Conversational AI is revolutionizing the way the world functions. Recent advancements in Natural Language Understanding (NLU), Natural Language Generation (NLG), and Natural Language Processing (NLP) have made way for advanced Chatbots that have become far better at understanding human language and responding to human input in a more intelligent, natural, and conversational way.
As these AI technologies get increasingly sophisticated, and we all prepare to see further innovations in years to come, for now, what’s been catching all eyes in the Conversational AI space is ChatGPT — one of the most outstanding applications of Conversational AI so far.
What is ChatGPT and Why Everyone’s Talking About it?
ChatGPT is the new buzzword, and this advanced chatbot platform that uses AI and ML to generate human-like conversations has taken the world by storm. It is truly fascinating how the super-intelligent bot generates accurate and contextual text-based responses on almost any topic under the sun!
While most other platforms work based on pre-programmed rules and templates, ChatGPT uses deep learning to generate textual responses. The Large Language Model is pre-trained on a massive data corpus —from books, articles, websites, etc. across several subjects—to generate text whenever a trigger or a prompt is given.
ChatGPT, which was launched on the Generative Pre-trained Transformer (GPT-3) architecture, is now available in its GPT-4 avatar — the latest version with improved capabilities in natural language understanding and generation. This architecture enables the bot to process text more intelligently, self-trains to understand even the most complex language, and be so natural in its response to diverse human inputs.
Although ChatGPT is still in its nascent stage, the internet is exploding with interesting user experiences of ChatGPT and conversations around the endless possibilities of how this powerful conversational AI platform can be used now and also its future potential.
There are debates and discussions, as businesses spanning all industries —from healthcare to banking and financial services, manufacturing, education, retail, and many more—look forward to applying ChatGPT in more ways than one to transform their operations. Let’s take a closer look at how ChatGPT is all set to become a game-changer.
Some Quick Facts About ChatGPT
- ChatGPT is an AI-powered chatbot developed by the Silicon Valley startup OpenAI.
- ChatGPT crossed the one million user mark in just five days after its release to the public in November 2022.
- The global Google search popularity score for the word “ChatGPT’ spiked to hit 100 in the first month of 2023. – Finbold Report
- Microsoft has launched the latest version of its Bing search engine with AI from ChatGPT to improve its search results.
- Open AI released its most advanced system GPT-4 on March 14, 2023, and the internet is already anticipating GPT-5.
- ChatGPT Plus, the pilot subscription plan for ChatGPT is out. It can not only answer your questions faster, but can also challenge incorrect assumptions.
What ChatGPT Can Do
What ChatGPT can do now and in the coming years is quite overwhelming. From answering customer inquiries to providing product information, automating mundane tasks like booking appointments, making payments, delivering personalized recommendations, and much more – ChatGPT should be able to do it all, for all!
ChatGPT comes with a range of features such as a library of pre-built conversation templates for sending automated response messages, analytics and reporting, and integration with various other existing communication channels and bots.
The platform also allows customization, enabling users to create their own chatbot and customize it to meet their own specific needs. ChatGPT is therefore an absolute boon for developers. It can write code and even find and fix bugs in the code. It is quick and easy to use. And this is why businesses are looking to make the most of this extraordinary AI tool to improve customer service, increase customer engagement, reduce operational costs, and do much more. Here are 5 industry use cases of ChatGPT.
1. Enhanced Customer Experience and Operations in Banking and Financial Services
One of the most noteworthy use cases of ChatGPT in the banking and financial services sector is the customer service department.
The model could be trained on frequently asked questions and customer inquiries, allowing it to assist in answering customer inquiries through a chat interface, potentially reducing the workload of human customer service representatives. The bot’s natural language understanding capabilities can be leveraged to help customers navigate banking websites and mobile banking apps more easily.
Moreover, areas like customer complaints management can run far more efficiently in terms of complaint handling quality and resolution time as the bot understands the context of a support ticket, finds contextually matching answers to the questions, and learns over time from the interactions saved in enterprise CRM.
2. Seamless Patient Communication and Care in Healthcare
Imagine ChatGPT being integrated into your healthcare app and as soon as you key in the symptoms, it recommends the top doctors for your ailment in your locality. To take it a step further, it even helps you book your appointment with that doctor. This is what we are talking about when we say that ChatGPT is going to be a game-changer.
In the healthcare industry, ChatGPT can assist in various areas of healthcare, such as remote consultation, medical diagnoses, clinical documentation, care coordination, and more. ChatGPT could be used to bridge the patient-provider gap —communicate effectively with patients, answer their queries, and provide information on their condition or treatment. This enhanced patient experience can be fundamental to building the value-based healthcare model that the industry is striving for.
In areas such as behavioral health services, for instance, ChatGPT can be very useful in creating crisp summaries of elaborate doctors’ notes and Q&A sessions. This meaningful gist of data can be processed more easily for diagnosis, prognosis, treatment, medical coding, billing, insurance, and other related processes.
With ChatGPT, healthcare can be made accessible to patients 24×7, enabling a practice to manage its patients more proactively, book appointments promptly, and easily overcome challenges like patient no-shows.
3. Guided Learning and Teaching in Education
Despite the downsides and concerns around using ChatGPT in education, ChatGPT is turning heads in the academic community. If we look at the positive side, ChatGPT can be a handy addition to the teaching toolkit for teachers and a significant research platform other than the standard search engines for students to explore and learn from.
This aside, in developing countries like India, ChatGPT can be instrumental in taking education to the rural and remote corners of the country where language is often a barrier to education. ChatGPT can act as a translator, translating important lessons in English or any other language to a language that the rural community members can understand. There can be many such applications of ChatGPT in education and these are being explored aggressively.
4. Improved Process Governance in Manufacturing
In the manufacturing segment, ChatGPT, when trained in a specific material or part of the manufacturing process, can function as a department’s virtual personal assistant. It could also simplify conversations and generate more meaningful interactions between the technical and non-technical workforce.
Its deep-learning capabilities can make it a good reference portal for workers who can refer to it to build their knowledge base and get answers to their queries.
ChatGPT can also work as a pre-trained process monitoring model to communicate the detected flaws efficiently, minimizing downtimes, and enhancing productivity and profitability.
5. Intelligent Product Recommendations and Descriptions in Retail
ChatGPT has been garnering a lot of attention from retailers ever since its launch. The AI bot can play a prime role in delivering a superior shopping experience for customers by gathering a better understanding of each customer persona.
Based on shopper segmentation data and shopping preference patterns, it can learn about the likes/dislikes of customers, their specific needs, expectations from a brand, and every other little detail.
The insights drawn from this data by ChatGPT can help the retailer to provide personalized shopping recommendations to its customers.
Additionally, ChatGPT can also leverage this data gathered from a customer’s past search histories, browsing behavior, and purchase records to create smarter, high-quality product descriptions that are optimized or more likely to match a customer’s search inputs. This can be significant for retailers striving to take customer satisfaction to the next level and increase their sales.
Looking Ahead
ChatGPT is a significant milestone in Conversational AI. As this technology is widely adopted by companies in the near future, it will be a major driver of innovation in the AI industry.
If you are interested in understanding and using ChatGPT, there are a number of resources available online. First and foremost, the official ChatGPT website provides detailed documentation and tutorials on how to use the platform. Additionally, there are several third-party tutorials and videos available online that provide further guidance on using the platform. Finally, the ChatGPT community forum is a great place to ask questions and get help from experienced users.
Contact us to learn how we can help you build innovative and user-friendly solutions, leveraging the latest tools & technologies like ChatGPT in the data analytics & AI space.
Author
Anand Subramaniam
Anand Subramaniam is the Chief Solutions Officer, leading Data Analytics & AI service line at KANINI. He is passionate about data science and has championed data analytics practice across start-ups to enterprises in various verticals. As a thought leader, start-up mentor, and data architect, Anand brings over two decades of techno-functional leadership in envisaging, planning, and building high-performance, state-of-the-art technology teams.
