Beyond ChatGPT: Supercharging Your Business with AI for Growth and Success
How have your six months of living with ChatGPT been?
Here at Zestic AI, ChatGPT has arrived with a bang.
First, it made us feel a bit like SuperMen and SuperWomen - even without the Superman suits. Those of you who have read our previous blogpost on the subject (it has turned out to be a blockbuster!) might remember us describing several specific use cases in the daily lives of growth advisors and entrepreneurs where it can cut out hours of lower-value work. On a personal level, one of us has used AI to help write lyrics for a chart-topping song (a true story), while the other one has embarked on an adventure of building a YouTube channel on finance, a subject close to our hearts (well, maybe minds…), using all the latest AI apps and turning themselves into an avatar.
While we continue to use ChatGPT through the Microsoft Edge browser with Bing, which provides free access to GPT4 and live data, we have recently welcomed a new addition to our AI arsenal, Bard from Google. Some of us argue that Bard has an edge in research, although both sometimes hallucinate, producing unexpected and (at times laugh-out-loud results. Last week we challenged ChatGPT and Bard to produce some comparables tables for M&A transactions and publicly listed valuations in a digital health sub-sector, and both have entirely made up transactions that never existed (although this can give M&A bankers some deal ideas).
So here are some Level 1 learnings from our 6-month first-hand experience of using ChatGPT (and a bit of Bard)
1. Use but verify:
While both ChatGPT and Bard provide sources for their responses, it is good to click through or do separate quick searches to ensure accuracy.
2. Leverage domain knowledge:
AI tools are most effective when used in conjunction with a solid understanding of the subject matter. Otherwise, there is a risk of inadvertently providing inaccurate information.
3. Embrace experimentation:
It is essential to explore and play around with AI capabilities. Learning prompts is key to discovering new applications and unlocking AI's full potential.
… and now to Level 2 Learnings.
How to ‘pick the right AI’ to supercharge yourself and your company:
As Abraham Maslow famously stated in 1966, "I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail." ChatGPT, although a powerful tool, is not a one-size-fits-all solution. It is a vast language model with a comprehensive taxonomy.
If you seek high-quality enterprise solutions and aim to deploy AI for maximum impact, several factors must be considered:
1. Readiness for AI:
Deploying even an off-the-shelf GPT4 model can have a significant impact, but the quality of the results depends on the foundation of the data to which it is applied. To avoid the "Garbage In, Garbage Out" scenario, meticulous metadata management and robust data quality control are crucial. At Engelworks, we offer AI Ready to help companies prepare their business for AI.
2. Choosing a suitable model:
While large language models (LLMs) such as GPT offer broad capabilities, their lack of precision and hallucination require building ontology, taxonomy and controlled vocabulary for specific applications. For example, consider the benefits of using AI in three different areas:
analysing healthcare data
optimising sales in a channel requiring physical shipment
optimising or expanding marketing strategies
It may be possible to generate content for a marketing campaign or series of blog posts using ChatGPT/Bing, and since no items are moving in a physical world as a result of AI-based decisions, failure is pretty limited, and the risks of deployment for AI into marketing are pretty low.
In existing sales channels, where physical goods move due to human or AI decisions, there are higher costs of “hallucinating”, and penalties may be attached to re-scheduling batches of ships, trains and plains.
A more selective approach leveraging systems engineering practices is needed to select and deploy appropriate AI systems where the downside doesn’t outweigh the benefits of the AI solution. In healthcare and other regulated industries, pure ChatGPT can introduce actual harm, and such deployment should be balanced with additional validation and quality controls.
3. Off-the-shelf vs. custom-built solutions:
Depending on the unique requirements of a business, the choice between off-the-shelf AI solutions and custom-built ones can significantly impact outcomes. Zestic AI offers both AI Lab and AI Build services to provide tailored solutions that align with specific business goals.
4. Embracing AI strategically:
AI has the power to profoundly impact all aspects and functions of a company, from business models and operations to individual executives. To leverage this power effectively, every organisation needs an AI vision and strategy. AtZestic AI, we offer AI Vision, as well as AI Boost, which helps executives become super-executives while empowering all functions of the company with AI Boost.
The time to harness the potential of AI is now, as the new generation of powerful tools has become available.
At Zestic AI, we are passionate about helping businesses explore and unlock the benefits of AI for growth and success. Our team comprises AI, machine learning, and digital transformation experts with over 10 years of experience.
Get in touch with Zestic AI today to embark on your AI-powered growth journey.