If you have been living under a rock or have disconnected your mobile device, you may not have heard the buzz about artificial intelligence, particularly the news around ChatGPT, and its impact on business and writing. Below are:
- Ways it’s making an impact;
- How it’s used;
- Its pitfalls and benefits, and;
- What I found by creating this article using ChatGPT.
What is ChatGPT?
ChatGPT is a large language model developed by OpenAI. It uses a transformer architecture and is trained on a dataset of conversational text. It is capable of generating human-like text and can be used for a variety of natural language processing tasks, such as language translation, text summarization, and question answering.
How AI is changing the business landscape?
There are a variety of statistics available on the use of AI, depending on the specific industry or application. Here are a few examples:
- Gartner tells us that customer satisfaction is expected to grow by 25% by 2023 in organization that use AI.
- According to a study by Tractica, the market for AI software revenue will reach $126 billion by 2025, up from $10.1 billion in 2016.
- According to McKinsey, the Fourth Industrial Revolution (4IR) technologies are expected to create up to $3.7 trillion in value by 2025. AI, alone, can generate $1.2-$2 trillion in value for manufacturing and supply chain management.
- According to a report by Accenture, AI has the potential to increase productivity by up to 40% and could double annual economic growth rates by 2035.
- According to a survey by McKinsey, 70% of companies that have adopted AI report that it has increased their productivity, while 53% report increased revenue.
Microsoft Reportedly Closing In On $10 Billion Investment Into ChatGPT Creator OpenAI. – Forbes
How is ChatGPT Used?
It can be used in many industries, such as customer service, marketing, entertainment, and education. ChatGPT can be leveraged in variety of natural-language processing tasks like:
- Language generation, it can generate text that resembles human-written text; it can be used in chatbot; story generators; automated content generation, and; more.
- Language Translation: It can be fine-tuned to translate text from one language to another.
- Text Summation: It can be fine-tuned to summarize long documents into a shorter version.
- Question answering: It can be fine-tuned to answer questions based on a given context.
- Sentiment Analysis: It can be fine-tuned to classify text as positive, negative, or neutral.
What are the pitfalls of AI writing tools like ChatGPT?
There are several potential pitfalls of AI writing tools like ChatGPT, including:
- Lack of originality: AI models can generate text that is similar to existing text, but it may not be completely original.
- Lack of context: AI models may not fully understand the context of the text they are generating, leading to errors or inconsistencies.
- Bias: AI models can perpetuate and even amplify biases present in the data they were trained on.
- Lack of understanding of social and cultural nuances: AI models may not be able to fully understand and incorporate social and cultural nuances in their writing.
- Unintended use: AI writing tools can be used to spread misinformation or propaganda at scale.
- Dependence: Relying too heavily on AI writing tools can lead to a lack of creativity and critical thinking skills among human writers.
- Privacy and security: There is a risk of data leakage when using AI writing tools, and the model can be used by malicious actors to impersonate or manipulate people.
- Plain old errors: In this CNet article, an article written by an “AI engine” explaining compound interest now has a 167-word addendum at the bottom that lists the five errors contained in the original post.
Less than an hour after the post went live, CNET updated the compound interest explainer with a 167-word correction, fixing errors so elementary that a distracted teenager could catch them. – CNET editor-in-chief Connie Guglielmo
What are the benefits of AI writing tools like ChatGPT?
There are several potential benefits of AI writing tools like ChatGPT, including:
- Speed and efficiency: AI models can generate text quickly and efficiently, which can save time and resources for businesses and individuals.
- Language generation: AI models can generate text in multiple languages, which can be useful for businesses that operate in multiple countries or for individuals who want to communicate with people who speak different languages.
- Data analysis: AI models can analyze large amounts of text data and extract useful insights, which can be useful for businesses and researchers.
- Personalization: AI models can be fine-tuned to generate text that is personalized to a specific individual or audience, which can be useful for marketing and advertising, e.g., the Mint Mobile
- Content generation: AI models can be used to generate a variety of content such as articles, stories, and scripts.
- Automation: AI models can automate repetitive or time-consuming tasks such as data entry and customer service.
- Cost-effective: AI writing tools can help businesses reduce costs by automating repetitive tasks and allowing fewer human resources to handle more work.
If you create content for your company, particularly as a writer, you might want to read “AI is the end of writing,” by Sean Thomas. Is it all doom and gloom? I say “No!” Rather now is the time to embrace technology to help you up your game and to increase productivity.
Disclaimer: I used ChatGPT to write a large portion of this article. Here’s what I found.
- The list of statistics originally provided could not be fully substantiated; the ones listed have been.
- The grammar had to be modified.
- Editing was required for clarity and reading ease.
- The pull quotes were self-researched and not provided by the bot, though it was requested.