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With the new wave of artificial intelligence (AI) technology, there’s an opportunity to automate many routine or administrative tasks and improve the overall efficiency of your business.

One AI tool that has gained significant attention recently is ChatGPT.

Developed by OpenAI, ChatGPT is an advanced language model that can understand and generate human-like text. This technology has the potential to revolutionise the way businesses work, which is why we have created our list of FAQs to help you understand this new wave of technology.

1. What is ChatGPT?
ChatGPT is a natural language processing AI model that can understand and generate human-like text. It uses machine learning algorithms to analyse large amounts of data and provide insights and recommendations based on the patterns it detects and information it has been ‘fed’.

Before using the system, it is important that you familiarise yourself with it. The easiest way to access ChatGPT is to log into OpenAI’s webpage.

2. How can businesses use ChatGPT?
One of the most popular uses is treating ChatGPT as a research assistant or intern within your business and training up the system to automate repetitive tasks such as data entry, invoicing, and reporting, essentially freeing up your time for more complex and strategic work.

There is also the opportunity to improve efficiency and accuracy. For example, it can identify trends and flag potential risks.

AI can help you stay up to date with industry updates and trends by using sources such as news articles, reports, and social media. Depending on the version used and information provided, it can provide insights and recommendations based on the latest developments, enabling businesses to adapt quickly and stay ahead of the curve.

ChatGPT could be integrated into your workflows so it can provide you with real-time updates, insights, and reports. By training ChatGPT on specific industry terminology and practices, it can better understand and generate accurate reports depending on the request or ‘prompt’ made.

Finally, it is worth noting that this is a language model, so we mustn’t overlook that it can write or rewrite text such as emails, blogs, or content, all based on the tone of voice you wish to convey.

3. What is a ‘prompt’?
A ChatGPT prompt is the piece of text you input/use to initiate a conversation or request a response from the system. For example, if you want ChatGPT to generate a production report, you might provide it with a prompt such as “please generate a production report for the first quarter of 2023.” ChatGPT will then use its deep learning algorithms to examine the prompt and generate a response that is relevant and accurate based on the input provided.

The quality of the response will depend on the quality and written structure of the prompt and the training data used to develop the ChatGPT model. This is why it is important to ensure you are using the most effective prompts and it should be noted that this can take time to master.

4. How secure is Chat GPT?
Naturally, we need to ensure that any sensitive financial information shared with ChatGPT is kept confidential and not accessed by unauthorised parties. We therefore advise that no confidential data is shared with the platform unless you are using a secure communication channel.

It’s also essential to verify that the ChatGPT model you are using has appropriate safeguards in place to protect data confidentiality.

Data integrity is also important. Businesses need to be confident that the information they receive from ChatGPT is accurate, reliable, and not tampered with.

We would always recommend verifying any critical information generated by the model before making any important decisions. It’s important to note at this point that no version of the system has fully up to date information, therefore the latest legislation etc. will not be generated as part of any response unless the data is input by the user within the prompt.

5. What is next?
To get the most out of ChatGPT, it is necessary, from a team and system perspective, to invest time and resources in training and development.

With an estimated 2000 AI tools being created each week, there are several platforms and tools available to access ChatGPT, including ‘OpenAI’s API’, ‘GPT-3 Playground’ and ‘Hugging Face’s Transformers’. Each platform has its unique features and capabilities, so it’s worth exploring to find the one that best suits your needs.