Top Industries That Could Benefit from ChatGPT
CEOs and students are all abuzz about ChatGPT, an AI chatbot that can generate human-quality text. ChatGPT is being used for a variety of purposes, from writing blog posts to creating marketing materials. So, what does the future hold for AI? Our article addresses everything for you!
ChatGPT is a revolutionary technology trained to learn what humans mean when they ask a question. This LLM (Large Language Model) has attracted 10 million users in the first two months after its roll-out, cementing its footsteps as the fastest user-growing web platform.
First-time users encountering ChatGPT and other LLM are awed at its capability to give human-quality responses, inspiring the feeling that it may soon rule the roost, as how humans interact with computers and change how information is retrieved.
Its potential impact on the digital ecosystem, especially in the realm of digital content and information technology, is profound. Though not all industries can implement the technology and witness immediate results, CIOs in the industries have the most to gain and the agility to do it quicker.
Join us as we delve into the remarkable impact and opportunities that ChatGPT development services bring to different industries!
💡 Key Takeaways:
Let's explore the remarkable growth and diverse industry applications of ChatGPT. Here are the key takeaways:
Our blog includes everything you should know, along with the most pressing question -
“Will ChatGPT-style technology augment the human workforce in the coming decades, as the invention of calculators did for Mathematicians?"
Here’s the answer! But first, let's understand the basics!
Let's Understand What ChatGPT is
ChatGPT is a Natural Language Processing tool driven by AI (Artificial Intelligence) technology that allows you to have human-like conversations, write codes and essays, and tell stories, and the list is just endless.
Before we step ahead, let’s define NLP because we know you are curious to know what it means. NLP is a field of Artificial Intelligence focusing on interaction between computers and humans using natural language. Still, if you are at square one and wondering why so many abbreviations and acronyms are used here and what they mean, here’s the inside story.
GPT means “Generative Pre-training Transformer” and is an AI-driven language model. While “Pre-Trained” denotes that it’s based on voluminous data of text/words, allowing it to understand the structure and pattern of natural language.
Its “transformational” structure has layers that can prioritize phrases and words in every input. The model “residual connections” and “feed-forward layers” help in understanding the complex patterns and context, resulting in better and more coherent responses.
Herein, you’ll find all the key statistics circumscribing AI, especially the buzzword - ChatGPT, which is presently taking the world by storm. From user base share to capturing the lion’s share to projected revenue, you’ll see a host of amazing facts that promise to keep the future of business green.
How Big is the Artificial Intelligence Market?
- According to Precedence Research, the entire value of the AI market is projected to reach $ 150+ billion dollars by 2023, growing to as much as $1.5 trillion by 2030.
- ChatGPT, an AI-powered chatbot, is primarily used by 902 companies worldwide, varying from technical, education, and manufacturing industries to federal and media and entertainment, as of January 2023. 27% of these companies are technical, 23% are in the educational segment, 10.9% are business companies, and merely less than 10% are manufacturing companies.
- When putting ChatGPT’s exceptional user acquisition into perspective, TikTok took nine months to reach a similar number of users. Whereas other phenomenally successful apps took much longer to achieve this - Instagram took 2.5 years, Facebook took around 5 years, Canva took 9 years to reach 100 million users. Whereas ChatGPT achieved this in merely 60 days.
Simply put, ChatGPT is showing no sign of slowing down. Here are real-world examples to advocate the breakthrough - that is around the corner!
Industries Benefitting from ChatGPT
Let’s see how this technology is helping businesses grow their bottom line and enhance their user experience.
Researching and creating new medicines has been time-consuming. It takes approximately ten years for medicine to reach the market and another six to seven years to conduct human trials.
- Expedited Time to Market - Fortunately, the debut of ChatGPT expedited the time to market as it has the potential to collect data from multiple parallel treatment plans. Plus, it quickly creates insights and correlations from the voluminous data points to understand clinical trial outcomes better.
- Customer Management: A ballpark estimation that 66 percent of all U.S. adults - more than 131 million people - use prescription drugs. The FDA receives more than 100,000 reports of medicinal errors every year from health organizations, hospitals, pharmacists, and patient homes. So, rather than being connected to an agent while getting a prescription rewritten, ChatGPT or any like technology - with a translating text-to-speech engine and different private training data behind it - will help customers precisely fill their prescriptions.
2. Banking & Finance
Within three months after the rollout of the beta version of ChatGPT being opened to the public, bankers were feeding it text prompts about exceptionally niche subjects like employee retention credits, creating financial polls, gamification of deposits, and much more. This gold rush paved the way for the following use cases that were completed:
- Personalized Financial Advice: Personalizing financial advice that caters to every customer's persona is a godsend for the banking segment. This is because not enough is done to ascertain personas that ensure great results. Here, bankers can use ChatGPT to analyze voluminous in-house customer data related to their expenditures and investments. Based on these analyses, the right financial advice can be easily formulated.
- Legal Contract Creation: Shortly, ChatGPT can help you draw precise legal contracts. However, ChatGPT can already create legal prose that could offer some of the most superior human advocates a run for their money.
- Fraud Detection - Identifying frauds and eliminating malpractices is another area in banking and financial services where ChatGPT comes into the big picture. This happens by analyzing customer behavior that led to fraud in the past and then applying these patterns in forecasting potential fraudulent activity and the creation of Suspicious Activity Reports (SAR).
3. Wealth Management
The deficit in staffing has left numerous industries balked, including finance. According to a Charles Schwab survey, financial advisors found that recruiting and retaining talent is the top-most priority for the first time since 2006.
- Customer Assistance: Extends the bandwidth of customer representatives with enterprise-specific data sets.
- Role Augmentation: Assists but doesn't replace human roles in sensitive transactions.
ChatGPT can be used as a representative with enterprise-specific data sets to help and assist customers. After all, providing efficient, high-level financial guidance could significantly extend the bandwidth of customer representatives.
Don’t worry; ChatGPT won’t eliminate the roles of those with access to sensitive financial information or carrying out transactions on customers’ behalf. It lacks the crucial foundational context - for instance, the customer’s account balance or trends of the customer’s financial history - to make precise insights.
Simply put, enterprise incarnations of transactional, conversational, or LLMs harnessing RLHF (Reinforced Learning from Human Feedback) can take more prominent roles, with implications to switch jobs presently performed by humans.
Increasing commodity prices and supply chain pitfalls have had repercussions on the automotive industry for quite a long time.
- Market Analysis: Tracks industry trends and predicts market changes for informed decisions.
- Efficiency Improvement: Analyzes data to enhance operational processes and efficiencies.
However, CIOs can leverage ChatGPT as a research tool to track industry trends, analyze the market for future predictions, and understand competitive supply chain processes to ensure they are using the right procedures daily to mitigate losses.
Entrepreneurs and industry giants - They can also use ChatGPT to analyze large datasets and processes. Often, this improves the creation and maintenance of elements like catalogs, operational procedures, and manual processes to unleash new efficiencies. Besides, it could also be used to create large knowledge capitals for new providers, who often slip through the thinnest gap of incumbent providers.
5. Sales & Marketing
ChatGPT acts as a boon to marketing professionals in optimizing the extent of customization they offer to their customers through the content.
Content Optimization: Assists in keyword analysis, copywriting, A/B testing, and customer feedback collection.
AI can be easily integrated across myriad channels like marketing campaigns, advertisements, and social media platforms in the following ways:
- Keyword Analysis - The keyword analysis process often includes ChatGPT analyzing big blocks of human-created textual data and returning a verbiage analysis covering the most searched keywords.
- Copywriting - Making the process of creative and brainstorming copywriting easy is a bonus, all thanks to ChatGPT. Crafting interactive marketing and sales copy for promoting brands, products, and services is now simple and easy. However, these compelling copies lack personality and verve, which can be tweaked with negligible human intervention.
- A/B Testing - ChatGPT can be utilized for A/B testing through prompt engineering. You can prompt the AI to create two exclusive copies of the product description and collect dynamic campaign insights from different focus groups.
- Customer Feedback - By including an advanced chatbot like ChatGPT in a product-focused website or application, collecting customer feedback and grievance redressal can be automated.
Undoubtedly, there are untold numbers of applications of AI in healthcare. So, conversational AI is highly beneficial in making healthcare processes more efficient and patient-friendly.
Here's some real example of how that is possible:
- Medical Transcription - The medical transcription process uses text-to-speech technology enabled by AI in a blend with ChatGPT. With this, the transcript becomes far more comprehensive and accurate, allowing quicker clinical decision-making and reporting.
- Patient Records Summary - Patient record summarization with ChatGPT gives an easy hand in getting a holistic view of a patient's medical history for properly outlining insurance claims.
- Patient-Facing Caretakers - ChatGPT-integrated patient-facing assistants are used for scheduling appointments with doctors, helping those who are medically inclined to get relevant information about their ailments quickly, and giving information about nearby health organizations. Tracking vitals through the applications will help doctors avert any potential emergency through a conversational doctor-facing chatbot.
- Patient Triage - When this process is driven with ChatGPT, it's a considerable choice to be used by physicians for expedited diagnoses. By putting the patient's credentials and symptoms of health to the AI, a potential diagnosis followed by the recommended next treatment steps can be easily extracted.
ChatGPT's popularity underscores the transformative potential of AI in various sectors. As technology advances, its impact on society will continue to grow, presenting countless opportunities for innovation and improvement. If you want to leverage its capabilities and stay ahead, start with a conversation.
So, if you want to be the forerunner, unleash the potential that creates buzz and excitement, and leverage its impeccable capabilities, just remember - Everything starts with a conversation.