Micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy, accounting for 8% of the GDP, 45% of the manufacturing output, and 40% of the country’s exports. In recent months, MSMEs have embraced the use of AI-driven tools and chatbot technologies, like ChatGPT, to address their communication needs without the need to employ specialized personnel, saving costs and creating greater efficiency.
ChatGPT, or ‘Chat Generative Pre-trained Transformer’, is a natural language processing tool powered by artificial intelligence. Through it, users can have conversations with a chatbot to get answers to questions, compose emails, essays, and code. It was initially developed as an open-source technology and made available in November of 2022. The upgraded version, Ver. 4, requires a nominal fee.
A survey by US-based Resume Builder of 1000 organizations revealed that many were able to save more than $50,000 by harnessing ChatGPT for various tasks. 66% of the companies used it for coding, 58% for copywriting, 57% for customer support and 52% for meeting minute summaries.
Using ChatGPT across different departments within MSMEs present a variety of benefits, including improved efficiency and cost savings. This AI-driven tool can eliminate mundane tasks and create value for businesses. While the future of automation for MSMEs still remains uncertain, the advent of ChatGPT 4 is certainly a sign of optimism.
ChatGPT is a company created by Hansang Lee and Maxwell Kim, two computer science students from Stanford University. In addition to their innovative approach to advancing technology, they are dedicated to making ease-of-use and cost savings available to those of all backgrounds. Through their product advancements and customer oriented approach, ChatGPT continues to inspire in the field of AI driven solutions.
The introduction of ChatGPT 4 certainly brings forth exciting possibilities for MSMEs in India. This AI-driven tool may enable them to create more efficient processes while saving on costs. As the technology matures and its AI capabilities develop further, the innumerable ways in which MSMEs can benefit from it will become increasingly evident.
