ChatGPT trend to enhance your business
Source: MarTech Series
If we’re in the 4th Industrial Revolution now – the Intelligence Revolution – then today’s “steam engine” is clearly Artificial Intelligence. Even though AI has been around for a while with incremental progress, it exploded on the scene at the end of 2022 with the public release of OpenAI’s ChatGPT.
Generative artificial intelligence has enormous potential to revolutionize various aspects of our lives even faster than the internet or the iPhone did.1 With its ability to gather and process information phenomenally faster than before, it can surely be a way to get ahead in some of our business competition.
The flip side is that failing to use it may very likely mean that the competition leaves us behind. Many entrepreneurs are beginning to engage their customers with ChatGPT (from OpenAI and Microsoft), or its competitor alternatives – Bard (as in Shakespeare) from Google or Claude from Anthropic (In case you were wondering, Claude Shannon is known as the “Father of Information Theory”).
And no, you’re not wrong that two expected names are currently missing from that list – Amazon and Apple. Don’t worry too much about those big guys because both are very hard at work on their own AI and have it throughout many of their products already. Amazon’s Alexa will be fielding many more AI capabilities soon. Apple has its own LLM (Large Language Model) chatbot in development under the likely name of Ajax.
As an entrepreneur though, you aren’t just browsing for a look at business current events. This could be survival for you, or at least it may be a great means toward success for your startup. What is the practical way forward for you without advanced AI expertise?
One of the best and most available ways to use AI is a new form of plugin with ChatGPT. There are also Chrome extensions for Google’s chatbot.
ChatGPT plugins work much like other plugins for browsers but bring much more powerful AI capabilities. Whereas a Honey or credit card plugin searches online coupons and discount codes for you, ChatGPT plugins will launch, shape, or integrate the AI chatbot’s capabilities for you with queries in search, content creation, and even image formation.
In the open-source software tradition, some of these functions are available free of charge. In the parallel profit capitalism tradition, you’ll need to pay if you want the most advanced or the most extensive versions of these powerful capabilities. A great deal of detailed guidance in the use of these plugins is available free from Linked In influencers (most of whom will also be happy to consult on your custom needs for a fee).
If you’re still on the fence about adding this feature to your website or app, there are a few potential advantages to consider:
* 1) Enhance business operations and boost productivity;
* 2) Effectively engage a larger customer base; and
* 3) Entrepreneurs may gain a competitive advantage in the market.2
One of the ways it can help business operations is with customers online. Think of when you use Amazon or Shopify to order products. Once their systems learn of what you are interested in, either by “window shopping” or actual ordering, both sites remember what you have done and suggest other items you may like. If it’s likely time to order again, AI from the site may even prompt you by asking if you need to do so.
Customer service contact is also a vital area for chatbot usage (even if it might be a little annoying sometimes). Instead of waiting in a long queue for a long time for a person, these plugins allow the chatbots to take over and “talk” to answer basic questions. Customer service representatives then handle the more difficult issues. In these two examples, you may already see applications for your own business. If you get these plugins working for you, you may be getting there before your competitors. The advantage may be yours.
Of course, with all new technology, there are drawbacks to them, especially with AI. Everyone knows about the early warnings of AI through the Terminator movies and through 2001: A Space Odessey.
Every technology that has come to change the world has promised to help humanity jump forward with intellectual prosperity. Discussions are very active now about AI technology – its potential and its potential dangers. Even the latest musical chairs for CEO and Board with Sam Altman and OpenAI was a battle of sorts about how fast and how commercial the advances in AI should become.
1 This Is the New ChatGPT Trend That Will Enhance Your Business (ChatGPT plugins are becoming the new cool trend among entrepreneurs to enhance their businesses and engage more customers. Here are some insights into how they’re impacting business enterprises, along with some potential risks that may accompany the benefits.); Sahar Hashmi, MD-PhD; Entrepreneur; July 28, 2023; https://www.entrepreneur.com/science-technology/this-is-the-new-chatgpt-trend-that-will-enhance-your/454761
2 Ibid.
