In this article, we look at what ChatGPT is, what it can do, and what type of businesses could get the most out of it.

What Is ChatGPT? 

Released by OpenAI in November 2022, ChatGPT is a free, text-based AI Chatbot that can answer questions, write essays seemingly on any subject, tell jokes, write literary parodies, answer complex coding questions, and more. Although, like other chatbots, it generates text based on written prompts, it appears to be more advanced and creative than previous and some rival chatbots. ChatGPT has been “trained” to generate human-like responses to prompts given to it and can be used to build chatbots that can engage in conversation with users in a variety of contexts. This has led to it becoming a viral sensation online.

Who? 

Some recent online evangelists for the abilities of ChatGPT include Bindu Reddy, CEO of Abacus.AI, Tobias Zwingmann, managing partner of RAPYD.AI (a German consulting firm), and Christopher Potts, a professor at Stanford University. Also, many people have been posting screenshots online of some of the amazing responses and results they’ve got from ChatGPT.

An Updated Variant of GTP-3 

ChatGPT uses a new variant of GPT-3 (Generative Pre-training Transformer 3), the language processing machine learning model developed by OpenAI which is available as a commercial API for programmers. GPT-3 is a neural network-based model that’s been trained on a massive dataset of text to learn the patterns and structures of human language. This has enabled it to carry out tasks like translation, summarisation, question answering, text generation, and even fine-tuning specific tasks or datasets to improve its performance on those tasks.

The difference with the GPT-3.5, which is the new variant at the heart of ChatGPT is that it includes additional training data and improvements to the model architecture. These mean that it is better at a variety of language processing tasks, such as taking a naturally phrased question and producing an impressive and natural human-like answer, hence so much positive online interest.

Additional Training 

According to OpenAI’s blog, the additional ‘training’ that’s helped to take ChatGPT to the next level has been the OpenAI team feeding human-written answers to GPT-3.5 and using a type of simulated reward and punishment called “reinforcement learning” to make ChatGPT produce better quality answers to example questions.

What Is ChatGPT Best At? 

Some of the things that ChatGPT is particularly good at include:

• Generating responses to prompts that are appropriate and coherent in the context of a conversation.
• Using natural language and mimicking human conversational style.
• Maintaining the continuity of a conversation by being able to remember and use information from previous exchanges
• Providing general knowledge and answering questions about a wide range of topics

OpenAI says the dialogue format of ChatGPT enables it to “answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.” 

One caveat, however, is that ChatGPT is a machine learning model, and its performance depends as such on the quality of the data it was trained on and the specific task it is being used for.

How Do I Try ChatGPT? 

The best way to find out what the fuss about ChatGPT is all about is to try out the beta (free) version. To do so, go to https://chat.openai.com/ and register (name and telephone number for the 2FA code). This results in being directed to ChatGPT where users can see a list of its main, standout capabilities, e.g. remembering previous conversations. Open AI also list some of its main limitations, and examples of the kinds of questions that users may like to try asking it.

What Businesses Could Make Best Use Of ChatGPT? 

There are a variety of businesses that could potentially make use of ChatGPT or similar chatbot technologies. Some examples of industries that might find ChatGPT useful include:

• E-commerce: ChatGPT could be used to build chatbots that assist customers with their online shopping experience. For example, ChatGPT could help customers find products, answer questions about product details, or provide recommendations based on their purchase history.
• Customer service: ChatGPT could be used to build chatbots that handle customer inquiries and complaints, freeing up human customer service representatives to handle more complex or urgent issues.
• Healthcare: ChatGPT could be used to build chatbots that provide basic healthcare information or triage to users, helping to reduce the burden on healthcare providers and allowing them to focus on more complex cases.
• Education: ChatGPT could be used to build chatbots that provide tutoring or assistance with homework for students.
• Financial services: ChatGPT could be used to build chatbots that provide financial advice or assistance with banking tasks.

Top Three Advantages Over Other Chatbots?

ChatGPT itself sums up its top 3 advantages over other chatbots as:

1. High quality responses: Because it has been trained on a large dataset of human language, it is able to generate responses that are more human-like and coherent than some other chatbots. This can make it easier for users to communicate with the chatbot and may result in a more pleasant user experience.
2. The ability to handle a wide range of topics: ChatGPT is trained on a diverse dataset and is able to provide information and responses about a wide range of topics. This can make it more versatile and able to handle a broader set of user inquiries compared to chatbots that are only trained on a specific domain or task.
3. Continuity and context awareness: ChatGPT is able to maintain the continuity of a conversation and use information from previous exchanges to provide more contextually relevant responses. This can make it feel more like a natural conversation and may help the chatbot better understand the user’s intentions and needs.

What Does This Mean For Your Business? 

The coherent human-like responses, continuity and contextual awareness, and the sheer diversity of subjects that ChatGPT can write high quality information about (and very quickly) are just some of the main reasons why it is being talked about online in such a positive way.

A powerful chatbot like this has multiple, value-adding applications for many businesses and could deliver cost and time savings, improve efficiency and customer service. As noted above, ChatGPT can also enable businesses to build chatbots, freeing up more of their resources. What’s more, the beta version is currently free. In essence, although this is not the only chatbot available, it is impressive, it could provide advantages and leverage for smaller businesses and is an example of the next phase of chatbots that it’s harder to tell are actually chatbots. The advice would be to give it try and experience it for yourself.