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What is ChatGPT and how can it be used?

What is ChatGPT and how can it be used?

Synopsis
3 Minute Read

Generative AI has exploded in popularity since ChatGPT arrived in late 2022. But how can you use this new suite of tools to help your business?

ChatGPT came out of nowhere to become the dominant force in the field of conversational and generative artificial intelligence (AI).

Launched in November 2022, it is one of the flagship products from OpenAI — a rising star in Silicon Valley founded nearly 10 years ago as a non-profit research hub supported by industry heavyweights including Elon Musk and Peter Thiel — and has become one of the fastest-growing applications in history.

OpenAI has also received considerable attention for DALL-E 2, an AI image-generating companion to ChatGPT.

How does it work?

ChatGPT is a language processing program that is trained to sift through data and sources on the internet to expand, and share, its knowledge base.

As a transformer (machine learning) neural network, it specializes in language generation tasks such as translation, text summarization, and question-answering. While it is most known as the largest language model ever trained (with 175 billion parameters) its newest iteration, GPT4, can also help with code development and generating architectural solutions.

Essentially, it’s an intelligent virtual assistant that is constantly growing and learning as more people from around the world interact with it.

The technology behind ChatGPT has increased dramatically in the last three years. As tech visionaries and popular culture and media embrace it, more businesses around the world are wondering how they can use the program, and others like it, to their benefit.

General uses of ChatGPT and other generative AI programs

As its name would indicate, AI chatbots like ChatGPT were initially conceived as a tool to improve the user experience on web pages, providing real-time help and technical support. The immense power and capabilities became clear long before ChatGPT hit the open market. In the last six months, users have stumbled upon dozens if not hundreds or thousands of additional use cases — and the list continues to grow as more users interact with it.

Business cases

  • Client interaction: Chatbots can be helpful tools when trained to respond to customer FAQs and inquiries and can make personalized product recommendations.
  • Transcription: Able to transcribe large files such as calls or meetings.
  • Research and analysis: Can assist with research into complicated subject matter and condense or simplify the information for a myriad of purposes.
  • Translation: Can translate dozens of languages in a flexible and conversational way.
  • Brainstorming: As an intelligent virtual assistant, it can brainstorm new ideas or expand on existing ideas through feedback and collaboration.
  • Summarization: Able to summarize and simplify large data sets into concise and easily digestible information.

Coding and development

  • Narrowing down and sharpening coding tasks: While some argue it is a long way from being able to code complicated material, it can take on smaller sets with ease.
  • Exploring resources and libraries: Can be prompted to provide information on what libraries (bodies of code for specific purposes) might be useful for specific needs.
  • Writing sample code: With specific instruction, it can call on libraries and summarize to create a sample code that can be used in the future for the same function. If asked, it can also provide architectural information and provide recommendations.
  • Material creation: Can be used in conjunction with a developer to create games, write documents and tests.

How MNP Digital can help you leverage ChatGPT

We see a lot of potential value to be added to an operation with the help of generative AI. Here are a few areas where, as a tech provider, MNP could help you integrate ChatGPT and other similar tools into your business.

As a Microsoft partner, MNP uses the Microsoft Azure OpenAI program.

  • Automation of routine tasks: OpenAI and Azure Cognitive Services automate routine tasks such as data gathering and generating reports. In this way, ChatGPT can save time and reduce tedious, repetitive tasks.
  • Improve accuracy and speed: OpenAI and Azure Cognitive Services can be used to analyze large volumes of (financial) data quickly and accurately, helping accounting companies identify needs, anomalies, and opportunities that might otherwise go unnoticed.
  • Optimize tax planning: By leveraging the programs, you can generate advice to optimize tax planning scenarios and explain complex rules. Tax planning and suggesting tax optimization strategies can be automated using Azure OpenAI.
  • Provide personalized recommendations: The ability to give clients personalized financial recommendations based on their unique situations. We can use OpenAI to digest multifaceted financial data from clients and give recommendations based on the data.
  • Chatbots: Can provide chatbots to help with internal questions of employees or externally help clients.

Stay ahead of the curve

New technologies are constantly evolving and reinventing how many organizations do business. Digital adaptation and transformation can help you stay competitive, innovative, and creative but rapid change comes with challenges.

You’ll need to take a high-level, holistic approach when it comes to assessing the opportunities available to you and introducing AI tech, but if done properly, it can revolutionize your business internally and externally.

At the same time, it’s important to identify gaps in existing capabilities and adaptability. While ChatGPT and other generative AI programs may seem like a simple way to integrate automation into your business, it’s not without its risks.

Learn more about ChatGPT

Want to learn more about the benefits and risks associated with ChatGPT?

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