
01 Oct 2020
One technology that is gaining popularity in the Information Management Industry is ChatGPT.
22 Feb 2023
6 min
Marketing Executive
It is intended to produce natural language responses, making it useful in a range of business applications where a human-like interaction is desirable.The industry’s adoption of ChatGPT is critical given the interplay of data, technology, security, ethics, privacy, and many more.
In light of ChatGPT’s adoption, the Information Management Industry should be aware that it has several implications for them. The value proposition for generative AI is evident in terms of enhancing the user experience, and Microsoft and Google have invested in it. Microsoft recently launched its first model - from a natural language model created by Open AI and integrated with Microsoft Power Apps, which will enable the development of applications with little or no coding. The likelihood of ChatGPT's success for an organization depends on resources available like costs, timeline, and the potential benefits it can bring to their business. The value of ChatGPT lies in its constantly expanding data model. Users testing the free model are helping to grow the dataset, which will, in turn, improve the system’s accuracy. It also has potential areas for improvement and risks or challenges stakeholders needs to be cognizant of.
ChatGPT has many opportunities for the industry that leverage the technology strategically. The benefits include but are not limited to:
Customer service is a huge area of opportunity for the Information Management Industry.
Content Integration and Document Ingestion processes can also help organizations to reduce costs by eliminating the need for manual processes and streamlining the process of moving data from one system to another. Organizations can reduce their operational costs and increase efficiency, saving you time and money, and being able to focus on more critical tasks.
By enabling streamlining business processes for workflows using automation that were previously done by humans, ChatGPT has the potential to increase efficiency and reduce costs. ChatGPT can also be used to generate valuable data-driven insights into customer behavior and preferences, which can be used to identify areas for business improvement like developing more effective strategies for customer engagement and product development.
Using natural language processing, ChatGPT can recognize the structure and meaning of language which allows it to provide accurate information on demand, making it easier for teams to access the data they need quickly. This saves time for searching for content and information and increases productivity.