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Denis Grankin Head of Sales Department
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GPT-4 Released: Exploring Possibilities and Potential for Business Applications

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GPT-4 for business

The issue of chatbots and new technologies may seem complex and even confusing. However, it seems that artificial intelligence (AI) and machine learning (ML), as well as the new GPT-4, might be useful for you.

No worries if you are new to natural language processing (NLP), deep learning, or speech recognition. In this article, we'll go over how you can take advantage of these technologies. To begin with, GPT-4 may be of use when it comes to developing CRM or employee management systems (ERP, ATS, etc.) to help you optimize your business processes faster and more efficiently.

There are even more GPT-4 business applications ahead.

What is GPT-4?

No sooner had the talk about GPT-3 died down than another game-changer hit the scene: GPT-4! On March 14, OpenAI presented GPT-4, and it is now available for businesses on a paid basis.

What do we know about this AI platform so far? GPT stands for Generative Pre-trained Transformer and refers to natural language understanding (NLU), speech recognition, and sentiment analysis models trained to generate human-like texts.

GPT-4 is a brand-new AI model capable of understanding not only text but also images. It is called the latest milestone in the scaling of deep learning. GPT-4 is believed to have the same number of parameters as neurons in the human brain, which means it can mimic our cognitive activity much more accurately than GPT-3.

Multilingual input processing. One of the main features of GPT-4 is its ability to process input data in multiple languages, not just English. The ability to adapt to different individual characteristics can allow businesses to create more differentiated and targeted GPT-4-based solutions.

Image recognition feature. GPT-4 is an image recognition chatbot. The image recognition feature can capture the essence of images, interpret quite complex ones, and answer questions about sent images.

Steerability feature. Another significant improvement in GPT-4 is the steerability feature, which refers to the ability to change its behavior on demand. The steerability feature provides "system" messages that allow you to set tasks, give specific instructions, and thus guide the user. These instructions can include, for example, recommendations for the teacher on how to communicate with students and what questions to ask in class.

However, as OpenAI admits, the technology is still far from perfect. The tool can still make mistakes in facts and misinterpret them.

Just to see GPT-4 evolution journey:

What is GPT-4

GPT-4 and Language Modeling

GPT-4 is the fourth generation of human-like speech technology, which was preceded by Natural Language Processing (NLP) technology limited to a few functions. Instead, GPT-4 can generate more meaningful answers, questions, summaries, translations, code, and dialogs based on artificial intelligence through text analytics and speech pattern recognition.

GPT-4 is currently one of the most advanced transformers available and is expected to make speech models more efficient and accurate. Compare: GPT-4 uses 100 trillion machine learning parameters, while GPT-3 uses 175 billion. Experiments have shown that GPT-4 passes a simulated bar exam with a score of about 10% of the best participants, while GPT-3.5 passes with a score of about 10% of the worst ones.

GPT-4 makes it easier to create content and brings it closer to natural language. Here's how it works:

  • Text-only-model: Prior to GPT-4, AI did an excellent job of processing various categories of text. However, image recognition and evaluation were out of its scope. GPT-4 seems to be a game-changer in terms of image processing.
  • Reduced computing power or Sparsity: GPT-4 can scale the processed parameters without the need for a dramatic increase in computing power.
  • Alignment: Compared to GPT-3, GPT-4 is more consistent and therefore more closely aligned with intent and content. This high level of consistency is achieved through continuous improvement using natural language and user feedback.

How is GPT-4 going to affect business?

The business applications of GPT-4 are wide-ranging, as it handles 8 times more words than its predecessors and understands text and images so well that it can build websites from an image alone.

The impact of GPT-4 will be felt by representatives of various businesses, not just those dealing with content creation. Someone will benefit from GPT-4, and someone will lose.

Let's look at some ways to leverage GPT-4:

  • Data mining and predictive analytics;
  • Aggregation and contextualization of data in the form of charts;
  • PDF and text summarization;
  • Converting images from notepad to HTML website;
  • Contract analysis and critique, etc.

how GPT-4 can improve business

GPT-4 is much better suited for creating rich content and is capable of writing fiction, screenplays, music, and even understanding and reproducing the author's tone of voice.

By the way, it can explain memes that you find difficult to grasp on your own:

creating rich content using GPT-4

GPT-4 for business: Exploring opportunities for business applications

Let's discuss the application of GPT-4 in business in more detail.

Today, chatbots are mainly used by businesses to respond to customer requests in an automated manner. A user can ask ChatGPT not only to answer a question but also to write a new marketing campaign, resume, or news article. However, the scope of GPT-4 in business is constantly expanding.

Content creation

On the one hand, companies engaged in creating content for their clients will benefit. With GPT-4, the process of creating large volumes of content is going to be simplified and accelerated, allowing you to expand your customer base and win more contracts. The benefits are obvious, right?

On the other hand, GPT-4 is expected to have a direct impact on content creators. Authors are to be replaced by chatbots, and clients, in turn, can solve their text-generation tasks without the need to hire authors.

GPT-4 has no equal in terms of writing speed and content volume. There is a downside to this progress, however. Texts created using GPT-4 still need to be proofread and edited. And not just because of word repetition or stylistic errors. Incorrect facts are a major concern.

Marketing & Sales

GPT-4 is great for creating marketing plans, advertisements, and even newsletters. Recommendation systems, information retrieval, and conversational chatbots are just some examples of how GPT-4 can be utilized in marketing and sales.

GPT-4 can reduce costs for both the contractor and the client:

  • The contractor can refuse to hire copywriters or marketers whose work is now performed by GPT-4, thus saving on salaries and other employee benefits;
  • The client can reduce its marketing and sales costs due to lower prices offered by the contractor.

Translation business

The use of GPT-4 in the translation services industry seems to be quite justified:

  • GPT-4 speeds up translation, both spoken and written, enabling translation companies to get their work done faster;
  • As a result, clients receive results sooner.

Given all this, it seems that translators can be replaced. However, there is good news for translators. GPT-4 is error-prone. The generated translations may be of poor quality and provide inaccurate information, so they need to be checked.

eLearning

GPT models are already used in many custom applications, for example, there are GPT-4-based tutoring bots. GPT-4 features are also well-suited for coding and learning new languages. The Khan Academy, Duolingo, and even the Government of Iceland, which promotes native language learning, are among the early adopters of GPT-4.

With GPT-4, Duolingo has introduced two new AI features - Role Play and Explain My Answer. With these features, students can learn to communicate fluently on highly customized topics. Currently, these features are only available in Spanish and French. However, Duolingo plans to improve them and expand them to other languages in the future.

The Khan Academy, in turn, leverages GPT-4 as a source of knowledge for students seeking to learn math, science, and coding. The GPT-4 can help both teachers develop curriculum and students learn specific topics with a greater sense of meaning.

Software development industry

As in the case of text creation, GPT-4 is expected to be useful in software development. Both mobile development and web development will benefit from the introduction of GPT-4, as code writing will speed up and some tasks will be automated, which in turn will speed up the project delivery as a whole.

GPT-4 can turn a hand-drawn sketch into a full-fledged website. Yes, it may be an MVP, not a full-fledged software solution. But the outcomes are still impressive.

Check it out:

gpt-4 in software development industry

This is one of the most breakthrough features of GPT-4.

Therefore, for companies that create mobile and web-based applications (including employee management applications), various platforms or systems, or are engaged in recruiting software development, GPT-4 opens up new opportunities to speed up work. With GPT-4, companies can attract more customers and redirect their rockstar engineers to more complex projects by automating routine tasks.

However, some challenges remain:

  • Code quality may be poor;
  • GPT-4 AI is likely to replace engineers.

Big Data businesses

The overall impact of GPT-4 on the big data and data science industry is seen as positive:

  • Businesses and researchers can optimize their processes by processing larger amounts of information;
  • Algorithms are expected to become more accurate and efficient, as GPT-4 brings in larger pieces of training data compared to previous versions of AI-driven chatbots;
  • The fields of robotics and neural networks are set to grow as data science engineers have more training data on hand to develop AI, ML, and other advanced technologies in a more fundamental way.

International trade

GPT-4 is equally good at handling different languages, not just English. This opens up the potential for escalating international trade and negotiations, as GPT-4 not only provides text translation, but also summarizes, classifies, and interprets texts in real time.

More ways to use GPT-4 for business:

  • Customer service: GPT-4 can answer customer questions following instructions. For example, law firms can train a chatbot to provide detailed expert answers, while entertainment and youth media can make a chatbot humorous and aware of current memes and trends.
  • Product management: You can ask GPT-4 to summarize customer pain points and requests based on user feedback.
  • Cybersecurity: GPT-4 can detect, analyze, and interpret messages coming from hackers on the dark web.
  • Financial transactions: GPT-4 can read images of receipts or financial documents and record/analyze them. Moreover, this technology is already capable of solving financial issues related to tax payments instead of individual entrepreneurs or businesses.

Stripe is already implementing GPT-4 in two ways:

1. To improve the platform and optimize workflows. GPT-4 helps crawl websites to customize the platform's user experience based on the data collected.

2. To help developers by providing them with technical documentation, answering their questions, and offering solutions.

As you may have seen, it is up to you to decide how to use the GPT-4 chatbot in your business.

GPT-4: Exploring the potential of NLP models for business applications

Since GPT-4 is a natural language processing (NLP) model, here's some insight into what business applications NLP techniques can have:

  • Named Entity Recognition (NER): NER is used to mine information such as names, locations, and organizations from large amounts of unstructured data. This way, companies gain valuable insights from customer reviews, social media posts, and news articles.
  • Part-of-speech (POS) tagging: POS tagging identifies the grammatical structure of a sentence. This can be useful for businesses when analyzing customer reviews, survey responses, and social media posts to discover patterns and trends.
  • Dependency Parsing: You can use it to analyze the words in a sentence and thus identify the most significant concepts and objects in a document.
  • Coreference Resolution: It is used to identify all linguistic expressions in a given text to get a better idea of customer sentiment and attitudes.
  • Topic Modeling: Topic modeling recognizes the main themes and trends found in a large database. As a result, it sheds light on customer preferences and interests.
  • Text Classification: Text classification is used to categorize text data into predefined categories, such as positive or negative sentiment, customer complaints, or product features, enabling businesses to automate processes such as customer service or content moderation.
  • Word Embeddings: It can be applied to represent words as vectors in a high-dimensional space, which can be effective in natural language understanding tasks such as sentiment analysis and text classification.
  • Language Modeling: Language modeling is utilized to generate coherent text in a natural language that matches a given context. This can be useful in applications such as chatbots and virtual assistants where natural language generation is required.

In sum, the NLP techniques listed above can be used to extract valuable insights from large amounts of unstructured data, automate repetitive tasks, and improve customer service.

However, we should keep in mind that these methods are not perfect and require careful implementation and testing to ensure their accuracy and relevance for business use.

Business applications of AI models

Now let's look at how AI-based technologies can be leveraged in business:

  • Chatbots: Chatbots are intelligent systems that can interact with users through natural language to provide assistance and support.
  • Neural Networks: This AI method may be used to learn complex data patterns, enabling companies to make accurate predictions and automate processes.
  • Robotics: Robotics automates physical processes, such as manufacturing and logistics, and increases operational efficiency.
  • Deep Learning: It explores complex data patterns and makes accurate predictions, enabling companies to optimize operations and improve decision-making.
  • Cognitive Computing: It is able to imitate human thought processes, which allows companies to automate decision-making and optimize their workflows.
  • Big Data: Big data refers to the storage and analysis of large amounts of data, helping businesses gain valuable insights and make data-driven decisions.
  • Natural Language Understanding (NLU): NLU is a subset of NLP that focuses on understanding the meaning of language, enabling computers to provide more accurate and relevant answers to user queries, resulting in greater customer loyalty.
  • Reinforcement Learning: It involves teaching algorithms to make decisions based on rewards and punishments, which makes it possible for computers to be trained and improved over time.
  • Generative Models: These are ML models that can generate new content or data, thus enabling companies to provide personalized customer experiences.
  • Computer Vision: One of the possible uses of GPT-4 is in computer vision. The image-to-text capabilities can be used for visual assistance or process automation within an enterprise.

The GPT-4 model, which is expected to change the face of language modeling, is capable of not only recognizing single objects and entire scenes depicted in images but also interpreting them and making context-dependent suggestions.

GPT-4 features can be used in projects for visually impaired people:

  • A screen-reading technology that provides users with access to websites and computer systems through rich descriptions of key on-page elements;
  • Content management systems that can be spoken to;
  • Navigator for getting around on public transport or the city, etc.

The Danish company Be My Eyes is already leveraging GPT-4 to help visually impaired people in their daily activities:

Business applications of AI models

Get your business ready to embrace GPT-4

While GPT-4 has already proven to be faster, more accurate, and more powerful than its predecessors, implementing it into your workflows requires a lot of preparation.

Know your business goals

Start with your global business goals and daily challenges. Which of them can this natural language processing (NLP) model optimize right now and how will it affect the overall situation of achieving your business goals in the long run?

Ways to apply GPT-4:

  • Build rich, audience-oriented content based on customer requests and preferences and market trends.
  • Analyze customer feedback and identify areas for improvement in customer service.

Opt for the right AI model

When choosing the GPT-4, consider its purpose, speed, accuracy, and size. What does this mean? The GPT-4 model, designed to analyze and process financial transactions on a website, is not capable of generating human-like product descriptions. These are two platforms that differ from each other.

Take one step at a time

The best way to implement GPT-4 into your business processes is to do so gradually. You can focus on one area of your business, such as email processing, and gradually implement GPT-4. This way, you can prevent confusion and reduce the risk of errors. In addition, you will be able to control the quality of the responses provided by GPT-4.

Think of ethics

GPT-4 implementation means taking into account factors such as confidentiality, bias, and transparency, and having appropriate policies and procedures in place to address ethical issues when necessary.

It is important to note that AI language models are not flawless, and companies should be careful when implementing them. It is crucial to have a thorough understanding of the technology's capabilities, limitations, and ethical implications, and to test and validate the results to ensure their accuracy and relevance.

To start with, contact a trusted software development team experienced in developing and implementing an AI platform.

It may be worthwhile to turn to IT outsourcing services. With a dedicated team following the staff augmentation collaboration model, you can properly implement the GPT-4 model into your business processes.

So, if necessary, you can follow this path:

  • Make the deal
  • Choose an Agile project management approach as the key
  • Onboard the development team
  • Estimate software development time
  • Get to work.

Bottom line

The business prospects for using GPT-4 are enormous. Unlike GPT-3, GPT-4 offers greater accuracy, speed, security, and optimization. Companies that recognize the benefits of this AI solution and are already adopting it can expect to benefit both now and in the long run.

If you are looking to keep up with technology to successfully meet today's business challenges, then you cannot avoid implementing GPT-4. Now that you know how GPT-4 can be put to work in business, it's time to start your GPT-4 journey.

Contact us to get the most out of GPT-4 implementation in your business processes as soon as possible.

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