If you‘re not currently using AI technology to enhance your business, it’s time to get onboard or be left behind. ChatGPT has become increasingly relied upon to generate blog content, assist rewriting business
correspondence, and most recently to analyze your business practices and financial records, create business tools and templates, and document business procedures!
What is ChatGPT?
ChatGPT is a conversational chatbot created by OpenAI that engages in dialogue via Reinforcement Learning with Human Feedback (RLHF). The current version, GPT-4, is free to use for personal and commercial purposes, including the rights to any content generated by the ChatGPT feed under your direction. However, ChatGPT has limited knowledge of world events after 2021 and is still an early prototype. Nonetheless, you can start using it right now to take your business to the next level.
What can ChatGPT do?
ChatGPT can generate content for your website, edit emails, compose job descriptions and listings, and even provide business advice. Here are some tips to get the most from your ChatGPT experience:
1. Type your question or prompt the way you would talk to a coworker or colleague, and don’t be afraid to be conversational. If the first answer doesn’t meet your needs, add clarifying details and consider revising specific parts of the answer for the chatbot to rework.
2. Provide relevant background information and context for AI to better understand what you are seeking, so it can respond appropriately.
3. Specify the length, style, and level of reply you require. For example, “explain so that a 5th grader could understand.”
How can I use ChatGPT in my business?
The best way to get started using ChatGPT in your business is by opening a web browser and going to openai.com to set up a free account. Start by explaining your business to ChatGPT and then ask for ways to improve. Here are some prompts to try:
• “I own a business in the manufacturing industry. We have been open for x years and generate y in annual revenue. What are some KPIs (key performance indicators) I should be reviewing monthly?”
• “I own a furniture company where we design and produce all of our furniture here in the US. Cash flow can be unpredictable at times, but we generally sell the most furniture in February when people receive their tax refunds and in October when people are planning for the holidays. Generate a schedule that helps me plan cash flow throughout an entire 12-month year.”
• “I am the new financial director for a local nonprofit. I have been tasked with creating a budget and tracking expenditures throughout the year. How do I create a budget for the nonprofit?”
• “I work in a service-based industry and am interested in setting up a pricing template for my services. Please generate a table showing different ways I can bill for my services, as well as the pros and cons of each method.”
How do I choose a prompt?
Are you ready to start creating your own prompts? A great place to start is the “Acting as a (ROLE), perform (TASK) in (FORMAT)” prompt method. This method involves three key elements:
ROLE: The person or entity that you want to act as in the conversation. This could be you, your business, a customer, or any other relevant role.
TASK: The specific action or information that you want ChatGPT to provide. This could be anything from product recommendations to marketing strategies to customer service inquiries.
FORMAT: The response that you want from ChatGPT. This could be a short answer, a list of options, or a detailed explanation.
By using this prompt method, you can help ChatGPT understand the context of your question and provide more accurate and relevant responses. The figure below provides a conceptual sequence for developing your prompt.
The Future of AI
The future of AI is incredibly exciting, holding immense potential for businesses of all sizes. As AI technology develops we can expect more advanced and sophisticated chatbots like ChatGPT assisting with increasingly more complex business tasks including supply chain management, financial forecasting, and customer relationship management.
Moreover, the rise of AI will transform the nature of work itself. While some jobs may be replaced by automation, AI will also create new jobs in fields like data science and machine learning. In fact, a recent report by the World Economic Forum predicted that AI and related technologies will create millions of new jobs in the coming years.
In short, the future of AI is bright, and businesses that embrace this technology will have a significant advantage over their competitors. By leveraging the power of AI, companies can streamline their operations, reduce costs, and improve their bottom line. The possibilities are endless, and we can’t wait to see what the future holds!