How is ChatGPT transforming businesses?
By Roger James Hamilton, Founder, and CEO of Genius Group
Artificial Intelligence is most certainly a hot topic right now. The latest technological advancement, ChatGPT is impacting a wide range of businesses and services and has also faced much scrutiny over its ethical practices and regulation as essentially this is brand new territory.
The technology is still pretty much in its infancy, yet business leaders and those within the tech industry can already see its vast potential as a tool to improve overall efficiency and impact.
To understand how ChatGPT can impact and transform a business I have put together some of the areas within business, where this revolutionary technology can be used effectively.
Customer Service
Gone are the days of hiring customer service staff to work around the clock replying to and monitoring customer queries. ChatGPT can be used as an effective customer service tool to automate responses to customer queries and provide 24/7 support, in turn reducing costs associated with hiring customer service reps and increasing customer satisfaction by providing quick and accurate responses in real-time.
Personalisation
One of the key areas where tech has impacted business is through clever personalisation. ChatGPT can be used to help businesses personalise their interactions with customers by effectively analysing customer data and creating tailored responses to individual needs and preferences. Through successful personalisation a business can find an increase in customer loyalty and repeat business.
Marketing
The great thing about AI is its ability to be highly analytical. ChatGPT can be used to create personalised marketing campaigns by analysing a vast amount of customer data and generating targeted messaging which can form part of, or all of, your marketing campaign. With this hyper-personalisation, the results again can be increased engagement and conversion rates.
Social Media Marketing
One of the concerns many people have around ChatGPT is if it has the ability to be creative. Social media marketing has certainly become a focus for many businesses wishing to reach wider audiences and increase engagement. ChatGPT can be useful for creating social media posts because it can create human-like text that is engaging and relevant to a specific audience. It also offers automation to the social media content creation process, freeing up time for other tasks.
Product Development
It can also be used effectively by product managers to automate numerous small tasks in their daily activities and increase productivity. Skills such as prioritisation, stakeholder management and product intuition will become more in demand than ever.
Data Analysis
Today, data management in businesses is key. ChatGPT can be used to dissect extensive amounts of information rapidly and precisely, giving businesses important insights into client conduct and showcase patterns. This will enable a business to make more educated choices and remain ahead of the curve.
The exciting part of this technology interestingly, is the next stage.
ChatGPT operates within the narrow AI realm, meaning it answers questions and provides information based on human prompts, you ask the questions, ChatGPT gives you the answer. Whereas, the next stage, wider AI will deep-dive and suggest information to you based on your profile and interests. As a business leader, this type of capability would be invaluable.
Not only will you be able to use AI to seek information from the wider net, based on a detailed personal profile, but you will also be given suggestions of networking events, people of interest within your field, and up-to-date news and information based on your preferences. This type of digital intelligence, if used correctly, can propel your business to the next level.
At this point, companies have an opportunity much like the early-2000s Web boom. Entrepreneurs and business leaders must grasp ChatGPT and create a long-term AI strategy that leverages the technology to maximize its human advantage.
If you aren’t considering AI and doing your homework on this now, you will inevitably get left behind. The way forward is to do a deep dive and see how this AI can work for you and your business, especially if you want to be positioned as an industry thought leader.
We are only at the beginning of the digitalised future workplace and it’s time to sink or swim.
About the Author:
Roger James Hamilton is a New York Times bestselling author and Founder and CEO of Genius Group (NYSEAM: GNS), a multi-million dollar group of companies, headquartered in Singapore, which currently includes companies such as GeniusU, Entrepreneurs Institute, Entrepreneur Resorts, Education Angels, E-Squared Education, Property Investors Network, Revealed Films and the University of Antelope Valley. Genius Group has an acquisition plan to add in further acquisitions in 2022 to the Group. GeniusU is an Edtech company and platform providing over 4 million students and users with personalised learning paths and a platform used by partners to share their learning through customized learning journeys. GeniusU attracts 7,500 new students to join GeniusU each week, starting with the entrepreneur quiz to identify their path to wealth and find their next step to take right now. Genius Education Angels and E-Squared Education provide education courses for young people from 0 to 25 years old. Entrepreneurs Institute, Property Investors Network and the University of Antelope Valley provide adult training courses for 25 to 100 years old, and Entrepreneur Resorts is a market-leading group of entrepreneur-focused luxury resorts and lodges, beach clubs and city co-working hubs, offering business leaders professional educational retreats in exotic destinations around the world. Entrepreneur Resorts holds destinations in Singapore, Bali and South Africa and soon the U.S., and has license holders launching properties in the UK, U.S. and Greece. Entrepreneur Resorts will be expanding this year by adding on further properties and license holders. Roger is also the creator of Wealth Dynamics, Talent Dynamics and Impact Dynamics profiling tools, used by millions of entrepreneurs to find and follow their flow.
