For many executives, the debut of ChatGPT by OpenAI was seen as a shiny new innovative opportunity to level up and break new ground in the market. You can't click on an article, open an email, or listen to a podcast without hearing about artificial intelligence and how ChatGPT is redefining business operations. Automation and A.I. are becoming integral to business functions--managing redundant administrative tasks, improving business outcomes, streamlining communications and productivity, etc. And now, A.I. is branching into creative endeavors as well, like writing, graphic design, and audio engineering.
With everything A.I. brings to the table, the Global Chatbot Market size is predicted to grow to $10.5 billion by 2026, a $7.6 billion increase from 2020. As a massive state-of-the-art chatbot, it's no surprise that many organizations are heavily invested in ChatGPT and advanced generative A.I. technology.
I know that the buzz around how ChatGPT and generative A.I. are changing the world is prevalent. But these big-picture discussions are only as valuable as their more granular application. Which is to say, how will A.I. capabilities affect the market on a more micro level?
To understand the full scope of ChatGPT's effect, here are some cases of its impact across multiple industries and businesses.
The Legal Profession
The key, for many, when it comes to A.I., is that it can help employees save time. In the legal profession, lawyers, paralegals, and other professionals can take advantage of ChatGPT's ability to filter through large amounts of legal documentation and datasets. With a thorough understanding of this data, A.I. can be structured to answer complex questions based on this data. And these methods of leveraging A.I. are only a few that law firms have come up with.
Within a few months of ChatGPT's release, law firms and legal tech companies were already announcing new ways of using generative A.I. tools. However, despite all the benefits, there are significant challenges to consider when planning to insert ChatGPT in the legal field.
Ethical challenges, including generating false or misleading legal documents, often come up when discussing A.I. for legal work since A.I. replaces human judgment. Caldwell IP, a tech-focused intellectual property law firm that serves innovators and investors, has received questions about how A.I. and ChatGPT could impact patent holders. Keegan Caldwell, founder and managing partner, explains that A.I.-generated content or the A.I.-model itself could infringe on the intellectual property rights of others, making your firm liable for damages.
"It must be determined to what extent the user and language learning model owner and developers of the A.I. are liable for infringement," Caldwell explained. "Although it is currently unclear how these and other infringement issues will be dealt with, both patent and copyright infringement issues will undoubtedly be litigated, providing us with clarity on infringement pitfalls when using ChatGPT"
In marketing, ChatGPT could be as disruptive as the launch of the iPhone in 2007. Aside from generating text, ChatGPT can create code for programmers and developers, analyze consumer data, and support existing marketing processes.
My own company uses A.I., and we're always looking for new A.I. tools and applications. In fact, we have a very active Slack channel dedicated to sharing innovations that can help us improve efficiency and ideation. Some of the ways we use A.I. include creatively reworking PR pitches for reporters with specific interests and quickly researching new target demographics for potential marketing campaigns using A.I. for research and summarization.
Some marketing professionals fear ChatGPT will shrink their departments or replace them entirely as A.I.'s capabilities for marketing grow by the day. But we don't share that concern.
While A.I. is an amazing tool that can be highly effective in marketing, human judgment is crucial to understanding buyers and what motivates them, and that isn't subject to change. Steve Ohanians, the CEO of Silicon Valley B2B digital agency Clear Digital, shares that viewpoint and notes that many A.I. and machine learning models are still in their infant stages and require significant human oversight to ensure a level of sophistication and contextual knowledge.
Still, A.I.'s ability to eliminate repetitive and time-consuming tasks, reduce human error, and accelerate project progress are some of its greatest benefits. Like Zen, Steve's team has integrated A.I. throughout Clear Digital to augment their creativity within the ideation phase, prompting designers and developers to look at projects through a different lens.
Akin to marketing, but in the internal comms space, A.I. is proving to be a big asset for business communications across industries. Business communications A.I. platforms can encourage effective communication practices through task automation and by providing actionable insights to assist in decision-making. Poppulo, a communications and workplace experience software company that leverages A.I., believes A.I. can improve the crafting and delivery of business communications in a number of ways.
A.I. can enhance the customer and employee experience by making communication more targeted, it can automate tasks tied to communications, and it can deliver real-time research and key insights tied to how communications are received. These insights will influence how communications should be developed and deployed based on the individual's personalization preferences.
These are only a few examples of innovations occurring across industries because of advancements in A.I. technology. And while there is a risk that accompanies any change in the marketplace, I believe that the opportunities A.I. provides will amount to a competitive advantage for any business that incorporates it wisely. While A.I. can't (and shouldn't) replace human sensibilities and discernment, it can improve our efficiency, bolster creativity, and make us more data-driven--all wins in my book.