While the ovation was still high on the release of the AI technology, ChatGPT, the OpenAI Company released an upgraded model, ChatGPT-4.
ChatGPT-4 was released on Tuesday, March 14, 2023, to offer business owners an incredible opportunity to transform their business processes. Like its older model, the system can comprehend and react to different prompts. However, what’s more fascinating about ChatGPT-4 is that it is multimodal, meaning it can take prompts in both image and text formats.
If you’re wondering what changes the ChatGPT-4 has from its older model and how it affects your business, this article will provide insights. But first…
What is ChatGPT-4?
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ChatGPT-4 is an AI chatbot application that uses the GPT (generative pre-trained transformer) language model to provide detailed responses to chat prompts. It is more efficient than the first model, the ChatGPT, which runs on the GPT-3.5 large language model. This tool has many awesome features that smart business owners would find quite useful.
What Should Business Owners Expect from ChatGPT-4?
Business owners who use ChatGPT-4 to perform certain functions would greatly benefit from the AI system. So, if you run a small business or are about to, here are some key benefits you can derive from the newly released AI technology:
Improved Customer Service
The quick and accurate response rate of ChatGPT-4 is 500 times better than ChatGPT, making it a great tool for businesses to deliver efficient customer service.
Customers will find it simpler to find solutions to all of their questions if ChatGPT-4 is integrated into your website as a knowledge base. This will greatly improve customer satisfaction and retention, as most customers cite poor customer service as the reason they ditch a brand.
Perhaps the most important customer service benefit of ChatGPT-4 is its automation features. With ChatGPT-4, certain customer service steps can be automated, reducing the load on customer service agents.
Increased Customer Engagement
The enhanced interactive ability of the ChatGPT-4 improves customer engagement to a great extent. As it becomes simpler for customers to make product and service inquiries, complaints, etc., customers would find it more enjoyable to interact with a brand.
If you’re looking to integrate ChatGPT-4 into your business, expect to have increased customer engagement and, ultimately, an improved bottom line.
Increased Sales Conversion
One of the outstanding characteristics of artificial intelligence that makes it so valuable to business owners is its capacity for data study and analysis. Business owners can use ChatGPT-4 to analyze sales data and spot trends that can be used to boost sales conversion. It can be used specifically to anticipate customer behavior, spot opportunities, and automate time-consuming sales tasks, all of which can boost sales conversion.
Better Understanding of Customers’ Needs
It’s easier for customers to jump ship once they find a business that understands their needs and preferences better.
To understand customers’ needs and preferences, you need to study their purchase history and pay attention to their complaints and inquiries via various platforms like social media, emails, etc. This is one of the key features of the updated version of ChatGPT, as it has the ability to study patterns, analyze them, and help make informed forecasts.
Reduced Business Operation Costs
Operation cost reduction is one of the many benefits business owners will get from ChatGPT-4. The powerful AI technology can help you automate certain business processes, such as customer service. Automating customer service and other repetitive business operations will help erase certain costs and increase the bottom line.
Faster Project Execution
Although downtimes in business operations are unavoidable, they can be prevented with advanced AI systems like the ChatGPT-4. Projects can be done faster when the processes are correctly outlined, and inefficient processes are eliminated.
With ChatGPT-4, it’s easier for business owners to carry out strategic plans to improve business processes.
Generation of High-quality Content
Customers want to read and engage with your brand regularly. As a result, creating top-notch content regularly is essential for your business to stay relevant.
ChapGPT-4 is an essential tool businesses can use to create content calendars, outlines, and snippets. You can also develop full articles or white papers, social media content, video scripts, and much more content. ChatGPT-4 has the ability to take in and produce up to 25,000 words in a conversation, which is far more than ChatGPT’s limit of 3,000 words.
Businesses can personalize customer interactions and boost engagement by utilizing ChatGPT-4’s capabilities. They can also streamline workflows to cut costs and produce high-quality content that appeals to a specific target market. However, ChatGPT-4 didn’t come without limitations.
Limitations of ChatGPT-4
While there are many great things business owners can expect from ChatGPT-4, the downsides can’t be overlooked. Here are some of them:
Limited Information on Business Trends
ChatGPT-4 lacks information about events that occurred after September 2021, which is the cut-off date of its knowledge base. This makes it difficult for business owners to use ChatGPT-4 to analyze current market trends and make certain business decisions.
Due to the large dataset the ChatGPT was trained on, it can sometimes generate inaccurate responses (also known as hallucinations), which would be detrimental to making business decisions. Therefore, be sure to fact-check every piece of information the ChatGPT-4 provides to be sure business decisions made from it are based on facts and not inaccurate results.
Privacy and Security Concerns
To use ChatGPT-4 effectively to predict customers’ purchasing behaviors, businesses feed it with their customers’ data. These large files stored and processed through it raise concerns for customers’ privacy and security. If mishandled, this data can fall into the wrong hands, which might result in breaches of customers’ privacy.
Limitations in Personalization
ChatGPT-4 lacks emotional intelligence and cannot understand or express emotions.
Due to this, it is less able to help business owners personalize their communications and interactions with customers, which could impact how well customers engage with their brand.
Personalization is key to business success, as customers want to be treated specially at all times.
Ready to Integrate ChatGPT into Your Business?
ChatGPT-4 is an invaluable business tool that every business owner should strive to employ. If you’re already using ChatGPT, you’d appreciate the advanced benefits that ChatGPT-4 would bring to your business.
With the fierce competition among brands to meet customers’ needs and preferences, only those smart enough to adopt AI systems like the ChatGPT-4 will succeed.