How will ChatGPT Usher in Novel Business Dimensions and Approaches to Business ManagementMarch 31, 2023 2023-03-31 14:28
How will ChatGPT Usher in Novel Business Dimensions and Approaches to Business Management
How will ChatGPT Usher in Novel Business Dimensions and Approaches to Business Management
Author: Dr. Sakkaravarthi Ramanathan, Prof. Artificial Intelligence
Open AI’s ChatGPT is gaining popularity amongst entrepreneurs and students. It shows how business management approaches can be upgraded to usher in novel business dimensions. But the future is competitive with Bard by Google and Bing by Microsoft in the market. More people are directed to complete their tasks, and integrating ChatGPT with their business operations can unlock the potential of the existing systems.
Astounded by what ChatGPT can produce, many people are wondering if it is a devil or a guardian angel. Let’s dive into the details and know if we’re hitting a tipping point for artificial intelligence.
What is ChatGPT?
Open AI’s newly launched “ChatGPT,” founded by Elon Musk and Sam Altman, is a large language model developed based on GPT-3 and uses natural language processing (NLP) to respond to user input in a very casual conversational tone. This AI tool is poised to revolutionize how important businesses operate and manage their operations. ChatGPT can generate codes and technical documentation required by business management (especially for business applications such as personalization. Customer service management, content marketing, and others).
While some people think it is ingenious, others think it is a monster we don’t need. So, what exactly is it?
An epochal moment for AI will be when technology reaches the point where AI becomes smarter than humans, which is nowhere happening before 2045. Although, others claim the opposite and say that the milestone is just near predicted, reaching it seven years from now. Marco Trombetti, cofounder and CEO of Italy-based LSP Translated on Time-to-Edit, said on a podcast in December 2022, “The change is so small that every single day you don’t perceive it, but when you see progress … across 10 years, that is impressive.”
On a positive note, businesses can use AI tools to gain a competitive edge in the market and prepare themselves for the future. In the current novel business dimensions (especially digital transformations, building social entrepreneurship, collaborative network, sustainability, and others), Open AI’s ChatGPT must be leveraged by business leaders to usher in a new era of productivity and efficiency in the workplace.
Benefits of ChatGPT in Business Management
The possibilities of this technology are endless. With so much enthusiasm swirling around ChatGPT, you may have been wondering what the fuss is all about and if I can potentially benefit from the technology. Why not start a business and let AI do all the work? Is it a superpower that can be controlled or can control?
Let’s delve into the heart of ChatGPT, ready to better manage and organize data for business management organizations.
Businesses often rely on support teams and management services to take queries from their customers and provide relevant feedback. ChatGPT is a text-based platform using natural language designed to take queries and formulate personalized recommendations. Companies like Uber and Ola could use ChatGPT to support their customer services and help them find efficient routes. Doing the same thing will make it perfect for companies looking for AI assistance with responding to customers’ questions, directing them to relevant information, and solving problems.
Most business management organizations rely on the dimension of providing customized products and services to their customers. ChatGPT can assist them in analyzing their preferences and recommending personalized products later. Fashion industries always look forward to AI-based tools where customers can easily find the best looks and create a point solution. However, the social media industry could use the same tool to deliver products matching the skills of the customer. This can help businesses integrate with ChatGPT to improve their marketing efforts and even increase sales values in the near future.
Most companies rely on accurate time schedules and routes without any further delay in delivering products and services to their customers. Supply chain management could use ChatGPT and further innovate a wide variety of areas in the system. Integrating ChatGPT with the system can analyze data on delivery routes, maps, shipping times, and inventory levels of the company and provide tailor-made improvements to the company by reducing their cost in the long run. The AI tool can even provide real-time alerts and notifications informing companies about delays or any issues in the supply chain.
Similarly, in the technologically advancing era, it is the best time that businesses should integrate with ChatGPT to validate their research. This Open AI platform is used in analyzing market trends, competitor analysis, services, customer requirements, and any other information related to business management. Though the answers are inaccurate in nature, the makers have restricted the usage of backed-up sources relatively current. The information generated on ChatGPT is current within the last two years to avoid any outdated information flow among its users.
AI writing can change systems offering clear and effective communication patterns in the global industrial market. ChatGPT is trained to decline inappropriate requests but remembers what the user said earlier in the conversation. Language translation is an important aspect of business management to help them operate globally and have a diverse workforce. As an AI language model, ChatGPT is capable of assisting language translation by providing automated translated services to organizations. Communications and documents can be translated easily using a combination of machine learning and human input to develop a high-quality translation effectively.
Often, business organizations look for effective management to make decisions to stay competitive in the market. The process is increasingly complex, and ChatGPT can provide real-time decision support to managers using predictive analysis. It helps the managers recommend the best course of action using predictive analytics to bring a competitive edge to the company in a dynamic business environment.
Content marketers are facing the challenge of getting new ideas for the content and how to engage the audience to resonate with it. ChatGPT is a machine learning model with the ability to learn new styles and marketing materials appropriate for the business in generating new content with business brand and voice. It can be used to engage visitors on the website through a questionnaire to persuade them to lead generation.
Moreover, creativity and productivity can be enhanced in the business world by giving management some time off so they can perform dedicated tasks. While doing so, ChatGPT can be used to reduce manual labor and streamline not-so-time-taking but time-taking tasks. When it comes to streamlining operations, data entry is the most tedious. ChatGPT can help businesses in making correct data entries with improvement in the accuracy of data. It can handle appointment scheduling processes ensuring businesses with efficiency and effectiveness.
Future of ChatGPT in business management
Concerning novel business dimensions, ChatGPT has the potential to provide transformative leadership to the business landscape. It could change the ways in which time and resources are allocated in the organizations. The future of ChatGPT is likely to depend on the effectiveness of organizations adopting and integrating the technology with their management operations. The GPT-3 systems have been trained to answer almost everything, but the problem lies in figuring out what is real. I still believe that the opportunity of ChatGPT in business is enormous, considering its capabilities to provide industry-specific and domain-specific knowledge in a conversational tone. The ChatGPT competitor, the Bard, is built with ethical rules as Sundar Pichai, CEO of Google, warns about AI chatbots. As per the report by CNBC, Pichai sent an email to 80,000 Google employees saying, “As more people start to use Bard and test its capabilities, they’ll surprise us. Things will go wrong”. Although the Chatbot isn’t available in India, it is working hard to rule out ChatGPT soon.
With the use of ChatGPT, a lot of jobs will change in business management. In fact, some are impacted with immediate effect (editors, writers, analysts, customer service agents, QA engineers, etc.), and 800,000 are forecasted to be impacted. However, ChatGPT and similar AI chatbots are likely to play a significant role in the future of business organizations. Let us think of one of the brightest developments in the recent future of AI technology that is cool and productive at the same time. Business management should consider integrating with ChatGPT as a solution to their long-term goals outweighing repetitive tasks.
These recent advances in AI are fascinating, and considering ChatGPT, it will surely usher in novel business dimensions benefitting business management operations. I understand that there are some ethical concerns and not so relying approaches to answers on ChatGPT, but this bird is not going anywhere in the future. It will continue to fly and benefit the business management organization in unimaginable ways. The forward approach to technological advancements will continue to upskill millions of people in creating and manipulating the profound impact on the economy. It is time to adapt and become smart in running management with productivity and effectiveness. In doing so, management must integrate with ChatGPT and unlock a new business running level.