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Generative AI changing the Startup Game

Businesses like Google and Amazon have both started somewhere. They saw an opportunity in the use of technology, when others thought that the internet was simply a toy.

Google used it to make a better source of data search for PhD scholars. Whereas, Amazon used it to sell books online. Today both the businesses have generated $75 billion and $554 billion in total—the reason being making use of technology.

If you’re like many others who believe that Generative AI, like “The use of ChatGPT is not here to stay,” then you might want to challenge that thought.

Generative AI is not something that has come suddenly in the world of technology today. Rather, it has existed for the past two decades in the form of deep learning, machine learning, and neural networks. What these features do is that they can identify and make sense of patterns pretty quickly. They help you figure out the best way to respond to your questions and predict results based on data available. ChatGPT and Google Bard are two of the most popular examples that run on these features.

When you manage to understand what they are and how they work—you’ll know how to best use them for the growth of your business.

And this is exactly what many start-up businesses and the established ones are doing. They are incorporating not exactly ChatGPT, but similar associated AI features to drive bio-scientific data or examine a research-based hypothesis.

How Businesses are Using Generative AI So Far?

What we have observed so far is that businesses are using these AI based models for the following reasons (and it’s working!):

1.   To get quick answers from AI technology (like ChatGPT)

Just like the rest of us, businesses use ChatGPT to seek quick answers. This saves them time and energy to perform research or having to become an expert.

For instance, say, you’re a member of a sales team trying to generate new clients for your company. All you have to do is send a few mails to your potential clients. You write prompt ChatGPT for an email structure based on your requirements.

We can imagine how it might not only save you time, but also customise separate emails for each client in your list.

Basically, ChatGPT is able to quickly understand your requirements, understand your objectives to write this email, and track your sentiment behind. Based on these criteria, it manages to frame responses to help connect with your clients.

2.   To Use It as a Workflow Tool.

As mentioned earlier, many companies are now using AI features that may not directly be ChatGPT but rather indirectly installed into their existing systems—for enhanced productivity.

These tools help access information, gather, and analyse it for smoother operations within companies.

Some of these tools are Salesforce-announced iCloud (for better sales operations) or Adobe Firefly for instant photoshop or illustrating images on your device. 

3.   To Make Sense of Complex Information.

Sometimes we just need some assistance to make sense of information available for better decision making.

Generative AI like ChatGPT, although in its initial stage, is likely to be able to detect customers’ behavioural patterns and predict their decisions. This will help businesses and marketing companies to equip their strategies accordingly.

Additionally, it will soon be able to detect issues and make suggestions based on patterns identified that will be valuable for companies in saving time and money.

Product-based businesses often come with large and complex product manuals that aren’t easy to scan through with naked human eyes. It takes up a lot of time and energy for employees to search and pinpoint ideas looking into these complex manuals. Thankfully, these AI based technologies are able to help businesses by providing answers right from the manuals and solve detected problems for keen customer service.

How Much Should We Rely on LLMs and Generative AI?

Generative AI and LLMs like ChatGPT, have a large potential in taking businesses one step ahead.

But the question is—How much should we rely on these LLM tools?

Tools like ChatGPT, although they are able to draw patterns and pinpoint gaps within data, they still have flaws that cannot be ignored.

  • They often run on patterns, which means that these models require some training before expecting a desired response out of it.
  • Additionally, they don’t often know what’s accurate and what’s not. This is because they simply frame their responses based on data and prompts provided to them.
  • There is a likelihood of errors and incorrect responses, making them complex tools to use.

With all of the put forth, how much should businesses rely on Generative AI and LLMs like ChatGPT or Google Bard?

Should humans continue to fact-check these responses first or simply follow what is suggested without questioning it?

The answer is—use it only when needed. You can’t just slap a ChatGPT response and expect your customers to get impressed with your provided smart response. Humans must still be fact-checking the responses, without completely relying on ChatGPT responses.

Challenge yourself to solve a problem by yourself and only seek these tools to assist your own research, analysis, and drawing conclusions. The key is to be aware—“When/how should I be using ChatGPT and when not to.”

How to Get Started with Using Generative AI for your Business?

If you’re a business owner considering to implement AI capabilities, then consider the following:

1. What are my short term, medium-term, and long-term gains?

This question aims to focus on your productivity goals in the near term. It involves reducing costs, automating repetitive tasks, and maximizing productivity. Once identified, you can then implement AI technologies accordingly.

2. What new services or product opportunities can I pursue in the medium term?

This involves identifying market gaps, customer needs, and creating differentiation.

3. What impact can my business model and technology have in the long term?

This considers your customers’ changing behaviours, and using experimentation to achieve long term goals using AI.

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