Netflix took 10 years to acquire 100 million users; Gmail took 5 years; Facebook took 4.5 years; Instagram took 2.5 years; and TikTok took 9 months.
ChatGPT took only 2 months to cross 100 million users.
It’s almost cliché to say that artificial intelligence (AI) has infiltrated almost every industry imaginable in our day-to-day lives. For better or worse, it’s not leaving any time soon — and it just got a whole lot more powerful.
In November 2022, OpenAI, an AI R&D company released a trained AI language model known as ChatGPT. Essentially, this computerised algorithm intends to simulate human intelligence.
Beyond the buzz and hype it's gotten in the past few months, this tool challenges the nature of businesses with its capabilities.
What is ChatGPT?
ChatGPT stands for “Chat Generative Pre-Training Transformer”. It is programmed to understand and generate human (understandable) language instead of codes like “0” and “1”. Its ability to respond in plain language lets non-programmers understand the computer.
ChatGPT’s elegance comes from delivering straightforward responses to complex questions.
While the world is still at the forefront of this adoption curve, businesses have started integrating this software within their workflow. It ranges from automating repetitive tasks to using it for process optimisation and leveraging its problem-solving capabilities.
Here are four ways AI-powered applications like ChatGPT can boost the efficiency of your business.
ChatGPT bests chatbots in breadth and depth.
To be precise, chatbots are a set of pre-written answers. They run on decision trees that allow customers to make a series of choices to reach the answers they’re looking for. For instance, A question triggers answer B, B question then triggers answer C, and so on. At its core, it’s an interactive FAQ page.
An AI-integrate solution such as ChatGPT has the ability to recognise and respond to text inputs that are beyond the library of pre-written rules. In layperson's terms, its algorithm gives it the ability to better determine user intent and enhance the customer service experience in four areas:
- 24/7 availability: This is especially important for businesses that run around the clock.
- Scalability: AI tools can handle an extremely large number of inquiries simultaneously, improving the overall efficiency of operations.
- Multi-lingual: Unlike humans, who require years of practice to be fluent in a new language, a computerised programme only needs a few minutes, tops. This benefits international businesses that operate in multiple languages.
- Consistency: AI software reduces the possibility of human error. Therefore, mitigating any miscommunication and inconsistencies.
Write and debug code
In this algorithm-piloted world, software engineering skills fall into the category of survival skills. However, not all of us are code-trained and it’s a subject that requires both experience and knowledge to thrive in.
AI tools level the playing field.
Instead of spending valuable time in the learning process, ChatGPT can generate a working codebase within minutes. To add, this is not limited to simple/basic strings of code. If you can provide enough details in the command line, the AI software can produce highly complex applications with arguably any imaginable feature.
Simply describe the desired outcome in English to generate a complete source code for a software programme.
To put this to the test, we asked ChatGPT to build us a foreign currency exchange conversion tool. Here is the response:
Besides the code, it also provides pointers and suggestions in case the user wants to modify the code.
In the case where there is an issue with the code during execution, ChatGPT can also serve as a debugging tool. The AI system will help to identify bugs in the code, suggest ways to implement a fix or suggest the correct code, and spot vulnerabilities (blind spots) that you may have missed.
Experienced content creators will tell you that an article produced by any AI programme will never beat the human touch. Especially in sensitive areas that require more finesse, like the tone of voice, SEO (search engine optimisation), creative writing, and cultural elements.
While that is true, AI software, such as ChatGPT and Google’s Bard, have a scalability advantage. These computer programmes can produce thousands of words in a split second. Whereas a human pales in comparison with hours of work to produce a piece of content.
Essentially, this helps creators streamline and shorten their content creation process. Rather than having to rummage through the Google Search Engine, let AI aid in the research process. These content pieces include, but are not limited to, blog posts, product descriptions, email newsletters, social media posts, and video scripts.
In content creation, AI is an assistant with tremendously fast processing speeds and does not come at the cost of accuracy.
There is one constant pain point among progressive companies in this noisy world — finding structure amidst the chaos.
In pre-AI times, this is often done manually, be it through spreadsheets like Excel or Google Sheets. The process of quantifying and finding patterns of consumer behaviour is a tremendously lengthy and strenuous task. So much so, the majority of companies chose not to sink their teeth into this option.
Reiterating the point that AI can process petabytes of data in seconds (given powerful enough hardware), the same applies to data organisation. AI applications can help you analyse customer information, research results, budgets, and customer feedback, and classify the results in a clear and concise format.
Should you integrate ChatGPT?
ChatGPT is unquestionably powerful. But, there are limitations to it despite being one of the most advanced artificial intelligence language programmes.
- It cannot perform physical tasks, such as conducting in-person market research;
- Its reference point is the internet — and not everything online is true, hence there is no 100% guarantee of accuracy with the tool;
- There is no substitute for human intelligence. So while it can draw conclusions from colossal amounts of data, it still doesn’t understand human emotions and is incapable of discretion.
With that said, we’re merely seeing the tiny tip of this iceberg and nowhere close to its full potential. But as this tool evolves and gets its software updates (and they are coming fast), it’s bound to change the landscape of the business world. It won’t replace humans, but humans who use AI will replace those who do not.
Optimise your global payments with Wallex
Like AI and ChatGPT, Wallex is built to streamline your international payment process. Our suite of products has saved businesses over 70% in their global payment fees while enabling one-day international payments. At Wallex, we ensure all your cross-border transactions are made without any hassle.