In recent months, ChatGPT has been grabbing attention and creating a buzz in the Artificial Intelligence (AI) technology space. AI is not a new concept however, businesses of all sizes have been using it in some form or another for many years, to automate processes, analyze data, and provide digital customer support. What ChatGPT brings is an increased awareness of the power AI has to add great value to businesses.
Samuel Dakurah, Chief Information Officer at First National Bank, shared the various pros and cons of ChatGPT for businesses. He explained that ChatGPT provides an efficient way for businesses to do research and gather information as it only takes a few seconds for ChatGPT to give an answer to a question on a particular topic. This could be extremely helpful for small businesses or start-ups that are having difficulties in gathering data, conducting market research, or understanding customer behaviors.
However, one must be careful with the accuracy of the information that ChatGPT provides as it is highly contextual. It will not be able to provide the same level of analysis that a human researcher would, and thus businesses need to be aware of this potential limitation and find the balance between fast and efficient information, and accurate and in-depth analysis.
On the other hand, ChatGPT could improve efficiency in a business by automating certain tasks such as generating generic content for social media and marketing campaigns. While this could save businesses time and resources, it is not as powerful because it does not capture the finer nuances of a business’ brand or message.
Most significantly however, ChatGPT can serve as an effective objective guide for those trying to figure out whether the questions they are asking about their business are relevant or not. Businesses can ask ChatGPT questions and from the responses, a business can better understand whether they are asking the right questions or focusing on the right intelligence to help them grow.
Firstly, it is important to remember that ChatGPT is merely a tool and not a solution. The insights it provides are only going to be as good as the questions it receives. Additionally, it cannot take the place of human insight or creativity and should not be the sole source of business intelligence or market information.
Overall, ChatGPT has an immense potential to help businesses in terms of speed and efficiency while conducting research, automating certain tasks, and acting as an objective sounding board. But it is important that businesses understand both its limitations and potential risks when it comes to the accuracy of information it provides. If done strategically and thoughtfully, businesses can make the most out of the this powerful technology.
First National Bank is a well-recognized name in the banking industry that has been around for over 70 years. With a strong presence in the US and Canada, First National Bank is committed to helping businesses stay competitive with cutting-edge technology solutions.
Samuel Dakurah, CIO of First National Bank, is a respected leader with an impressive IT career. He has held senior roles at well-known companies such as Microsoft Corporation, LuxuryMall and HP. He is an accomplished professional with a keen eye for ensuring maximum value fromChatGPT and AI technologies. He understands the nuances of these technologies and shares his observations with businesses so that they can make smart decisions to better their business.
