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  • Writer's pictureDr. Bohdan Tanyhin

What does ChatGPT mean for your business?

Updated: May 8, 2023

Recently, the tech industry has been disrupted by the introduction of a new AI chatbot. It’s called the ChatGPT and is assumed to be a big technological game-changer worldwide.

Seeing the discussions about the correctness of ChatGPT’s answers, the resource consumption of model training, and the ethical aspects of usage, trust in this AI technology might fade in some perspectives. But this relevant future technology will learn fast.

For businesses, it might be crucial to start their first workshops to understand the way this software works and identify the first use cases.

So, what do we really know about the new AI chatbot? Can it substitute Google’s search engine? What opportunities can it offer to businesses? Let’s find some answers to these questions with Sencury.

How does ChatGPT work?

Being a text generator, ChatGPT belongs to the large language models (LLMs) of the GenAI. It is trained on 570 GB of information from various textbooks, journals, and web pages. What’s more, it is already fine-tuned to human feedback and has a conversational interface. Any business might benefit from using ChatGPT for its purposes. It can release employees from mundane repetitive tasks as well as provide help to customers. ChatGPT has over 175 billion parameters. The output it produces is in text, graphics, video, or sound. Anything from a poem or lengthy research paper to explanations of quantum physics theory. There’s a pretty wide range of chatbot skills. Some of them are still to be discovered.

ChatGPT and its main features

To be a better tool for its users, OpenAI made ChatGPT free for non-commercial and educational purposes. There is also access to the model through an API (application programming interface), which allows developers to integrate ChatGPT into applications.

However, OpenAI offers a pricing model for businesses called ChatGPT Plus. It requires a subscription and a $20 fee per month. The price is based on tokens. As a paid service, ChatGPT can be customized for your special needs. You will be able to access it even during peak times, receive faster responses and have priority access to a pool of features, plugins, updates, and improvements. The ChatGPT license model allows businesses to set up their own models and train them with custom data.

In the future, OpenAI might present us with more subscription options such as low-cost plans, business plans, and data packs to make ChatGPT available for more users.

Opportunities of ChatGPT for businesses

Intelligent usage of ChatGPT will automate customer services beyond expectations. As an integral part of any business, AI will change the way an organization operates internally and the value its services bring to customers. This way, employees won’t have to spend much time on low-impact work, but rather interact with the customers, be creative, and carry out strategic and problem-solving tasks.

According to Forbes, with ChatGPT organizations can count on business implementations like, but not limited to:

  • enhancement of processes

  • drafting marketing content

  • better customer onboarding

  • delivery of the aftercare services

  • compiling research

  • brainstorming ideas

Language model such as ChatGPT is being increasingly used now for

  • GPT-based chatbots and virtual assistants

  • Content generation in marketing, journalism, and creative writing

  • Language translation accuracy and fluency

  • Customer service via answering FAQ

  • Education acceleration by interactive materials

Basically, having unique data and using an LLM can result in increased value and scaled efficiency.

AI can not only boost our analytic and decision-making abilities but also heighten creativity. — Harvard Business Review

How can Sencury help your business?

Sencury was founded and led by developers and scientists, who are great problem-solvers. Tell us your idea or bring your AI project and we will develop the most efficient custom software solution. Choose Sencury and we will help you innovate and improve.

Sencury provides one of the market-leading services in developing AI-powered solutions. Our software engineers enjoy delivering top-notch AI products that benefit your business and give new opportunities to your customers. Contact us for more details.

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