Recent reports say the average number of artificial intelligence (AI) capabilities that companies employ has doubled over just five years — from 2018 to 2023. With its capacity to produce text that resembles that of a human, ChatGPT, an OpenAI big language model, has caused ripples in the tech sector. A go-to choice for companies of all sizes, this adaptable AI chatbot can handle everything from text generation to customer care. Now, with ChatGPT’s generative AI capabilities making headlines, more businesses are looking for novel ways to leverage the tool to their advantage in the near future.
What is ChatGPT?
ChatGPT is an AI chatbot that uses natural language processing to create humanlike conversational dialogue. The language model can respond to questions and compose various written content, including articles, social media posts, essays, code, and emails.
There is no shortage of opportunities for businesses to integrate ChatGPT into their everyday workflows and applications. Despite certain existing limitations in how holistic the answers provided by this chatbot are, it is already more than able to help businesses grow their bottom line and enhance experiences for their customers.
We have distributed the potential applications of ChatGPT across five major industries – banking, sales & marketing, healthcare, software development, media & entertainment – and explained the multiple possibilities within those industries, below:
Media & Entertainment
ChatGPT is entertaining as is even with arbitrary text prompts that you might feed to it just to see what creative results it might come up with. But it has massive potential to transform the media & entertainment landscape as we know it. These are some ways ChatGPT could help filmmakers, scriptwriters, journalists, and other media professionals do so:
- The field of journalism and news media is quite reluctant in implementing ChatGPT into their creative processes as most of the news media sector sees it as a hindrance to creativity. However, ChatGPT has helped many creative writers overcome writer’s block which can help journalists and bloggers who produce content amidst the fast-paced content generation requirements of today.
2. When it comes to writing scripts for films, and interactive video games, as well as generating prompts for novelists, and so on, ChatGPT has demonstrated exceptional near-human levels of creative prowess. Additionally, it has the ability to come up with creative names for characters, unique plot points, and also branching dialogues.
There are numerous applications of AI in healthcare. Conversational AI in particular is highly effective in making healthcare processes more efficient and patient-friendly. Here are some examples of how that is made possible:
- Patient Triage driven by ChatGPT can be utilized by physicians for expedited diagnoses. By feeding the patient’s vitals and symptoms to the AI, a potential diagnosis followed by the suggested next treatment steps can be extracted.
- Medical Transcription utilizes speech-to-text technology driven by AI and with ChatGPT in the mix, the transcripts can become far more comprehensive and precise, enabling faster clinical decision-making and reporting.
Within three months of the beta version of ChatGPT being opened to the public, bankers from all over the world were feeding it text prompts about extremely niche subjects such as employee retention credits, gamification of deposits, creating financial polls, and so on. This gold rush of sorts led to the following successful use cases that were taken to completion:
1) Personalizing financial advice to suit the needs of very specific customer personas was a godsend for the banking sector. This is because often there is not enough done to ascertain personas that could guarantee great returns. Bankers could use ChatGPT to analyze tons of in-house customer data related to their spending habits and investment vehicles. Based on insights from these analyses appropriate financial advice could be formulated.
2. Fraud detection and malpractice reduction is another area in banking and financial services where ChatGPT can come in. This is done by analyzing customer behavior that led to fraud historically to then apply these patterns in predicting future fraudulent activity and the creation of comprehensive Suspicious Activity Reports (SAR).
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Sales & Marketing
ChatGPT can help marketing professionals in optimizing the extent of personalization that they can provide their customers through the content that is presented to them. This AI can be applied across channels such as marketing campaigns, advertisements, and social media platforms for this purpose in the following ways:
1) Keyword Analysis involves ChatGPT analyzing large blocks of human-generated textual data and returning a verbiage analysis consisting of the most searched keywords.
2) The simplification of copywriting by this chatbot is especially beneficial for creating compelling marketing and sales copy for promoting brands and products. However, what lacks in these textual copies is personality and verve which can be tweaked into the copies with negligible human intervention.