Businesses utilize ChatGPT to create solutions
- ByStartupStory | February 1, 2023
Ranjan Kumar, founder and CEO of Entropik Tech, is enthusiastic about how ChatGPT, an artificial intelligence (AI)-powered chatbot from OpenAI, will improve the conversational platform called Decode currently used by the consumer insights company. Entropik leverages Decode to facilitate client interviews and focus groups so that businesses may talk with consumers directly on their goods, ads, or any specific research.
Entropik is currently evaluating how ChatGPT may be utilized within Decode to extract insights from conversations between brands and consumers via application programming interfaces (APIs).
“We have already tested the prototype and found the results to be encouraging. We are now evaluating how it can be scaled up,” said Kumar. Entropik intends to extend the platform’s reach by investigating localized models that are versed in regional languages and dialects.
Many businesses in India and throughout the world, including Entropik, are investigating how ChatGPT may improve their conversational chatbots. CEO Salil Parekh of IT services provider Infosys Ltd noted during its Q3 FY23 earnings call that the company uses ChatGPT for certain “client circumstances,” which has led to increased productivity and automation. Flipkart, an online store owned by Walmart, is looking into adding ChatGPT to its IT stack. Jeyandran Venugopal, chief product and technology officer at Flipkart, stated in an interview on January 17 that the business is investigating use cases for ChatGPT and may make a relevant announcement shortly.
It’s not like businesses are only starting to use AI-powered chatbots to address increasingly complex client inquiries. According to a June 2022 study by IT industry group Nasscom, 65% of the questioned businesses employ chatbots that are powered by AI. However, ChatGPT, which was just recently introduced, has already made a splash in the world and attracted more than 1 million users in a week because to its simple UI. The chatbot will respond to natural language questions by writing code, poetry, and even books. On January 16, Microsoft made the announcement that it would begin providing ChatGPT APIs to assist businesses in integrating the intelligent chatbot into their commercial systems.
With ChatGPT, businesses can interact with customers more deeply and automate repetitive processes. ChatGPT is based on a sizable corpus of data that has been scraped from the web, periodicals, and books, among other sources. Marketing, customer service difficulties, suggestions, and problem-solving are a few potential use cases for ChatGPT, according to experts.
In order to assure the long-term viability of the product, OpenAI revealed last month on its official Discord server that it intends to release a ChatGPT Professional version that will be paid for. Users must fill out a Google Form to sign up for the waitlist, which asks them for information about themselves, why they want to use ChatGPT, and how much they are willing to pay for the premium version.
Through its Azure OpenAI cloud service, Microsoft, which invested billions in OpenAI last month, is also giving businesses access to the platform.
However, before the smart chatbot is widely used in businesses, OpenAI would need to get past some obstacles. For instance, ChatGPT sometimes generates logical-sounding but absurd responses, while other times the responses could be overly detailed.
One such business that is watching ChatGPT develop is CoRover, a conversational AI company that provides chatbot solutions to clients including Indian Railway Catering and Tourism Corporation (IRCTC), Life Insurance Corporation, and Max Life Insurance. CoRover’s founder and CEO, Ankush Sabharwal, stated: “Our chatbots are based on public and some personalized information on clients. This helps deliver updated and relevant information to customer queries. Since ChatGPT is built on static information, it currently doesn’t support real-time transactions and updates, nor does it have voice or video support.”
The GPT-3.5 series, which ended training in early 2022, served as the basis for ChatGPT. A custom AI chatbot is being developed by other businesses, such as the conversational platform Gupshup, to meet the unique business requirements of their clients. For example, Gupshup introduced an Auto Bot Builder on January 18 in order to create sophisticated chatbots. Contrary to ChatGPT, which is a general-purpose chatbot, the proprietary tool, which is based on the massive language model GPT-3, enables businesses to create chatbots that target particular business problems. “On top of the general model, we are feeding company-specific knowledge and updated information,” said Beerud Sheth, co-founder and CEO, Gupshup.
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