How can ChatGPT leverage small businesses? Statistics and analyses

Business owners who first encounter ChatGPT may need some time to understand its full potential. Given the massive publicity the AI app has received, it’s no surprise that more and more business owners are using the program.

A number of business owners who have used the app have been impressed by the productivity gains it enables. Girish Mathrubootham, the CEO of software company Freshworks, said in an interview with Fortune that software development that previously took from eight to 10 weeks, “now can be done in less than a week.” Sundar Pichai, CEO of Alphabet, parent company of Google, said on Alphabet’s latest earnings call that AI “is the most profound technology currently under development by the company.

Another leading tech company executive, CEO Tim Cook of Apple, mentioned during an earnings call that his company has identified AI as an area of “major focus” He added: “it’s incredible in terms of how it can enrich customers’ lives.” Cook further went on to say that the company sees significant potential in the AI space in almost everything they do. “It will affect every product and every service that we have,” Cook said.

At digital marketing firm Parker Marker, according to a recent report on how businesses are using ChatGPT, CEO Parker Heyn uses ChatGPT as a tool for managing customer questions and tracking customer data at the same time. This automated approach to processing data enabled the company to “save time and maximize efficiency,” Heyn said.

The report also cited feedback from Radhika Gupta, who founded digital agency One Digital Land, who said he employs ChatGPT to help with SEO functions such as keyword research, SEO analytics, and optimizing content for organic search engine marketing, PPC, and email marketing. Additionally, the tech.co report featured input from the owner of Moo Soft, Calvin Wallis. The company puts ChatGPT to work to prepare summaries of meeting transcripts in order to make this information easier to access for remote workers who can’t connect to the calls live.

These examples show that ChatGPT can perform many tasks which require gathering and sorting through information better than humans, due both to the speed at which it performs these functions and its ability to accurately adhere to specified parameters. For this reason, businesses that hope to remain competitive in their sector are likely to increasingly find it necessary to adopt ChatGPT if they aren’t using it already.

The pressure to use ChatGPT is also likely to extend to individual employees. As ChatGPT adoption becomes more prevalent, even workers who don’t currently use the AI solution themselves are likely to need to become familiar with how it works and to start using it themselves to avoid getting left behind in the workplace by those who do.

The readiness of the young adults and teenagers who make up Gen Z to adopt ChatGPT is to be expected, given that this generation, more than any other, has grown up with the ability to carry a powerful computing device (the smartphone) with them at all times. Thus, taking the next step of using an AI app to help them perform complicated tasks is likely to be less of a challenge for them than it might be for some members of older generations.

With regard to who is likely to need to use ChatGPT the most, the top four specific answers in the survey were marketing, IT, the CEO, and R&D development. While there are definitely many other areas in the AI app that can be of help, these functions tend to be especially suitable for AI-driven applications.

In the IT sector, for instance, Microsoft, which is a major sponsor of OpenAI, the force behind ChatGPT, is planning to incorporate ChatGPT technology into a variety of its most popular software offering including Word and Excel.

In the marketing realm, Coca-Cola recently entered into a partnership with consultants Bain & Company, with the intention to utilize ChatGPT to provide marketing assistance and generate customer experiences personalized to the individual.

In terms of how useful respondents felt ChatGPT would be to their business, the majority of survey participants were either positive about the app’s potential or at least open to the idea that it could be helpful in the future. This demonstrates that even though it has only been available for a relatively short time, ChatGPT has already attracted significant interest in the small business community.

One example of ChatGPT’s effectiveness among businesses that are using the app comes from Octopus Energy, a supplier of energy based in the UK, which has integrated the AI app into its customer service platform. Greg Jackson, CEO of the company, has stated that the app currently is able to perform the work of 250 people while getting customer satisfaction ratings that are higher than those of human customer service agents.

Another example features the workplace communication company Slack, which has built an app using ChatGPT to help users manage workflows and increase their productivity when communicating with others on its platform. A report on ChatGPT by the Gartner group found that ChatGPT and similar products have a significant role to play in business operations. The report stated: “ChatGPT — and other foundation models like it — is one of many hyper-automation and AI innovations. It will form a part of architected solutions that automate, augment humans or machines, and autonomously execute business and IT processes.”

Respondents to the survey identified answering questions, generating and improving prose and code development as the three specific tasks ChatGPT performed best. All of these tasks speak to the app’s ability to draw from a massive body of data in the form of text or code and then use the parameters included in a prompt to generate useful content. The fourth and five most commonly cited tasks, summarizing content and clarifying content, also testify to the AP software’s ability to effectively sift through its database to provide users with valuable information.