It’s the latest AI innovation, but how is ChatGPT impacting businesses trying to grow in the UK?
Artificial Intelligence has skyrocketed into the mainstream over the past few years, and businesses are starting to see its impact. The UK Government reports that spending on AI technologies is set to increase from £16.7 billion to £83.5 billion between 2020 and 2040, meaning we should all be preparing for AI to become progressively more ingrained in our daily lives and business activities.
And among the many AI platforms out there, ChatGPT is arguably the most talked about right now. ChatGPT had led to a growing public awareness of AI and its impact on businesses – both positively and negatively. Tech savvy organisations are excited about the possibilities it could open up, while others are worried about the repercussions it could have for workers and customer expectations.
Let’s take a closer look at this platform and its potential impacts on small businesses.
What is ChatGPT?
ChatGPT is trained to mimic human interaction, making it a form of generative modelling. The point of Large Language Models (LLMs) like ChatGPT is to produce responses to a wide range of questions that look like they could have been written by a human. LLMs are designed to write in clear English, revise text, and complete code.
The platform has gone viral for its ability to hold a conversion with users and complete impressive tasks, but also for its occasional mishaps. It recently went viral for claiming not to know how American thought leader Christian D. Larson was doing health-wise, but confirming that he died in 1956.
What does it mean for businesses?
ChatGPT’s automated responses mean it’s possible for small businesses to produce work at a much faster rate. The platform has been praised for its ability to produce various kinds of writing to a high standard, from technical documentation to marketing materials. While generative AI is not new, ChatGPT’s accessible interface mean businesses across all industries and sizes are able to put it to good use.
From writers’ block to translating official documentation into layman’s terms, ChatGPT could be a game changer. Automating customer service and responding to common customer requests are also common uses for AI platforms like ChatGPT, freeing up employee time for more specific or complex customer issues.
Should businesses be wary?
AI is a contentious topic because of what it could mean for workers. While business leaders can expect better productivity with AI platforms in place, staff members could see their jobs becoming threatened. This is already happening in some industries, with IBM recently announcing that it is temporarily halting hiring 8,000 new employees because AI may supplant them all.
As ChatGPT continues to evolve and improve, many workers could see their roles brought into question. After all, it’s impossible to compete with the immediacy of ChatGPT’s responses. As of right now, staff members are still necessary to provide the understanding and comprehension only humans can offer, but as AI technology continues to evolve, this necessity is less certain.
What’s more, the platform has also been accused of bias. Research by founder and executive director of the Distributed Artificial Intelligence Research Institute, Timnit Gebru, found many of the responses generated by ChatGPT to reflect “racist, and sexist, and homophobic, and ableist” viewpoints. Relying heavily on these platforms as part of business infrastructure could prove harmful for diverse team members.
How to use ChatGPT in your business
Regardless of what the future may hold, ChatGPT is in no fit state to replace human workers, and any businesses planning to introduce the platform into their infrastructure should make this clear to staff in order to ensure morale stays high.
AI should be treated like any other business tool – it should work for you and your staff, not the other way around. Consider tasking AI platforms with monotonous tasks like data entry, giving staff members more time to provide a holistic, human-centred service for clients. Find ways to implement AI that streamlines your business services, rather than making the task of running your business more complicated.
However, before trusting ChatGPT with any official tasks, experimentation is necessary. Playing with the tool will give you a better understanding of its possibilities, limitations and boundaries.
Got a business you’d like to launch in 2023? Get in touch with the team at TEDCO Business Support today. Give us a call on 0191 516 61 02 or drop us an email at hello@tedco.org.
