6 Ways Businesses Can Leverage ChatGPT and GPT-4 for Success
6 ways to use ChatGPT and GPT-4 in your business
It may seem like they've come out of nowhere, but large language models (LLMs) like ChatGPT and GPT-4 are already making enormous waves and transforming the way businesses operate.
From automating data entry and analysis to powering your customer support, this article explores how your business can harness the power of LLMs to enhance customer experiences, drive growth, and stay ahead in today's competitive landscape.
But first, let's get better acquainted with LLMs, ChatGPT and GPT-4.
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What are large language models?
Large language models are advanced artificial intelligence models that are designed to process and generate human language. They are trained on diverse and extensive datasets from a wide range of sources, including books, articles, websites, and other text-based materials. This helps the model to learn the relationships and context between different words and phrases.
Once trained, LLMs can perform a variety of language-related tasks, which can help businesses with a wide range of operations (we'll go into those shortly). LLMs are continuously evolving, so the value they can add to your business will keep growing too!
Check out these AI predictions for an idea of what the future might look like.
What is ChatGPT?
ChatGPT is one example of a large language model. It takes the form of a chatbot that engages in human-like dialogue with users based on a prompt, given by you. It's designed to respond in a natural, intuitive way, answer follow-up questions, challenge incorrect premises, and even admit when it makes a mistake.
ChatGPT is based on the GPT-3.5 architecture, which is trained on data up until September 2021.
What is GPT-4?
Another LLM, GPT-4 is an updated, smarter, and more reliable version of GPT-3.5. It accepts prompts of both text and images, and can handle much more nuanced and complex instructions than its predecessor.
Like ChatGPT, it responds with human-like speech and reasoning. Users of the GPT-4 API can define the behavior of their AI, prescribing style and task in the "system" message in order to customize their users' experience.
Here's an example of that in practice:
Source: OpenAI
6 ways to start using LLMs in your business
Now you have a better idea of what LLMs are, let's take a look at how you can start leveraging them within your business.
1. Summarize documents and reports
Gone are the days of spending hours traipsing through long documents, finding key points, and making your own summary. Large language models like ChatGPT and GPT-4 can do the job for you. They have the ability to analyze long documents and reports, process what they've read, and summarize the text on your behalf.
If you know the sort of information and data that you're looking for, or you want the findings presented in a certain way, then you can prepare relevant prompts so that you get exactly what you're after, in the right style and format.
2. Take smarter notes
In a similar vein, LLMs can help you to take smarter notes during meetings. Instead of having to take notes yourself, which can be distracting and time-consuming, you can use the natural language processing capabilities of LLMs to generate notes for you.
Upload a voice recording or a meeting transcription, and receive detailed notes in no time. LLMs can provide you with a summary of key information and assist with formatting to help you structure your notes effectively. They can even help you link related information within your notes for easy cross-referencing.
This is particularly effective when ChatGPT knows the accuracy of a transcript. With Transcribe, you can now export confidence scores for each paragraph of transcribed text, which signals to ChatGPT how accurate the text is. This means that the chatbot will do an even better job of correcting and polishing your transcript.
3. Automate data entry and analysis
Data entry and data analysis can be monotonous, to say the least. But your business can leverage LLMs to automate these processes, saving you time and reducing human error.
GPT-4 has the ability to organize large data sets, analyze them, and extract meaningful insights that are beneficial to your company. By training the model on historical data, it can learn patterns and correlations, and make informed predictions and decisions, whether it's data relating to customers, finances, supply chains, or something else entirely.
4. Generate high-quality content
Not all businesses have the resources to hire a copywriter. But that doesn't mean you can't still produce and publish high-quality content. LLMs can generate everything from blog posts and product descriptions to social media updates and marketing copy.
Even if you do have an in-house content team, they can leverage LLMs to overcome writer's block, assist with research and ideation, and create content at a faster rate.
5. Power your customer support
Customer service is a core driver of success in any company, and LLMs can help you to provide fast support to those who need it. You can integrate LLMs into your customer support system in the form of chatbots to handle customer inquiries and offer real-time assistance.
These chatbots can answer frequently asked questions, troubleshoot common issues, and guide users through self-service options. And as you saw from the example earlier, you can customize your chatbot so that it communicates in a way that fits your brand.
Customers will only need to be passed on to a human if all other avenues are exhausted, meaning you can get by with a scaled-back customer support team.
6. Enhance multilingual communications
If your business operates globally, or you're looking to expand, then LLMs can help you to do so while keeping translation costs down. They can be used to translate a wide range of documents, from contracts and reports to website content, saving time and resources that would otherwise be spent on manual translation.
LLMs can also help your business to provide multilingual customer support by breaking down language barriers. By integrating LLMs into your customer support systems (like your chatbots), you can automatically translate customer messages in real-time and generate responses in the customer's preferred language. This means you can expand your customer service capabilities to a wider audience without relying solely on human translation.
Industries that can benefit the most from ChatGPT and GPT-4
It goes without saying that intelligent chatbots that can talk just like humans and provide 24/7 support are invaluable in the retail industry. But the benefits of LLMs don't end there. Retail businesses can also benefit from LLM support in the realms of data analysis, inventory management, and supply chain optimization.
Industries like marketing and advertising can use LLMs to gather and analyze market data and consumer trends. This helps with developing targeted strategies and making data-driven decisions. Professionals in these industries can also leverage ChatGPT and GPT-4 for concept ideation and to generate and create engaging content and campaigns.
LLMs can support the financial industry by automating data analysis, fraud detection, risk assessment, and customer profiling. Financial service companies can harness the power of LLMs to analyze financial reports, news articles, and market data, providing insights for investment decisions, portfolio management, and risk mitigation.
LLMs can play a huge part in facilitating learning. Their data analysis capabilities can help with things like grading and creating personalized learning programs based on each student's individual needs, and 24/7 chatbots mean that students can study flexibly and get help and support anywhere and at any time. What's more, busy teachers can leverage the likes of ChatGPT and GPT-4 to support the creation of class content.
Find out more about how AI is used in education.
LLMs can assist healthcare professionals with medical diagnosis, transcription, drug discovery, and personalized treatment plans. It can help with analyzing large medical datasets, and ultimately improve decision-making and the quality of patient care.
The legal industry can benefit from ChatGPT and GPT4 in tasks like legal research, contract analysis, and document generation. LLMs can quickly analyze and summarize legal documents, identify relevant precedents, and assist in compliance procedures, increasing efficiency and accuracy in legal workflows.
Final thoughts
We hope you've enjoyed learning about how to leverage large language models like ChatGPT and GPT-4 in your business. Artificial intelligence is revolutionizing the way companies operate, and it's important to keep up in order to stay ahead in today's competitive landscape.
For more guidance to keep you ahead of the game, check out our guides on the best AI tools for businesses and the best AI productivity tools.
Written By Katie Garrett