language translation for better communications with local Customers, Partners, Governments, etc.
Note : ChatGPT content creation caveat – Data from public sources is still subject to biases and factually incorrect or out-of-date information. Consequently, AI content generators are best used as frameworks for ideas under the control of a domain expert. Although these tools can generate interesting ideas and consolidate information, they require supervision by a human user who can understand the context and assess the results.
Oct 19, 2023 CAIL Innovation commentary info@cail.com www.cail.com 905-940-9000