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Introduction: –

In this ongoing era of digitalization, businesses are looking forward towards improving customer base as it is the most important resource for any business. However, it is not possible to reach out to every customer at a single time. To remove this barrier, the business shall adapt the use of AI based Chat Bots that help interact with customers all at once and also helps to solve their queries. To get this thing implemented, businesses can take the example of Chat GPT. Chat GPT is an advanced conversational AI, which presents exciting opportunities for businesses to create a good customer interaction forum and also improve operational efficiency.

Contributions for Business Development:

1. Intelligent Market Research – Harnessing Chat GPT in market research allows business to gather valuable insights through surveys and feedbacks. It can also analyse customer preferences which can aid the business to form data driven decisions.

2. Lead Generation – Chat GPT can help business generate leads by engaging with potential customers and gathering information. It can engage with website visitors, collect relevant information and provide tailored responses.

3. Interactive Sales Assistant – Responding to customers related to product queries, providing recommendations, and guide them through purchasing process.

4. Brainstorming – Chat GPT can function remarkably as a brainstorming tool to come up with unique market strategies that can help business to make breakthroughs.

5. Visrtual training and Onboarding – Chat GPT can make interactive and informative training modules for employees as well as can effectively provide consistent learning experience.

6. Customer Support – Business can provide personalised customer support using Chat GPT through round the clock customer support, troubleshooting common issues and ensuring prompt customer assistance is provided.

Examples of Businesses that have adapted Chat Bot similar to Chat GPT:-

Examples of Businesses that have adapted Chat Bot similar to Chat GPT

Limitations of use of Chat GPT:

1. Difficulty in Handling Complex Tasks: Chat GPT is built in such a way that, it can easily answer straight forward queries. When it comes to Complex processing of queries, it becomes difficult to provide prompt resolution about queries. It will require additional guidance to process such complex request.

2. Lack of emotional Intelligence: Chat GPT is an AI. It may not be able to understand some sensitive or emotional user input. This limitation can impact customer support interactions where empathy and emotional support are crucial.

3. Lack of Context: Chat GPT operates its data processing based on the input during the training face of this AI. It may be unable to fully understand the context of the conversation resulting into occasional inappropriate or incorrect output.

4. Limited Knowledge: Chat GPT does not have appropriate knowledge, meaning it has data into it which may be outdated and it is not aware of any recent updates.

5. Need for Human Oversight: Due to various limitations, it becomes very necessary for the businesses to monitor the Chat GPT while using it in business application. Human Intervention ensures the accuracy, appropriateness, and quality of responses, as well as helps to mitigate any potential risk.

Conclusion: –

Incorporation of Chat GPT into business operations can open up wide range of possibilities. Embracing advanced technology can help gain a competitive advantage in digital landscape as compared to the competitors. As the Chat GPT is involving continuously, it is crucial for business to explore the technology for the best of their advantage.

But it is also important to note that while it offers advantages, it can also have many limitations. Since it relies on pre-existing data, all the information acquired may not be reliable. Sensitive business data may also be exposed to cyber security risk. With regular monitoring and proper human oversight wherever necessary, Chat GPT can become a potential tool in business operations to meet the ever changing demands of today’s market.

(This article represents the views of the authors only and does not intent to give any kind of legal opinion on any matter)

Authors: Kushal Mehta | Consultant | +919930612247 | kushal.mehta@masd.co.in

         Shripriya Aithal : Consultant |+918779984264|shripriya.aithal@masd.co.in 


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July 2024