The latest talk about generative AI and other foundation models can be the major game changer by taking assistive technology to the new level. It reduces application development time while bringing powerful capabilities to nontechnical users. And the rising and latest star above all is the generative AI language model developed by Open AI, called ChatGPT. Long story short, this is the response generated from ChatGPT:
Generative AI, ChatGPT in particular, is the buzziest topic in tech right now, stealing the spotlight from NFTs and the metaverse. The US venture capital was ahead of the game, as always, with their funding focusing on generative AI up 27% y-o-y in 2022, hitting US$1.4 billion, according to PitchBook.
Being a powerful assistive tech, ChatGPT is already shaking things up and it took only five days to reach one million users. Generally, ChatGPT can be disruptive to many industries, particularly the service business industry, in several ways:
Cost Savings. Many services that require humans to perform can now be replaced by ChatGPT. ChatGPT can automate many mundane tasks performed by human service providers such as customer service chatbot, HR job hunting description, scheduling appointments, text summarisation and even translation, thereby, reducing much labour costs and also potentially increasing efficiency.
Scalability. Compared with a team of customer service operators, ChatGPT can handle large volumes of requests and interactions with customers at one time. The capability in handling large volumes of requests makes scaling up more easily and quickly for service business in their operations.
Personalization. Besides handling mundane and pre-fixed auto responses, one of the greatest features ChatGPT can provide is to create engaging and personalized conversations. The ability to provide personalized experiences for customers is a highly regarded feature to have as it helps to improve customer satisfaction and loyalty.
24/7 Availability: The downside of having human labour is the limitation of working or servicing hours, which is usually based on normal business hours and business working day. On the contrary, ChatGPT can provide continuous service and support to customers, even outside of normal business hours and working days. In today’s fast and dynamic pace, customers’ enquiries can come anytime of the day, even way past midnight. By having a service that provides 24/7 round the clock quick response to customers, this feature can be sure to increase customer satisfaction and reduce wait times.
Improved Customer Experience: Above all, the immediate responses that ChatGPT can provide to customers can eliminate the need for them to wait on hold or wait for a human service provider to become available. This can lead to an improved customer experience and increased customer loyalty and retention.
Overall, ChatGPT can help service businesses save costs, increase efficiency, provide better engagement, better customer experiences and ultimately increase customer loyalty and retention. However, the use of generative AI such as CharGPT in service industries also presents challenges, such as the need for robust data privacy and security measures, potential biases in the training data, and the risk of losing the human touch in customer interactions. With that being said, the service businesses will need to carefully consider these factors when implementing generative AI technologies to ensure that ChatGPT is properly implemented and trained to avoid biases and other issues that can impact the quality of service provided and, ultimately, the brand name, by the end of the day.