Three major industries that can currently benefit from ChatGPT

ChatGPT and related artificial intelligence technologies have attracted much attention in various industries, but in which industries can they provide practical applications?

ChatGPT has now taken the world by storm, with this Large Language Model (LLM) having 100 million active users two months after its release, setting a record for the fastest user growth among online platforms.

When ChatGPT and other large language models were first applied, many users reacted with awe, excitement, fear, and curiosity. ChatGPT’s potential impact on the digital ecosystem is far-reaching, particularly in the fields of digital content, information technology, and written communications.

Large-scale language models have enabled many innovative breakthroughs, especially the application of the natural language processing transformer paradigm to large training sets customized for enterprises. Because of this potential, CIOs across industries will consider adopting ChatGPT and other conversational text-to-speech and research-based large-scale language models.

Once OpenAI makes ChatGPT available to users as a full-fledged application programming interface, ChatGPT will enable powerful workflows and will enhance its already impressive capabilities.

While not all industries will be able to implement this technology and see immediate results, the following three industries stand to gain the most and do so quickly.

(1) Pharmaceutical Industry

Researching and developing new drugs has become increasingly time-consuming. On average, it takes at least 10 years for a new drug to be launched on the market, and at least 6 to 7 years for clinical trials.

ChatGPT has the potential to accelerate time to market because it can extrapolate data from multiple concurrent treatment plans. It can then quickly create insights and correlations from these massive data points to better understand clinical trial results.

It may also change customer management. An estimated 66% of U.S. adults (more than 131 million people) use prescription drugs. Yet the U.S. Food and Drug Administration (FDA) receives more than 100,000 medication error reports each year from pharmacies, hospitals and patients’ homes. This margin of error can be narrowed by ChatGPT, or similar technology (with a text-to-speech engine and different personal training data) that can send information to customers so they can take their medication correctly.

(2) Financial Management

The shortage of personnel has hindered the development of many industries, including the financial industry. A recent survey of financial advisors by Charles Schwab found that recruiting and retaining talent has become the most important strategic priority for the first time since 2006.

ChatGPT can act as a conversational agent with enterprise-specific data sets to send messages and suggestions to customers. It can greatly expand the capabilities of customer representatives by providing efficient and high-level financial knowledge. However, regulatory regulations will determine the scope of these use cases.

ChatGPT does not eliminate the role of those who have access to sensitive financial information or perform transactions on behalf of customers. It lacks the contextual content necessary to make accurate insights, such as through historical trends in a customer’s account balances or personal financial history. But in the short term, enterprise versions of transactional, conversational, or large language models (LLM) that leverage reinforcement learning with human feedback (RLHF) could play a more important role, meaning that they will replace jobs currently performed entirely by humans. .

(3) Automotive Industry

Over the past few years, rising commodity prices and supply chain shortages have been affecting the development of the automotive industry. CIOs at automakers can leverage ChatGPT as a research tool to track industry trends and analyze competing supply chain processes to ensure they are using the right procedures every day to reduce profit losses.

Business leaders can also leverage ChatGPT to analyze large data sets of parts and processes. This improves the creation and maintenance of content such as manuals, parts catalogs and operating procedures, thereby increasing efficiency. It can also be used to build substantial intellectual capital for new parts suppliers who often lack the documentation advantages of existing suppliers.

The rapid popularity of ChatGPT has made it a model for large-scale language models and other language processors, but now we have only seen the tip of the iceberg of the technology behind ChatGPT, and it is known to have a lasting impact on society in many ways. , it is this unknown potential that is exciting.

Whether it’s AI-specific workflows, AI-as-a-service, or applying large-scale language models, the next technology breakthrough is undoubtedly around the corner. IT leaders, especially in these three industries, will need to be creative, adaptable, and open to the many benefits IT can bring.

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