Welcome to the second article in our ChatGPT series where we explore chatGPT entrepreneurial potential and how your business can use the capabilities of ChatGPT language processing for serving your business.
It is early days and remains to be seen how ChatGPT and GPT-3 will be used in each industry. Some traders are experimenting with it for providing analysis before picking stocks. Musicians are also experimenting with it for generating song lyrics and melodies. In this article, we will explore what ChatGPT is and how as an entrepreneur, you can leverage it.
@CaffeinatedBlogger a YouTube blogger with over 339k subscribers, in one of his videos highlights a simple and efficient approach for using ChatGPT to earn money through YouTube videos. He focuses on two lucrative niches – travel and exercise – and emphasizes the use of available stock footage, using ChatGPT to generate engaging content. The ultimate objective is to produce videos that receive a high volume of views and generate substantial advertising revenue. As ChatGPT comes to the fore, you will find more and more YouTube Vloggers with their own take on how to make profits using ChatGPT. Using ChatGPT he says that Vloggers can earn as much as 63k a month!
ChatGPT, an AI-powered chatbot created by OpenAI, was made available to the public on November 30, 2022. It has since gained over one million users. OpenAI is also responsible for other AI based tools and projects such as DALL·E (a text to image generator), and OpenAI Jukebox a neural network that generates music, including basic singing, as unprocessed audio in numerous genres and artist styles.
ChatGPT, the highly advanced language model developed by OpenAI, is revolutionizing the way businesses operate. Its underlying technology, which gives it the ability to generate human-like text, write code and understand patterns, makes it a valuable tool for companies looking to improve their customer service, automate many tasks and even generate new content, including marketing copy.
Table of Contents
What Does ChatGPT stand for?
ChatGPT is powered by OpenAI’s new technology called GPT (Generative Pre-trained Transformer). ChatGPT’s response and ability to create original content comes from GPT3.5 series, which provides more advanced natural language processing than the previous GPT series.
So what exactly is GPT?
GPT is a computer program that knows how to write like a person. It learned how to do this by reading a lot of writing from books, articles, and websites. So when you ask it to write something, it tries to write it in a way that sounds like a person wrote it. This helps it to write things that make sense and are interesting to read.
What is ChatGPT good for?
In the context of GPT-3, “natural language processing” refers to the model’s capacity to comprehend, generate, and otherwise work with human language. This includes a wide variety of tasks, such as the:
- translation of languages,
- the summarization of text,
- the generation of text,
- the answering of questions, and more.
Translation of languages
Does your business need a lot of translation work? There are times when you need a human translator and other times when you will just head over to Google and paste a text for translation. Currently, approximately 50 errors per 1,000 translated words are made by AI. In seven years, researchers anticipate that AI translators will be as precise as human translators.
In academic research Brown et al. (2020) demonstrated that OpenAI GPT-3 performs comparably to state-of-the-art machine translation systems in translation. A few translation examples are sufficient for GPT-3 learners to translate adequately.
If you are interested in the accuracy of AI translation, a team has developed a metric called “Time to Edit” to measure AI progress (TTE). Simply put, it is the amount of time required for a human translator to edit a translation produced by another human or an artificial intelligence.
If you are using GPT-3 for your translations, it is currently considered as good or better than many other translators that you will find online.
The Summarization of Text
Does your business need to quickly summarize information?
Perhaps there is this one employee who writes long emails, and you wish you could just paste it into an app to understand the gist of what they are saying? ChatGPT is that App!
Maybe you have been working hours on something, and you now have an eleven-page document that needs to be delivered in a certain tone and style as a three-page memo.
Maybe you want to turn a YouTube transcript into a blog; ChatGPT can do that for you in under a minute!
Perhaps one of the most useful features of GPT-3 is the language processing model’s ability to summarize text.
Businesses can use GPT-3 for text summarization in the following ways:
- News summarization: Automatically summarizing news articles
- Document summarization: Summarizing long documents such as research papers, reports, or contracts to get a quick overview of the content.
- Customer feedback summarization: Summarizing customer feedback from multiple sources to quickly identify trends and patterns.
- Meeting minutes summarization: Automatically summarizing meeting notes to provide a concise summary of the key points discussed.
- Email summarization: Summarizing long and cluttered emails to get to the important information quickly.
These are just a few examples of how businesses can use GPT-3 for text summarization to save time, improve efficiency, and gain insights from large amounts of text data. Just paste your text into ChatGPT ( https://chat.openai.com/chat) or GPT-3 application and ask it to summarize it or rewrite it.
The Generation of Text
One of the most impressive capabilities of GPT technology is its ability to write and create generated texts, it is one of the most advanced generative ai.
Imagine a computer program that has been trained from most of the internet data up to 2021 and can comprehend massive amounts of data, it has learned every Quora Question, Stack Overflow Question, read every online agony aunt advice column. As one of the most advanced large language models its automation is helping people to reduce costs.
- Developers are currently using it to generate computer code.
- Writers are currently using it to generate blogs
- Musicians and poets using the computing power of this generative ai for inspiration
Answering of Questions
One of ChatGPT’s most useful features is its ability to answer questions, ChatGPT has even proved that it can pass exams for business and law schools. It is like having your very own research assistant with a PHD. With this kind of technology available to your business companies don’t need a research organization, they can enhance business response times and provide efficient customer service using generative ai. By fine-tuning OpenAI models companies can ensure that AI provides accurate answers, making it a powerful tool for customer support.
How are companies using ChatGPT?
As a business owner, you might use OpenAI’s APIs to automate customer service interactions and provide quick and accurate responses to customer inquiries.
Although ChatGPT does not have an API, API models with very similar capabilities to ChatGPT are available on OpenAI. Your business can use Ada, Babbage, Curie, or Davinci for integrating chatbots similar to ChatGPT into your website or mobile app.
Additionally, the chatbot can be trained on specific industry terminology and product information, making it a valuable tool for businesses in various sectors. Furthermore, the OpenAI chatbot can be integrated with other business systems and tools, such as CRM and ticketing systems, to improve efficiency and streamline customer service operations for your business.
Is ChatGPT free?
Using ChatGPT is free, but if you want to use its capability as an API and implement into your own SAAS (Software As A Service), the OpenAI API, which allows you to use ChatGPT, is not free. It uses a pay-per-use pricing model, where you pay for the number of API calls you make to the service.
In conclusion, ChatGPT is a powerful AI tool that businesses can use to improve their operations and customer service. However, it is crucial to be aware of the ethical concerns and limitations of the model. Follow future series to learn more about ChatGPT.