ChatGPT: Anticipating Business Risks | Strategies for Success

Explore

Gallery

ChatGPT: Anticipating Business Risks | Strategies for Success

Brief description ChatGPT

What is ChatGPT?

⁠

ChatGPT⁠

is a large language model developed by OpenAI that can generate human-like text in a conversational context and carry out simple tasks. It is based on GPT-4, which is the latest version of GPT models and is known for its ability to generate text that is almost indistinguishable from human-written text.

ChatGPT is designed to generate natural language responses when given input from a user, making it potentially useful in a variety of business applications. For example, it can be used to answer questions, generate text and even code, and compose emails and essays. It’s like having your personal genie in a digital bottle, always ready to offer a helping hand.

ChatGPT’s Growth

ChatGPT was released on November 30, 2022. It reached 100M monthly active users in just two months. It took Instagram two and a half years to reach the same milestone. This is the fastest-growing app in history.

⁠

Timeline

Number of users

December 2022

Crossed 1 Million users

January 2023

Reached 57 Million users

February 2023

100 Million users

January 2024

180.5 Million users

There are no rows in this table

⁠

Within just five days of its launch, ChatGPT reached a milestone of 1 million users. ChatGPT is growing faster than the rate of TikTok.

More than 80% of Fortune 500 companies have integrated ChatGPT into their operations.

ChatGPT owner OpenAI projects $1 billion in revenue by 2024.

Statistics - OpenAI and ChatGPT

OpenAI’s audience is 56% male and 44% female.

OpenAI was most recently valued at $89 billion as of 2024.

ChatGPT’s training dataset contains over 570 GB of text and 300 billion words.

The largest age group of visitors is 25 – 34-year-olds.

ChatGPT website gets a total of 1.6 billion visits a month.

As of January 9, 2024, OpenAI has raised $11.3 billion over five rounds from 31 investors.

How does ChatGPT work?

ChatGPT operates on a seemingly simple premise but involves intricate technology. It's trained on a vast dataset of 570GB, containing 300 billion words from diverse sources like books, web texts, and articles. Utilizing probability, it predicts the next word in a sentence. Through supervised testing, it learns from inputs and correct outputs, refining its understanding continually. Further, comparison-based ranking aids in its ongoing learning process, setting ChatGPT apart as a comprehensive and continually improving language model.

⁠

Pricing Model

Currently, ChatGPT has multiple plans to choose from. These are:

Free Plan:

- Cost: Free - Use GPT-3.5 model only

Pro Plan:

- Cost: $20/month - Access to all paid features - Includes GPT-4 (with low message caps), GPTs, Plugins, and more

Team Plan:

- Cost: $25/month per seat - Access to all paid features (with higher message caps) - Data won’t be used for training - Ability to share GPTs privately across team members

Enterprise Plan:

- Cost: $60/month per seat - Access to all paid features (no message caps) - Higher speed GPT-4 model - Data won’t be used for training - Ability to share GPTs privately across team members - Enhanced security and privacy measures for data protection

Differences between ChatGPT-3 and ChatGPT-4

To gain a better understanding of the advancements in GPT-4, it’s important to first familiarize ourselves with the key distinctions between the new and previous version.

Multimodal AI model

The most significant change to GPT-4 is its capability to now understand both text and images as input. This feature is a significant improvement over its predecessor. It enables the model to process multimodal content, opening up new use cases such as image input processing.

⁠

Trained on more data

The model was trained using a vast collection of textual content from diverse origins such as books, web texts, Wikipedia, articles, and other online sources. This comprehensive training provides ChatGPT the capability of comprehending and providing answers to a vast array of prompts and questions.

We know that GPT-3 was trained on 175 billion parameters and while OpenAI has not disclosed the amount of parameters GPT-4 was trained on, some sources suggest that it’s close to 100 trillion parameters.

That’s approximately 571 times more!

The limitations of ChatGPT

Despite its impressive capabilities and rapid adoption rate, it’s important to remember that ChatGPT is not a perfect technology. Below, we listed its most important limitations:

Not connected to the internet: ChatGPT does not have real-time access to the internet like a web search engine would.

Answers are not always correct: When dealing with complex or highly specific questions, answers can be incorrect.

Limitations in training data and bias issues: Like many AI models, ChatGPT is only as unbiased as the data it is trained on. If the training data contains biases, the model will replicate them. This can lead to inaccuracies or inappropriate responses.

Limited understanding of emotions: ChatGPT may generate emotionally charged text without fully understanding emotions, potentially leading to insensitive responses, like lacking empathy in customer complaints.

Limited creativity: ChatGPT can generate text that is coherent and grammatically correct but it lacks the ability to generate truly creative content.

Stability and capacity issues: ChatGPT is a powerful tool but it has limits on the amount of text it can generate, especially when running on a shared server. This can lead to the server being down or unavailable at certain times.

The opportunities for businesses

ChatGPT provides a vast array of opportunities for companies that harness its capabilities effectively. Here are a few ways companies can make use of ChatGPT’s capabilities:

Compiling research

Creating content

Brainstorming ideas

Writing code and debug

Delivering aftercare services

Streamlining and enhancing processes using automation

Automating parts of the sales process

Translating text from one language to another

Smoothing out the customer onboarding process

Gallery

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.