Business Tech: The up and downsides to ChatGPT and its application to your business

Bahar Ferguson

Artificial Intelligence (AI) technology today is revolutionizing the world. We already have voice assistance and face unlocks for cellphones, which are examples of AI-powered technology. The AI application getting the most publicity these days is ChatGPT and similar AI-powered tools like Jasper AI, Bing AI, ChatSonic and the yet-to-be-released Google version called Bard AI.

It is simple to explore ChatGPT. Users can access the service through various platforms, including websites, chatbots and messaging apps. To use ChatGPT, users have to enter a question or a prompt — the more specific the entry, the more accurate the response. Every response is generated based on ChatGPT’s expansive knowledge and training data.

To register before using the service — depending on the platform — users are required to provide some basic information which includes their email address, first and last name and mobile number for generating a unique code. The personal information required while registering is minimal and no sensitive data such as financial or health information is collected.

The big question everyone has on their minds is, “How would this affect regular jobs?” Since this smart technology is automated and advanced to deliver quick and quite human-like data, the implications of ChatGPT for jobs can be concerning. Language models such as these can automate different tasks, including content creation, customer service and data analysis.

While it is quick to assume that this may lead to job losses in certain areas, it is true that this technology may also help create new opportunities for those skilled in data science, programming and related fields. Also, it is important to know that there are tools capable of detecting AI-generated content, and while the tool can be used in a smart way to enhance content creation, nothing beats authentic human-created content.

The use of ChatGPT and other AI technologies is subject to privacy concerns:

• There is a risk of privacy breaches and misuse due to the collection and processing of personal data, but this is not a big concern as this also happens with any other technology.

• ChatGPT keeps a record of every message and all data fed into it, so users must be careful while feeding prompts or questions.

• Beware of ChatGPT-related scams, as Bitdefender has reported frauds related to fake phishing emails having OpenAI and ChatGPT graphics, sent to users to trick them into opening malicious links and extracting money.

OpenAI has, however, promised to address privacy concerns by enforcing strict data protection measures and transparency policies.

There are challenges ChatGPT faces since it is still in its learning phase and many of these problems have not yet surfaced. As the tool is trained to use data from multiple sources such as books, Internet resources, journals, articles and other vast variety of content that may be subject to copyright, ChatGPT runs the risk of violating intellectual property rights. Another risk associated with the tool is the leaking of personal information acquired from training datasets with its users. This could violate protection laws in many countries. And there are also ethical concerns about misleading content and fake news causing the spread of false information and harming reputations.

Here are 10 interesting facts about Chat GPT:

1. OpenAI is controlled by Microsoft.

2. ChatGPT is free to use and is available when demand is low. The plus version is available for $20 per month with added features and benefits and can be used even when the demand is high.

3. ChatGPT is a flexible tool. It can resolve coding problems and also be used for a variety of other tasks such as creating content, fraud detection, wealth management, financial planning, risk management, virtual assistance for onboarding banking customers and customer service.

4. ChatGPT can process bigger sequences of data and text. Hence, it is more effective than other language models.

5. The conversational manner of ChatGPT’s content creation makes it more engaging and difficult to distinguish AI from human-created content.

6. The hype surrounding ChatGPT is because it is free and there are many advanced similar tools already in use.

7. ChatGPT is not the most intelligent tool.

8. ChatGPT does not generate real-time data or AI art and also cannot take voice commands.

9. Users need to be skilled to know how to use the technology to its fullest.

10. ChatGPT is still learning from those who use it.

Although ChatGPT is a powerful tool that can transform many industries, create jobs, improve business efficiency and provide smarter solutions, it also has its limitations, privacy concerns and is still developing.

Bahar Ferguson is the president of Wasatch I.T., a Utah IT provider for small and medium-sized businesses.