How to Use ChatGPT to Improve Your Company's Efficiency and Productivity
With the emergence of disruptive technologies, such as artificial intelligence (AI), companies have had to adapt quickly so as not to be left behind in the digital age in which we are living. One of the latest and most interesting tools to hit the market is ChatGPT, and in this article we discuss some use cases to improve the your company’s efficiency and productivity.
ChatGPT is a chatbot developed by OpenAI that uses a language model based on reinforcement learning and that has been trained on the GPT-3 architecture (currently in the GPT-4 version). It is designed to hold natural and fluid conversations with users, thanks to its responsiveness and understanding of natural language. In technical terms, ChatGPT is an autoregressive language (AR) model. Simply put, it is a model that is able to predict the next word in a given sequence based on the previous words and uses machine learning techniques to generate text that simulates human writing.
The tool has caught the media’s attention, reaching one million users in just five days, and generating discussions on its pros and cons.
ChatGPT is a tool, which when used properly, can have many benefits, and it is from that perspective that we want to see how it helps improve efficiency and productivity at the business level.
1. Improves Customer Experience (CX)
ChatGPT can be an excellent option to automate and exponentially improve the customer service process. It can help reduce customer wait times and provide quick and accurate answers to their questions. In addition, this chatbot can be trained to answer complex and specific questions, which improves the user experience and increases customer satisfaction.
Compared to existing chatbots, ChatGPT is much more versatile and able to be customized, making it a more powerful form of artificial intelligence. This type of chatbot can guide you through the purchase process and can provide you with all the relevant information about products, including their characteristics, price and delivery times. It can also help you solve any problems you may encounter during the purchase process.
Here is a simulated conversation with ChatGPT with the example of buying a product online:
2. Optimizes project management
The tool can help improve project management in the company, making the process more efficient and effective. For example, users can get instant updates on project status and pending tasks by asking: “Which tasks have yet to be completed in Project X?” and ChatGPT will provide you with an updated list.
To analyze the project progress and provide suggestions on how to optimize time and resource management to meet targets, you could ask: “How can we optimize time on Project X to meet deadlines?” and the bot will provide you with useful insights based on an analysis of the project's data.
3. Facilitates teamwork
ChatGPT can contribute to better communication and collaboration between team members. Because it allows users to schedule meetings, assign tasks and monitor the team’s progress. In addition, automatic reminders and alerts can be sent. Reducing manual tasks, making each team member and their coordination more efficient. This allows us to focus on more strategic and higher value-added tasks, such as planning and developing new projects.
4. Supports decision-making
ChatGPT can be an excellent tool for decision-making in the company. It can provide detailed and accurate information on a specific topic, helping managers and executives to make informed decisions. In addition, it can help identify data trends and patterns, which can be helpful in forecasting future results.
One way in which ChatGPT can facilitate decision-making is through reporting and data analysis. For example, let's say you need to make a decision about whether to expand your business to a new region. ChatGPT can help analyze relevant data such as market growth potential, competition, operating costs and investment opportunities, among others. With this information, you can generate a detailed report that includes a risk analysis and an evaluation of the possible results. In this way, the CEO can make an informed decision and with greater security.
Shown below is a basic example of how ChatGPT can be used to aid decision-making:
And when asked about objective data, it answers us:
Analysis of the competition: There are many digital marketing companies in Barcelona. In the city alone, there are more than 2,500 companies engaged in this sector, according to the city's business registry. Among the main digital marketing companies operating in the Ciudad Condal are Iprospect, T2O media and The Cocktail, among others.
- Generate market demand In Spain, the demand for digital marketing services increased by 18.2% in 2020, according to a study by IAB Spain. In Barcelona, the number of Google searches related to the term “digital marketing” has increased by 60% since the start of the pandemic, according to Google Trends.
- Market research: According to a study conducted by the consultancy firm PwC, 79% of Spanish companies consider digital marketing as a fundamental tool for their business strategy. According to a report by the digital marketing agency ATREVIA, in Barcelona, the companies that most demand these type of services are those related to the tourism sector.
- Cost Analysis: A study conducted by Savills Aguirre Newman found that the average price of renting an office in Barcelona city center is €17.9/m² per month. Infojobs, an employment portal, reports that in Spain, the average salary of a digital marketing specialist is about €30,000 per year.
- Risk Assessment: In Spain, 65% of companies that have expanded in the last five years claim to have encountered difficulties in their internationalization process, according to a study by the consultancy firm ICEX. In Barcelona, political instability and economic uncertainty are factors that can affect a business’s expansion, according to a report by the consultancy firm Cushman & Wakefield.
As you can see, ChatGPT can help you make informed and safer decisions by generating detailed reports and analysis. This can be particularly useful in situations where decision-making is based on complex data or where many different factors must be considered.
5. Save time and money
The result of the above points such as automating tasks, streamlining processes, facilitating decision-making, etc. entails a reduction in time and costs.
An example of how ChatGPT can save time and money in the health care industry is by creating automated medical reports based on patient data, including their medical history, test results, diagnoses and previous treatments, generating a complete and accurate report that in addition to saving time, also reduces the likelihood of errors and omissions. Automated medical reports could also help physicians make more informed and accurate decisions about patient care by providing detailed information about their medical history. This, in turn, could improve the quality of health care and reduce long-term costs by avoiding future health problems.
ChatGPT, as discussed in this podcast, is an innovative tool that can significantly help to improve efficiency and productivity in many areas of the company, irrespective of the sector.
In fact, on March 14, the most powerful new version of intelligent language created to date was released, GPT-4. This is a significant improvement over its predecessor, the GPT-3.5. According to OpenAI, GPT-4 has an improved capacity for information processing and learning, as well as being a more creative and collaborative system, since it can answer both questions related to text, images or video.
If you are CEO, CIO or CTO and want to know how ChatGPT or other artificial intelligence technologies can help you get the most out of your company, contact us and we will help you find the solutions that best suit your company's specific needs.