What does ChatGPT really mean for businesses?
It’s not surprising that if your job involves analysing and reporting data, you may be concerned about the rapid advancements of artificial intelligence (AI). The ChatGPT app, which has been a viral hit in recent months and demonstrated what AI can do, is a great example of this. Some may see it as a warning of what the future might bring.
AI’s ability to understand large data sets is one of its greatest strengths. It can find patterns in the data and then translate them into formats, reports and documents that are easily understood by humans. Data analysts and other professionals in the knowledge economy who work with data and analytics do this every day.
Artificial intelligence, which is a term used in the business and industrial world to refer to machine learning, has been in use in these fields for many years. ChatGPT, and other tools based on large language modeling (LLM) or natural language processing (NLP), are easy to use and can be used by anyone. Does a CEO need to hire, train, and maintain an expensive analytics team if they can ask a computer \”What do I need do to improve customer service?\” or \”How can I increase sales?\”
The answer is probably yes. As AI becomes more mainstream and accessible, this team could become even more important to the business. It is clear that their job will change significantly. Here’s a rundown on how this technology could affect the field data and analytics when it becomes mainstream.
What are ChatGPTs, LLMs and NLPs?