An AI chatbot called ‘ChatGPT’ has been gaining tremendous popularity lately. Even a small kid can understand the complex questions answered by this chatbot!

The power of artificial intelligence drives the success of this advanced chatbot. 81% of business leaders believe that artificial intelligence is a critical technology that significantly helps their business growth. The new generation of chatbots like ChatGPT that can generate human-like text in conversational settings is fortifying this belief.

But what exactly is ChatGPT? Is it promising enough to help us ease our tasks and answer the most complex queries? Can this relatively new technology help businesses grow? 

Let’s find out.

What is ChatGPT?

ChatGPT is a long-term question-answering AI introduced by OpenAI. It can answer complex questions conversationally. The GPT (Generative Pre-Training Transform) provided by OpenAI could also be considered a technological breakthrough. It has the ability to transform the tech industry.

But why? Since it is a revolutionary technology trained to understand people’s thoughts when they ask questions. Amazed by its human-like responses, many users suspect it could eventually disrupt how humans interact with computers and how information is retrieved.

ChatGPT is a large-scale language model chatbot based on GPT-3.5. Large language models can perform tasks by even predicting the upcoming word in a sequence of words.

An additional layer of training known as “Reinforcement Learning with Human Feedback” (RLHF) is also helping ChatGPT to develop its ability to follow instructions and respond in a human-pleasing manner.

Who Built ChatGPT?

A San Francisco-based artificial intelligence company, OpenAI, developed ChatGPT. A nonprofit organisation called OpenAI Inc. owns a for-profit company named OpenAI LP.

OpenAI is famous for its DALL-E, a deep learning model that generates images from textual instructions called prompts. The CEO is Sam Altman, previously president of Y Combinator (a startup accelerator company).

How is ChatGPT Trained?

A deep learning algorithm, GPT-3.5, was trained with large amounts of code and information from the Internet, including Reddit discussions, to help ChatGPT learn conversations and mimic human responses.

ChatGPT is also trained using human feedback (a technique called reinforcement learning with human feedback) so that the AI ​​understands what people expect when they ask questions. LLM (Large Language Model) training in this way is revolutionary because it is more than just LLM training to predict the next word.

The March 2022 research paper, “Training Language Models to Follow Instructions with Human Feedback,” clearly explains why this is a state-of-the-art approach.

What Makes ChatGPT Unique?

ChatGPT was specially trained to understand the human intent behind a question and offer harmless, useful, accurate answers. Due to that training, ChatGPT may challenge particular questions and ignore any parts of the question that doesn’t make sense. This distinguishes ChatGPT from a simple chatbot.

What Kind Of Questions Can You Ask?

You can ask it any question, although you may need a more satisfying answer. You can ask questions such as explaining physics, finding birthday party ideas, and getting help with programming.

If you ask it to write a poem, it will, but I don’t think that any poets or literary experts would find it perfect. If you ask it to make the poem spicier, it will be rewritten by adding more words related to spice and spiciness!

ChatGPT’s knowledge is extensive, as is its ability to track conversations. You can find reviews of these bots that are catching people’s attention. Twitter was filled with users demonstrating the AI’s ability to generate art tips and write code. Some even declared that “Google is dead” because of ChatGPT’s ability to perform easy to highly complex tasks.

Is ChatGPT Free?

Yes, at least for now, but OpenAI introduced a paid version in January that is more responsive and continues to work even during peak hours when others get messages saying, “ChatGPT is full right now.”

Altman of OpenAI expressed concern that ChatGPT’s “computational costs are extremely high” at a few cents per response. OpenAI said it would charge for DALL-E art when you cross a basic free usage level. There is a waiting list for those who are interested.

But now OpenAI has found some customers, probably for its GPT tools. According to Reuters, potential investors have been told they can expect sales of $200 million in 2023 and $1 billion in 2024.

We have discussed enough of ChatGPT’s origin, uniqueness, and more. Now let’s have a look at what are the business benefits it can offer.

What are the Business Benefits Of ChatGPT?

Businesses always look for efficient and economical ways to enhance their product line, service quality, and scalability. As a result, 91% of top companies regularly invest in AI because of its capacity to automate processes and deliver insightful data. ChatGPT offers extra benefits that apply to all aspects of business, not just customer service, in contrast to other chatbots on the market. 

The following are a few of the most notable advantages of using ChatGPT in the workplace:

ChatGPT for Increased Business Productivity 

Only 60% of the workday is productive for an employee. Office workers, who are barely productive for two and a half hours a day, have even lower productivity levels. Any company that wants to remain competitive must find new ways to motivate and utilise the workforce more effectively.

Automation is one of the best and smart ways to increase productivity in any company. By automating various tasks, ChatGPT can free up your employees’ time to concentrate on more complex and strategic work.

For instance, ChatGPT can produce reports, manage customer complaints, and even produce content marketing materials like email campaigns and social media posts.

By automating repetitive tasks like content creation, report generation, translation, and data analysis, ChatGPT can further assist in preserving employee engagement. More engaged employees will be able to work harder and concentrate for longer.

ChatGPT for Marketing & Lead Generation

 The biggest challenges facing content marketers include finding new content ideas, producing lead-generating content, and creating engaging content that connects with their target audience. So, content marketers can fix some of these issues with ChatGPT’s help. 

Content marketers can use the language model to create content like product descriptions and email newsletters. ChatGPT can learn the tone and style of the company’s marketing materials and produce new content consistent with the company’s brand and voice.

Also Read: Conversational AI To The Rescue: How Deploying Chatbots Can Boost Lead Generation

ChatGPT for Improved Customer Service 

ChatGPT can understand and respond to customer requests naturally and in-conversationally, almost as well as a human, thanks to its natural language processing capabilities. Improved customer loyalty and experience are the results.

Businesses can scale their customer service operations using ChatGPT without necessarily hiring more staff because it can handle many customer requests simultaneously. This can speed up response times significantly and increase productivity as a whole.

Businesses can use ChatGPT to collect and analyze customer data to understand client needs and preferences better. The data collected can be used to enhance the overall customer experience of the company’s products and services.

Most Popular Questions 

Question: Is ChatGPT free?

Answer: Yes, Chat GPT is free. According to reports, OpenAI is spending around $3 million per month to continue to be used by users.

Question: How do I log into GPT chat?

Answer: If you already have an account on labs.openai.com or beta.openai.com, you can log in directly to chat.openai.com using the same login information. If you do not have an account, please register a new account at chat.openai.com.

Wrapping Up

At ThinkPalm Technologies, we are excited about the potential of AI and natural language processing technologies to revolutionise the world of technology.

These technologies can potentially transform business operations, processes, communications and customer interactions.

Let our experienced team of developers leverage artificial intelligence (AI) tools to create custom chatbots for your business today to gain a comprehensive insight into your customer journey through real-time data analysis and implement real-world solutions that meet your complex business needs.

Get a FREE consultation today and let our experienced chatbot developers help you start your intelligent business automation journey!

 

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