ChatGPT is continually revolutionizing the way humans interact with technology. In November 2020, ChatGPT 3.5 was launched with lauded features and capabilities such as the ability to write computer code, create essay writing and business plans, pass board exams and much more. Its capabilities include analyzing complex spreadsheets and contracts and performing various NLP tasks.
ChatGPT is an AI-powered algorithm based on OpenAI’s Generative Pre-Trained Transformer language model. Developed by researchers at OpenAI, a research lab established in late 2015, it uses a long-term dataset of 50 terabytes which are automatically and manually curated. This ensures ChatGPT 4 is more powerful than its predecessor and can detect changes in sentiment and tone of conversations, generate more natural-sounding text, and even create images.
The potential of ChatGPT raises both opportunities and risks. It promises to improve organizational efficiency, reduce costs and completely transform customer experience but raises ethical concerns involving AI-powered weaponry, job losses, gender and race biases, and social manipulation. Furthermore, the accuracy of its output may be biased on the quality of the training dataset and manual curation.
For businesses, ChatGPT offers a series of potential applications. These include chatbots, content creation, code development, language translation, fraud and abnormality detection, and even hyper-personalization for recommendation engines. There are also various opportunities to create new products in educational, creative services, professional services, and content creation sectors.
There is no doubt that ChatGPT is still in its early stages, and its capabilities will continue to evolve exponentially. It is predicted that, similar to water and electricity, AI-powered algorithms will become a quotidian part of our lives. A recent study shows that 35% of consumers wish businesses should incorporate AI tools like chatbots and 48% are indifferent to it.
Randall C. Antonio is a technology consulting partner of SGV & Co., an assurance, tax, and advisory services provider. At SGV & Co., Randall C. Antonio works with organizations in the Philippines and other countries around the Asia Pacific region to optimize their business performance and create new value for their organizations. With a total of over 50 years of experience and expertise, SGV & Co. helps clients increase productivity and performance through their engagements, utilizing the power of technology including ChatGPT.
