The Impact of ChatGPT and Artificial Intelligence on Small Businesses

Date:

ChatGPT is the latest manifestation of Artificial Intelligence (AI). Combining advanced natural language processing (NLP) and machine learning, the AI-driven tool studies user conversations, enabling computers to reply with tailored content. This revolutionizes the way people interact with technology, and offers new possibilities to businesses worldwide.

From controlling automated robotic milking systems on farms in Austria and design of dental prosthetic in the healthcare industry to asynchronous video job interviews, AI is already massively applied in various sectors across the world. This surge of innovation triggered big tech companies like Google to launch their own chatbots in the coming years to stay in the competition.

Moreover, AI has made it easier for content developers to search and generate materials, like text, pictures, and software code. What’s more, OpenAI, the scaleup behind ChatGPT, enjoyed a $10 billion investment from Microsoft in 2020. According to Microsoft’s CEO Satya Nadella, this will progress the relationship between humans and machines from one of competition to symbiosis.

The implications of AI on international trade development and small businesses will also be impacted. It is capital intensive, meaning that emerging markets may struggle to gain access to the requisite data and compete. This is especially true in African countries like Senegal, where despite the expertise of companies like Baamtu, they are still stymied by a lack of access to data. AI technologies are widely used in agriculture in high-income countries, allowing more precise control of farming operations; however, AI is mainly limited to small-scale smart farming in lower-income countries.

See also  Accelerating Software Development with CAST Imaging and ChatGPT Integration

AI also has the potential to disrupt customer service operations, with jobs potentially being automated. It is predicted that robotic process automation is going to replace some of the 1.2 million business process management jobs in the Philippines. Similarly, customer care operators in Senegal may be replaced by chatbots. Similarly, generative AI could possibly take the place of game artists, human resource staff and graphic designers on a freelance basis.

The International Trade Centre (ITC) emphasizes the importance of future-proofing for blue- and white-collar workers, so that jobs will not be lost to automation. Companies need to equip their employees with the necessary skills to thrive in the digital world. Moreover, ITC is using AI-driven tools like Synthesia to produce videos with human-like avatars in multiple languages and accents, aiming to improve the learner experience of their SME Trade Academy. They are also exploring the potential uses of ChatGPT in the industry – for instance, it could be used by tailors in Burundi to draft marketing materials like brochures and website content.

Martin Labbé is Tech Sector Development Coordinator and NTF V programme manager at the International Trade Centre. Founded in 1964, the ITC is a joint agency of the United Nations, the World Trade Organisation and the United Nations Conference on Trade and Development whose mission is to foster the global advancement of Small and Medium Enterprises (SMEs). Their initiatives assist SMEs in participating in international trade, offering them technical assistance, statistical data analyses and policy research. Through the combination of human resources, technical capability and sophisticated AI innovations, the ITC continues to “help its clients learn, connect and trade” in the global market.

See also  OpenAI Unveils Voice Engine: Revolutionary AI Technology Raises Ethical Concerns

Frequently Asked Questions (FAQs) Related to the Above News

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Enhancing Credit Risk Assessments with Machine Learning Algorithms

Enhance credit risk assessments with machine learning algorithms to make data-driven decisions and gain a competitive edge in the market.

Foreign Investors Boost Asian Stocks in June with $7.16B Inflows

Foreign investors drove a $7.16B boost in Asian stocks in June, fueled by AI industry growth and positive Fed signals.

Samsung Launches Galaxy Book 4 Ultra with Intel Core Ultra AI Processors in India

Samsung launches Galaxy Book 4 Ultra in India with Intel Core Ultra AI processors, Windows 11, and advanced features to compete in the market.

Motorola Razr 50 Ultra Unveiled: Specs, Pricing, and Prime Day Sale Offer

Introducing the Motorola Razr 50 Ultra with a 4-inch pOLED 165Hz cover screen and Snapdragon 8s Gen 3 chipset. Get all the details and Prime Day sale offer here!