As a recent user of ChatGPT I was not aware my version 3.5 which is free is much less powerful than version 4.0 which costs $20/month. So, I bought the upgrade and put it to a test.
I have been slightly disappointed with Chat’s ability to search data and synthesize financial information. For example, its brain cannot process a general query like “develop a list of the ten companies with the highest 5 year compounded annual growth rates in cash from operations”.
However, what I discovered from a recent demonstration of how to use the product by the computer science department of my local high school is Chat’s brain is meant to be conversational and collaborative and, and its brain cannot synthesize publicly available financial information. However, if you are smart about how you ask for its help you may be surprised by the results.
Here is an example of why “what you ask” is important. I am interested in how generative AI can be used by businesses with massive proprietary databases to further defend their oligopolies. Here is the query and result from Chat:
ME: Develop an outline for a blog I will publish about which companies and industries will be most benefited by ChatGPT.
Title: “Unlocking the Potential: Industries and Companies Set to Benefit from ChatGPT”
- Introduction A. Brief overview of ChatGPT B. The growing importance of AI-powered chatbots and conversational AI C. Purpose of the blog: Identifying industries and companies poised to benefit from ChatGPT.
- The Versatility of ChatGPT A. Explanation of ChatGPT’s capabilities B. How ChatGPT can be adapted for various applications C. Why its versatility makes it valuable across industries.
III. Industries Primed for ChatGPT Integration A. Healthcare 1. Use cases in telemedicine and patient support 2. Improved medical record management B. E-commerce 1. Enhancing customer support and personalization 2. Streamlining product recommendations C. Financial Services 1. Chatbots for customer inquiries and account management 2. Fraud detection and prevention D. Education 1. Personalized tutoring and homework assistance 2. Virtual classroom assistants
- Leading Companies Leveraging ChatGPT A. Case Study 1: Healthcare 1. Mention companies using ChatGPT in telemedicine 2. Highlight success stories B. Case Study 2: E-commerce 1. Showcase e-commerce giants utilizing ChatGPT 2. Discuss the impact on customer engagement and sales C. Case Study 3: Financial Services 1. Examples of financial institutions implementing ChatGPT 2. Improvements in customer service and security D. Case Study 4: Education 1. Notable educational institutions integrating ChatGPT 2. Outcomes and improvements in the learning experience
- The Future of ChatGPT and Emerging Opportunities A. Ongoing advancements in AI and NLP B. Potential industries and use cases on the horizon C. How ChatGPT can adapt to new challenges and opportunities
- Considerations and Challenges A. Ethical concerns and responsible AI usage B. Data privacy and security implications C. Training and maintenance costs
VII. Conclusion A. Recap of the industries and companies benefiting from ChatGPT B. The role of ChatGPT in shaping the future of conversational AI C. Encouragement for businesses to explore ChatGPT’s potential for their own growth and innovation.”
ME: Once my outline was done and Chat understood what I was searching for, I then asked for a more refined search:
Will companies with large proprietary databases be most benefited. Please give me a few examples of companies.
Certainly, companies with large proprietary databases can derive significant benefits from integrating ChatGPT into their operations. Here are a few examples of such companies:
- Tech Giants and Social Media Platforms:
- Facebook: Facebook could use ChatGPT to enhance user engagement and personalized content recommendations, as well as to improve content moderation and user support.
- Google: Google could leverage ChatGPT to enhance its search engine capabilities, improve Google Assistant, and offer more accurate and context-aware responses to user queries.
- E-commerce Giants:
- Amazon: Amazon can use ChatGPT to improve its product recommendations, optimize its supply chain operations, and enhance customer service through more responsive chatbots.
- Alibaba: Alibaba can benefit from ChatGPT by enhancing its customer support, optimizing product listings, and providing more tailored shopping experiences.
- Financial Institutions:
- JPMorgan Chase: Large banks like JPMorgan Chase can use ChatGPT for better customer service, fraud detection, and financial advisory services.
- PayPal: PayPal could employ ChatGPT to improve fraud detection and prevention, as well as to provide more efficient customer support for payment-related inquiries.
- Healthcare and Pharmaceutical Companies:
- Pfizer: Pharmaceutical companies like Pfizer can use ChatGPT to assist healthcare professionals in drug research, provide patient support, and improve drug information dissemination.
- Mayo Clinic: Healthcare providers like Mayo Clinic can utilize ChatGPT to enhance patient interactions, provide medical advice, and streamline appointment scheduling.
- E-learning and EdTech Companies:
- Coursera: E-learning platforms like Coursera can integrate ChatGPT to offer personalized learning experiences, answer student queries, and provide automated tutoring.
- Khan Academy: Khan Academy could use ChatGPT to offer better explanations and assistance to students, making online learning more effective.
- Manufacturing and Supply Chain Companies:
- Tesla: Manufacturing companies like Tesla could employ ChatGPT to optimize their supply chain operations, forecast demand, and enhance production efficiency.
- Amazon Web Services (AWS): AWS can use ChatGPT to improve customer support and assist clients in optimizing their cloud computing resources.
- Airlines and Travel Companies:
- Delta Air Lines: Airlines like Delta can utilize ChatGPT for customer service, flight booking assistance, and providing real-time travel information.
- Expedia: Travel booking platforms like Expedia can benefit from ChatGPT by offering personalized travel recommendations and better customer support.
These examples demonstrate how companies with large proprietary databases can harness the power of ChatGPT to enhance their operations, improve customer experiences, and stay competitive in their respective industries. My process- what I asked- helped me get what I wanted.
This Reminds Me of 2001 Space Odyssey
This reminds me of the early collaborative experience between HAL 9000 and Dave in Stanley Kubrick’s 1968 movie “2001 Space Odyssey”. Early in the space travel to Jupiter Dave and Hall the computer are quite collaborative. But Hal goes rogue and tries to kill all the humans. Dave pulls all the rods serving as Hal’s power source and disables the artificial intelligence master.
Like Hal, ChatGPT is starting to understand what I want from the process by which I ask the questions: First an outline, then industries that may benefit and finally companies that may benefit.
Try this for yourself. You will see a powerful work tool and a possible substitute for a lot of current jobs based on research and writing. Chat’s current hourly wage rate based on a standard 2000-hour work year is 12 cents and it draws no benefits, never gets sick, never goes on strike and is available 24/7 in any language you desire.
Chat Will Be A Disrupter
ChatGPT is highly disruptive for jobs like programming and data analytics, customer service and administrative tasks like scheduling and document preparation. Our office manager has already found it helpful in organizing a yearly calendar for nine portfolio companies.
ChatGPT is also coaching me about creating a search bot for daily news. It promises 11 free news feeds can be searched every morning at 6am using a software called Python. It also cautions me about getting network permissions and checking the right boxes before I download the software.
I am smart enough to know that Chat has much more confidence in my chances of success than I have and downloading a software that, like a python, can squeeze your computer to death may not be advisable. I will seek help from our younger and wiser associates before I press the button.
The above commentary is for informational purposes only. Not intended as legal or investment advice or a recommendation of any particular security or strategy. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments based on conditions at the time of writing and are subject to change without notice.