Business opportunities for generative AI

ChatGPT represents a significant advancement in human-computer interaction, and it’s benefits and use cases are starting to be truly tested in real-world applications.
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Business opportunities for generative AI

In simple terms, what is Generative AI?

Generative AI generates new content, such as images, text, or video, based on what it has learned from a dataset, using machine learning algorithms. It uses a large dataset to train the AI model to generate new, previously unseen content that is based on the training data. It has the potential to revolutionise many industries by simply automating the creation of content and enabling the generation of new ideas extremely quickly.

So, what is ChatGPT?

ChatGPT is a popular development of Generative AI. It is a variant of Open AI’s popular language model, GPT-3.5, that can create original content in response to a user prompt and is specifically designed for chatbot applications. GPT-3.5 is a revolutionary artificial intelligence (AI) technology that enables natural language processing (NLP) at scale. The model has been trained on billions of pieces of text, making it incredibly powerful and capable of understanding complex sentences and contexts. This makes it well-suited for generating human-like responses and performing a wide variety of tasks, with potential practical application for a range of business functions.

ChatGPT Coder - imagined by MidJourney (a generative text-to-image AI).

Since its launch, the media has been abuzz with discussions around the possibilities - and concerns - of this new innovation, ranging from its ability to write code and compile research to its potential to create marketing content.

There is a heap range of valuable opportunities for ChatGPT, some of these include…

· Semantic search (denoting search with meaning) resulting in a stronger and more accurate search matched to an employee’s intent. Next time you’re thinking of ‘Googling’ something – try using ChatGPT instead and see how the responses compare.

· Generative text – the AI can generate text output based on a variety of different prompts. This may be used for a variety of internal content from emails to training resources, reducing writing time and allowing employees to take more of an editorial role.

· Creating code for just about anything you can think of. The AI can help you determine the programming language you want to use, identify the task you want to generate code for, and define the task you want to generate code for, including any specific requirements or constraints

· Explain, improve and simplify code – ChatGPT can help fill technical skills gaps in an organisation, or provide developers with a tool to improve their output by working with the AI in the union.

· Providing personalised responses to customer inquiries in real-time in a personalised and human-like manner, acting as a business representative. The model is therefore an effective tool for customer service or e-commerce applications where customers have specific needs.

· Generate engaging content on media platforms that is relevant and brand specific. For example, it can automatically generate captions for Instagram posts or tweets based on a specific theme or topic.

Key callouts!

From a legal perspective, the key consideration for ChatGPT is its potential to infringe on intellectual property rights. ChatGPT is trained on a vast amount of text data - if this training data includes copyrighted works, then ChatGPT’s outputs may potentially infringe on the copyrights of those works. Furthermore, we need to be conscious that the model has pitfalls. Open AI acknowledges some pitfalls stating “ChatGPT sometimes writes plausible-sounding but incorrect or nonsensical answers”.

Secondly, machine learning models are only as good or as bad as the data fed to them during training. In CPT-3.5’s case the data is massive (roughly 60 million domains and subsequent linked sites). It means that GPT-3.5 has ingested many reputable outlets (e.g., BBC) but also less reputable, arguably questionable domains, such as Reddit. Open AI has made extensive efforts to improve its training dataset, however, inherent biases related to gender and race etc may still exist in the data and may be propagated by the model.

It is important to note that much like society, all AI models (including GPT-3.5) will possess inherent biases. Humans design the algorithms that define the way that AI works, and the processed information reflects an imperfect world. However, we believe the benefits of Generative AI and potential value opportunities outweigh the risks in the long run, if approached responsibly.

Plagiarism and unoriginality are another key concern, such as students utilising the ChatGPT’s generative text capabilities to complete assignments. This is a concern shared by journalists and authors who claim artistic and creative integrity are at threat from large language models.

Ultimately, Generative AI presents clear opportunities – but approach with caution

ChatGPT represents a significant advancement in human-computer interaction, and it’s benefits and use cases are starting to be truly tested in real-world applications. Due to its power, potential and clear business benefits driven by efficiencies, businesses should begin experimenting and identifying where there is business value. Only through this insight and understanding will we become equipped to craft a robust Generative AI strategy.