Artificial Intelligence (AI) is on the rise. It writes scripts for comedy TV shows, explains quantum mechanics in a few seconds, composes music, and gives reasonable answers to people's personalized questions.
Okay, but what are the enterprise applications of AI? Is it worth developing your own platform using software development services (mobile development) or are there ready-made software solutions? One of the ways your business can benefit from the use of advanced AI technologies is with an AI-powered GPT-3 chatbot (ChatGPT).
According to forecasts, the global chatbot market is expected to grow to over $994 million by 2024. Furthermore, chatbots are expected to become the primary customer service channel for about a quarter of organizations by 2027. Even more astounding is the forecast that global consumer spending on chatbot-enabled retail will reach $142 billion by 2024, up from $2.8 billion in 2019.
It is impressive how quickly chatbot technology is penetrating the business world. The only thing left to do is to choose the right chatbot, embrace this technology, and get the most out of it now and in the future.
Read on to learn how to use GPT-3 chatbot for business.
AI-based chatbots market overview
To begin with, let's take a look at the situation with artificial intelligence and chatbots worldwide. According to Statista, the global chatbot market is expected to grow from $40.9 million in 2018 to $454.8 million in 2027.
At the same time, according to Emergen Research, the global AI market is also booming and is expected to reach $348.99 billion by 2027.
According to Statista, the world artificial intelligence (AI) software market is set to grow rapidly in the coming years, reaching around $126 billion by 2025. The business world has already responded. Tech giants such as IBM, Google, and Microsoft are investing heavily in AI technologies, meaning the industry has brilliant prospects for growth and wider application than ever before.
Some cryptocurrency investors have also switched to AI projects, which once again proves the relevance of AI solutions for addressing acute business challenges:
Your business can also benefit from the adoption of AI technologies and tools. Moreover, you can get started right now. However, let's be consistent. First, what is a GPT-3 chatbot?
What is a GPT-3 chatbot (ChatGPT)?
Recently, there has been a lot of talk about the rise of artificial intelligence, which seems to have come to take over the world and put us out of work. Indeed, texts written by AI are hardly distinguishable from the writing style of famous writers, it instantly answers complex questions and performs sophisticated calculations, which is both exciting and frightening.
What's next? Is it possible to adapt artificial intelligence to your business needs? GPT-3 chatbot. Here's an AI-based solution you can fit into your business, whether it's local or international, small or constantly scaling.
ChatGPT is a chatbot built with GPT-3 technology.
GPT-3 stands for Generative Pre-trained Transformer 3. It is an artificial intelligence-based tool created by OpenAI, a company that produces and licenses machine learning technologies for language processing.
Basically, a GPT-3 chatbot is the result of a combination of GPT-3 technology and a chatbot as a tool for transmitting information to users.
In January, just two months after its launch, ChatGPT reached 100 million monthly active users, according to Reuters. For comparison, it took TikTok about 9 months to reach 100 million users, and Instagram 2 and a half years.
What is the groundbreaking idea behind this chatbot?
The main thing about GPT-3 is that it generates human-like text. This AI understands human speech, knows how to process it, and gives answers similar to those that a human would give. Currently, it is considered to be the most powerful language-processing artificial intelligence model available. GPT-3 challenges include translation, speech prediction and modeling, as well as creating texts for various mobile applications and web-based platforms.
This technology seems to be able to automate many tasks that currently require human creativity, although machines cannot understand art and perceive it in the same way as humans. However, given the fact that machines learn from things created by humans for hundreds of years, we can conclude that machines, in turn, can be the embodiment of human emotions.
You can try out ChatGPT right now. There is both a free version and a Pro version of the chatbot. If you need priority access, i.e. fast download and access to updates and new features before others, then choose the paid version of the GPT-3 chatbot.
What does the GPT-3 (ChatGPT) do?
GPT-3 is a neural network, the third generation of a natural language processing algorithm. It focuses on speech, which means that video or images are beyond the scope of this technology, but when it comes to text processing, GPT-3 performs with flying colors.
GPT-3 technology can be used to:
- Write or edit jokes, corporate letters, business plans, or dissertation presentations;
- Generate code. It is already known that after a small prompt, the chatbot wrote high-quality Python code, which even caused concern;
- Make medical diagnoses;
- Develop the required script or behavioral script;
- Recognize the context of a conversation and make predictions;
- Explain quantum mechanics in plain words;
- Write full-fledged scientific papers and articles;
- Create a text using the tone of voice of any writer or celebrity.
Take a look at the following example:
Now let's turn to the commentary on the above example:
Now that you've read the screenshot, we think you can see how unstoppable AI is.
The key advantage of GPT-3 is its speed and ability to cover complex issues. It takes a few minutes or even seconds to write a research paper or study for a chatbot, whereas before, people used to spend up to several years on it. Do you see the difference? All this technology needs is the right prompt, but not too niche, as GPT-3 can get confused otherwise.
Well, it's time to take a look at some of the shortcomings of GPT-3:
- This technology fails to properly handle too specific topics.
- This is an algorithm that predicts the next word in a line of text, and therefore is prone to making mistakes or producing meaningless or incorrect text. Before you can use the text generated by the bot, you need to check it upside down.
- The GPT-3 chatbot has limited information about the world after 2021. Keeping track of world events as they happen is difficult because there is not enough relevant data, or it may seem too confusing to GPT-3.
- Some requests cannot be processed. There are some restrictions on queries and topics to prevent the creation of harmful or false information.
- May confuse the attributes of two or more objects.
- GPT-3 has a hard time offering a highly customized solution, unlike a subject matter expert.
- GPT-3 cannot perfectly capture the tone of voice of a company or an opinion leader.
- It is unlikely to be able to create the personalized experience required in industries such as healthcare.
Sure, a GPT-3 chatbot still needs to be trained and constantly updated with new knowledge. However, we are talking about the GPT-3 chatbot, which, although still raw, can already serve as a valuable addition to existing chatbots.
How does the GPT-3 chatbot work?
You don't need to be a tech-savvy person to understand all the ins and outs of the GPT-3 chatbot. However, we believe that a business owner or a forward-thinking manager would still benefit from learning the basics of the GPT chatbot. This way, you will know how it can be useful for your business and, conversely, whether it is worth complicating business processes by introducing yet another technology.
The way GPT-3 chatbot works can be described as follows:
- GPT-3 technology takes your questions, requests, or prompts and answers them.
- To make this system work, 300 billion words were loaded into it, taken from websites, articles, and any text source on the Internet and books.
- This language model goes through numerous stages of testing and training, gradually increasing its knowledge and skills in analyzing, comparing, and selecting the correct answers and options, as well as expanding its processing capabilities.
Here is an overview of how ChatGPT works:
High-level chatbot architecture:
The good news is that GPT-3 technology is still being trained. According to OpenAI's CEO, the chatbot is getting smarter and smarter.
How to use GPT-3 сhatbot for business
Wondering how to use the OpenAI GPT-3 AI chatbot in your business? Let's take a look at some business areas where the GPT-3 chatbot can be most applicable.
One of the biggest advantages of the GPT-3 chatbot is its ability to write coherent essays, short stories, and commercial texts. So, if your business niche involves hiring copywriters or creating a lot of content, you can use GPT-3 chatbot to make your copywriters' work easier or even cut your copywriting budgets.
From now on, you don't have to wait for a copywriter to return from vacation, or sick leave, or when he or she has the mood, energy, and time to write a single text for you. The chatbot has no days off, doesn't get headaches, and never gets tired.
The GPT-3 chatbot can be used to generate code in the programming language you choose. Yes, the result may not always be perfect, but even at this stage of web development or mobile development, a chatbot can save time and effort for your software engineers, and thus speed up the project.
However, most examples of chatbot use can be found in the customer service sector.
- The GPT-3 chatbot can be integrated with the company's previous traditional chatbot to improve the processing and understanding of an incoming customer request, including all unforeseen data.
- The GPT-3 chatbot can be trained based on company-specific information to reduce customer support time and resolve urgent and specific user issues as quickly and comprehensively as possible.
- With the GPT-3 chatbot and conversation designers, you can send thank you or reminder emails to customers, respond to feedback, or conduct negotiations. All of these texts are unique and customized, as they are based on your previous dialogues with the client.
- The GPT-3 chatbot will simplify complex texts on legal, medical, or other complex topics to make them easy to grasp for users.
- Your customer service team can be multilingual, as GPT-3 chatbot's translation options allow you to communicate competently with customers in any language.
- With a chatbot, you can help people discuss bills, cancel subscriptions, and request refunds/compensation without having to contact customer support. As a result, customers enjoy more personalized and faster service.
- The GPT-3 chatbot can analyze not only the content of conversations with customers, but also the tone of voice, which helps to identify trends in customer attitudes/loyalty to the brand.
Artificial Intelligence technologies are moving ahead. In e-commerce, they are used for "conversational commerce". This is where online shopping and messaging apps get married. A chatbot interacts with customers via Facebook messenger, WhatsApp, and other instant messaging apps, turning visitors into customers.
It is the GPT-3 chatbot that will recommend your products to website visitors. And these will not be intrusive recommendations, but caring assistance to customers in finding the right product or service.
Companies utilizing AI-powered chatbots:
- H&M provides customers with the most relevant recommendations while shopping;
- Sephora improves the retail experience by engaging customers on the Sephora Facebook page with questions to find out user preferences;
- Nike leverages StyleBot not only to recommend products, but also to allow customers to create tailored shoe designs.
- Nike's average conversion rate is four times higher thanks to StyleBot.
A chatbot accepts orders, checks the availability of goods in the warehouse, automatically registers the order or rejects it due to the lack of goods, and then notifies customers.
An artificial intelligence chatbot can also be utilized to simplify and speed up the process of returning goods or refunds. This process can be completed in one or two clicks without the need for staff, which means that business owners can save on the salaries of live assistants.
AI chatbots can interact with customers at different levels of the sales funnel. They can be customized to communicate in different styles depending on the stage of interaction with the customer. Chatbots can be friendly and responsive or sarcastic and ironic, they can be unobtrusive and helpful, or tech-savvy and fascinate customers with their knowledge of the topic.
The main thing about chatbots is that they capture the mood of customers and build communication using the appropriate psychological approach. Chatbots can be applied in any industry. It can be online retail, tourism, hotel, restaurant business, etc.
More ways to use chatbots in e-commerce:
- Generate leads by collecting essential information about each customer or website visitor for further use in newsletters, chatbot conversations, and direct sales;
- Welcome new visitors or first-time customers and briefly introduce them to the brand and offers;
- Solicit customer feedback;
- Turn customers into brand advocates with the right tone of voice.
Chatbots can be of use to medical institutions, doctors, nurses, and patients alike. Here are the main ways chatbots can be applied in healthcare.
An AI-powered conversational chatbot helps people with mental illnesses voice their emotions, anxiety, or stress and thus cope with difficult situations. Chatbots can also offer patients appropriate meditations and other useful practices. Such an artificial intelligence-based tool cannot completely replace the services of a qualified psychiatrist, so it can serve as an add-on to comprehensive mental health care.
Chatbots are great at reminding patients to take their medications. This technology is especially useful for elderly people, patients with busy schedules, or those who forget to take their medications.
The chatbot helps users make an appointment with a doctor in minutes by displaying a list of relevant medical facilities, services, prices, doctors, and schedules on demand.
Medical records management
AI chatbots can store and manage all medical records for each patient, which is convenient for both patients and doctors. Using keywords and other prompts, a chatbot can find the data you need in seconds, organize records, or extract only the requested details.
There are many ways to incorporate AI chatbots and GPT-3 chatbots into your business, and there are more and more opportunities every day as technology is on the rise. Embrace new technologies to improve your customer experience, skyrocket your sales, and drive your business forward.
Business benefits of the GPT-3 chatbot
When there is a lot of hype around new technology, you may wonder: How can this technology benefit my business? Can I use it to increase profits or scale?
There are more and more advantages that chatbots can bring to the table. Let us consider the most significant ones.
You get to market faster
Faster time-to-market, easier growth, and improved customer experience are three compelling reasons to consider the GPT-3 chatbot. A chatbot can speed up the process of creating a website, developing a design, writing advertising copy, or finding customers. As a result, this technology shortens the time to market for your business.
All time-consuming and manual processes are now automated
Competing for customers' attention and loyalty requires putting your internal affairs in order. With automation, you effectively speed up your workflow as the risk of human error is reduced and results are achieved faster.
Saving time on daily duties and avoiding human errors that often cost a company a lot of money seems to be a pretty convincing advantage that a chatbot can offer, doesn't it?
Customer service can be greatly improved
When a customer is provided with a quick response to his/her request and personalized communication, he/she is more likely to stay with you and recommend your brand.
You can save money
Instead of paying three salaries to full-time employees every month, for example, you have one chatbot. How can this be? Save money on hired copywriters. Instead of monthly salary payments, bonuses, and other employee compensation, you will only have a fixed fee for the GPT-3 chatbot.
Save on call center operators. Instead of hiring call center operators, you integrate a chatbot that can provide a huge range of answers to the most popular queries, thus speeding up customer service and maintaining or even improving the quality of service.
Save on transcribing audio materials and converting them into text and vice versa. Instead of hiring several subject matter experts, you use a single chatbot.
Entering new markets and scaling business
With the GPT-3 chatbot trained to provide high-quality translation and maintain meaningful communication in different languages, you can grow rapidly. Thanks to the chatbot's translation capabilities, you can expand your business geography and collaborate with partners and customers from all over the world. No more language barriers.
Wait a minute. How profitable is it to invest in a chatbot? Does this technology have any prospects in the future?
What does a GPT-3 chatbot mean for a business in the future?
This technology can be of use for business growth right now. However, in the coming years, its key benefits are expected to justify the investment:
- No language barriers with foreign clients and partners;
- New opportunities to participate in international conferences and exhibitions that you would not have considered before due to a lack of foreign language skills or poor translation services;
- A shorter way to your target audience - a chatbot will make it easier to understand complex topics, books, or research and bring your brand closer to people;
- More processed data for more meaningful conclusions and in-depth research to improve your business performance.
The revolution that the GPT-3 chatbot has brought to the business world is just beginning. But we can already see what a business breakthrough lies ahead. With the help of the GPT-3 chatbot, we will be able to either significantly increase the efficiency of our employees or replace most of them. There is still much more to come.
When you may need to hire software developers to create a customized AI solution
As you can see, the scope of the GPT-3 chatbot is vast and is expected to expand. However, there are some problems and tasks that require customized AI-based software solutions. Let us consider some of them.
Customer behavior forecasting
AI-driven software solutions are the best choice when it comes to developing models for predicting team or business performance and customer behavior strategies. To get started with such a software solution, you should hire developers skilled in this area, estimate software development time, and dive into creating a customized application or system.
Speed up, improve, or optimize workflows
If there are internal tasks to be optimized, you can hire software developers under the Staff Augmentation collaboration model. The project team hired should adopt an agile project management approach, as it provides the flexibility needed to develop complex software solutions. This way, you can build an AI-based solution that is guaranteed to meet your business needs.
Big data processing
When it comes to analyzing a large amount of data, searching for specific information, and integrating the resulting pieces of information with other systems (it can be an ATS, CRM, or ERP), you may need to hire a dedicated software development team.
No matter what kind of custom development task you are facing (creating an MVP or a full-featured platform), it is worth considering IT outsourcing services. If you want to get the best AI expertise, then you may need to onboard development team into your in-house team. Given the chatbot's capabilities, it is likely to come in handy in terms of recruiting software development.
It can be especially useful in the case of creating an employee management app or an employee management system that requires personalized communication and quick response.
A chatbot with advanced AI capabilities developed by OpenAI is a real game changer for any business. The GPT-3 chatbot is already capable of the following:
- Improve customer service by quickly providing specific answers and engaging in thoughtful dialog with customers;
- Generate high-quality code and thus speed up the creation and implementation of projects that are of great importance to you and your clients;
- Bridge language gaps between clients and partners, and thus help you expand your business.
There is no doubt that artificial intelligence technologies will continue to penetrate our business activities and daily lives. Therefore, we need to adopt the latest technologies as quickly as possible to stay ahead of the competition and more easily scale and grow now and in the future.
Are you planning to integrate the GPT-3 chatbot into your business? Or do you need custom software development services to implement AI solutions into your company's internal processes?
DDI Development is experienced enough to complete these tasks for you as quickly and efficiently as possible. Please do not hesitate to contact us to ask your questions. You can drop us a line right now.