There’s a lot of noise around AI, and in particular, ChatGPT right now. But what does this actually mean for businesses? We’ve summed up what’s going on for you below.

What is ChatGPT

In its simplest form, ChatGPT’s main function is to generate text-based responses to a wide range of prompts and questions. If you’re in marketing, you can use ChatGPT’s AI technology to make chatbots that handle customer inquiries, create blog posts, emails, and more. Right now ChatGPT 3 is available for free to everyone. 

What is ChatGPT 4 

Released on 14th March 2023, ChatGPT 4 can process up to 25,000 words and even interpret images. According to OpenAI ‘GPT-4 is good at tasks requiring advanced thinking, understanding of complex instructions, and creativity’. In the short time since its release, GPT-4 has been used to code games, build a chrome extension and create a recipe from an image of ingredients. You will need a paid subscription for GPT-4, it’s currently $20 per month. 

What has this got to do with the British Government

The government announced in its spring budget a big tech focus on quantum technology. The Manchester Prize is a new £1 million award that will be given out annually for the next 10 years to researchers who drive progress in critical areas of AI. Jeremy Hunt said he wanted the “best AI research to happen in the UK”. This could be crucial for the UK’s as according to PcW, the UK GDP could be up to 10.3% higher in 2030 as a result of AI.

Growing concerns 

There are concerns that the big players in social media – Facebook, Google, Amazon, Apple, and Microsoft – are now dominating artificial intelligence, which is worrisome. If the government can’t even regulate social media, it’ll be even tougher for them to address concerns about the “arms race” of AI. This is a serious issue because new AI technology could make websites like Facebook, YouTube, and Twitter even more chaotic with disinformation, as it becomes harder to tell the difference between real and fake accounts created by AI. 

What does this mean for businesses?

GPT-4’s standout feature is its multimodal capability that enables businesses to input a diverse range of data. This model can help firms to summarise PDFs, contextualise and aggregate chart data, evaluate and scrutinise contracts, and even recognise visual anomalies in physical infrastructure. This enhanced capacity to process different types of information offers a promising opportunity for businesses to improve their operations and decision-making processes. 

As an AI language model, ChatGPT has several limitations, including:

• Lack of common sense: Although ChatGPT is trained on a large corpus of text, it may not have a common sense understanding of the world and may provide responses that are nonsensical or inappropriate
• Biased responses: ChatGPT can sometimes produce biased responses based on the biases present in the training data used to develop the model
• Inability to understand context: ChatGPT may not always understand the context of a conversation and may provide irrelevant or confusing responses
• Lack of emotional intelligence: While ChatGPT can generate text in natural language, it doesn’t have the ability to understand or express emotions like humans do
• Limited creativity: While ChatGPT can generate new and original text, it may not always be able to provide creative or novel responses
• Limited knowledge: ChatGPT’s knowledge is limited to what it has been trained on and may not have the ability to answer complex or domain-specific questions.

It’s important to keep in mind that ChatGPT is a machine learning model and not a human being, and therefore has limitations in its capabilities.