Indian leaders have caught up with the global tech phenomena and recently hinted at the emergence of Indian ChatGPT, which supposedly matches up to not just Chat GPT but also the chatbots created by tech giants like Snapchat and Google. Exciting times lay ahead and it is imperative that you understand all about technology and not be caught up in the nefarious & elaborate plots of AI replacing humans.
While you may have read about it and heard it a million times, let us break down its timeline of existence, impact it has created and opportunities & implications that it poses. Chat GPT, owned by OpenAI is a text generating AI system that has the semantic ability to write essays, code, build on short text prompts and hyper-charging productivity capabilities. Launched to the public in late November last year, it has taken the world by a storm with an estimated reach of 100 million monthly active users in January, within two months of launch, making it the fastest-growing consumer application in history. It is touted to be one of the biggest innovations of the decade and it is even compared to be the next wave of revolutionary technology like the advent of smartphones, internet and social media. But what does it mean for the industry?
The emergence of a large language model trained by OpenAI, has significant implications for various industries, advertisers, and tech professionals. Let’s examine the key implications and scope of the tool:
- Upscaling the customer service industry: Such AI tools have been and can be used to improve customer service in industries such as e-commerce, healthcare, travel, and finance. The model can be equipped to understand customer queries and respond in a customized manner, thereby improving the experience with less human intervention.
- Targeted marketing strategies: Chat GPT can provide insightful analysis into consumer behavior and preferences, that can eventually help an advertiser create more effective and personalized marketing campaigns.
- Advancement in natural language processing: This new stage of AI advancement represents a significant progress in natural language processing (NLP) technology. As the model develops with millions of interactions, it further adapts and paves the way to revolutionize the way humans interact with machines
- New lease of life for tech industry: In recent times the tech industry has seen a major upheaval in terms of tech professionals losing thousands of jobs at tech giants and this resurgence of AI might just be the bailout. The emergence of Chat GPT and other AI technologies has created a demand for tech professionals who will be responsible for building and maintaining such complex intelligent machines.
- Job displacement: Just a few decades ago, the advent of the internet created similar concerns. Despite skepticism, the technology created millions of jobs and now comprises 10% of US GDP. Today, AI is poised to create even greater growth in the US and global economies. Sixty-three percent of CEOs believe AI will have a larger impact than the internet, according to PwC’s Annual Global CEO Survey. As machines become more intelligent, they may replace human workers in certain industries, creating a need for re-skilling and up-skilling. The concerns are valid but these are the same scenarios we deal with whenever technology goes through an upgrade and throughout we have seen humans emerge stronger by mastering the & creating a symbiotic relationship to reach new heights of innovation.
- Security concerns – We have already seen reports of cyber criminals leveraging ChatGPT’s language processing to create more convincing phishing emails.What is more alarming is that they could use rectify the patterns in which one identifies a sketchy mail for example fixing their grammar, spelling mistakes, and other language-related cues. Such bad actors are already leveraging deep learning neural network LLMs — which imitate how humans learn — like GPT-4 to spread malware and scams via online platforms.
- Future shock – this neat term quoted in a NY Times article describes our lack of keeping up with fast paced changes brought about by the onslaught of AI tools, because let’s be honest, Chat GPT is just scratching the surface of how powerful, initiative, creative and advanced AI can be. While Fourth Industrial Revolution technologies driven by AI will continue to fundamentally change the world and the way we work and live, AI may not lead to massive unemployment. Instead, AI technology will create more jobs than it automates.
In summary, like any other technological revolution, it comes with its own challenges & opportunities. But one cannot deny that after we adapt to the initial teething period of adoption, it will almost be unbelievable to fathom a world without it. And if I still cannot convince you to adapt, I don’t know, maybe ask Chat GPT?
Just a few decades ago, the internet created similar concerns as it grew. Despite skepticism, the technology created millions of jobs and now comprises 10% of US GDP. Today, AI is poised to create even greater growth in the US and global economies. Sixty-three percent of CEOs believe AI will have a larger impact than the internet, according to PwC’s Annual Global CEO Survey.
(This article is written by Sanjay Sehgal, Chairman & CEO at MSys Technologies , Venture & Angel Investor, Philanthropis, and the views expressed in this article are his own)