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Leveraging AI for Business Success: 7 Steps To Implement a Strategic Approach to ChatGPT
5 minute read
In a crowded and fast evolving marketplace, businesses are seeking out innovative ways to enhance their offering, improve customer experience, build greater efficiencies, and gain a competitive edge.
The development of Artificial Intelligence (AI) systems and specifically, Large Language Models (LLM) have emerged as powerful tools to help reach these objectives, with the most talked about application being OpenAI’s ChatGPT (Generative Pre-trained Transformer) because of its easy usability. Trained on a massive dataset of text and code, generative AI tools like ChatGPT simply require the user to type out a question or prompt, and it will generate realistic and informative responses in seconds.
With considerable benefits for every single industry vertical, and every single role or task required, those who are not currently using tools like ChatGPT in their day to day work, or fall into the trap of using it incorrectly - are set to fall behind their competitors pretty quickly.
There is considerable excitement about the possibilities. But as the “newest and shiniest” toy available - there are also a lot of unknowns associated, and comparatively little in the way of governance. Findings from a Baker McKenzie AI study undertaken last year indicate that only 4% of C-suite level respondents said they consider the risks associated with using AI to be “significant," and less than half said they have AI expertise at the board level.
Generative AI offers a lot for business leaders to be cautiously optimistic about, and this article explains how to leverage ChatGPT in a way that benefits businesses productively and responsibly for sustainable growth.
1. Define the strategy
The reality is that AI can be used to enhance every single aspect of your business. The strategic approach therefore, is to define the potential use cases, and the opportunity and risks you are set to experience when incorporating the technology into each.
You could start by conducting an in-depth analysis of current processes and pain points, to identify areas where a tool like ChatGPT could make a significant positive impact. It could be implementing a ChatBot to help triage customers before they reach a customer service rep for instance, it might be lead generation, it could be competitive analysis.
Consider the potential outcomes of each use case, and from there you can define the areas most likely to benefit the overall business most. Defining clear objectives for implementation efforts at the start will help teams maintain focus, and allow the success to be measured too.
2. Be aware of the limitations and where NOT to use it
Before incorporating any kind of technology into your business operations, it is crucial to have a clear understanding of both its potential and limitations. While generative AI like ChatGPT can effectuate contextually relevant responses and simulate human-like conversations, it is important to understand that it operates based on patterns, and may not always provide accurate or reliable information.
Given they operate on patterns, AI and Machine Learning (ML) in general are best used for simple, low risk and repetitive tasks that usually follow a pattern. In the case of more complex situations, the technology would require a human touchpoint to get involved for the optimal solution. Relying on tools like ChatGPT for high risk decision-making with moral or ethical consequences is definitely not advisable - for medical diagnoses for example.
Thus, it is vital to establish realistic expectations and identify the appropriate use cases where tools like ChatGPT can add value to your business, without putting you and your stakeholders at risk.
3. Define your ethical guidelines
The use of AI technologies like ChatGPT raises important legal and ethical considerations related to copyright, privacy, misuse, bias, and transparency. It is business critical to be aware of these issues from the outset, and take steps to mitigate them.
Everyone in the business - not just the IT or Operations people must understand the implications, and be kept informed with a practical framework that promotes fairness, transparency and privacy in all instances of the use of AI.
The possibilities for potential biases, spreading of incorrect or erroneous information, misuse of sensitive information or creating fake audio for example, must be considered and highlighted as red flags so that everyone has a guide on how to use the tools responsibly, and where to draw the line.
4. Dial down on data
Like many things in technology, AI models like ChatGPT are only as good as what you put in. The model is heavily reliant on the quality of data they have access to for training and improving performance.
Therefore, businesses must make sure they have a data strategy in place that prioritises the safe identification, storage, provisioning, integration and governance of their data and their customer data in order to keep feeding the Artificial Intelligence tools with legitimate intelligence!
Adequate investment in diverse data collection and curation processes will enable tools like ChatGPT to generate more inclusive and accurate responses, enhancing the user experience and avoiding potential perils.
5. Human-AI collaboration
The productivity benefits for the automation of simple, repeatable non-complex tasks are too lucrative for business leaders to ignore. But responsible leaders must make sure they are always fostering a culture of collaboration between their people and the “robots”.
As referenced earlier in the context of complex processes, the optimal way of using AI in a business context is when it is used to augment human capabilities rather than replace them. Encourage employees to work alongside generative AI tools, leveraging their strengths to enhance productivity, efficiency and understanding, while being mindful of critical context and when not to use it. (Detailed in points 2 & 3)
Scheduling continuous internal feedback loops or retros, as well as knowledge sharing sessions can help everyone stay up to date with best practices, and also help to improve the performance of the tools themselves.
6. Iterative improvement
AI models like the one used by ChatGPT are not static. They are continuously improving which is part of the reason they are so exciting. Obviously, this means that prompts put in previously, may not yield the same results next time, and the more context the AI learns - the better the results will become.
It is important therefore, to regularly monitor and evaluate the performance of any tools used in your business, gathering user feedback, and iterating on the way the business is using the model to enhance its capabilities. The vendors providing these tools will be frequently releasing updates and improvements, so staying informed about the latest advancements will help businesses leverage the most up-to-date features and optimisations.
7. Maintain transparency and user awareness
Messaging apps known as ChatBots have been widely used by banks, restaurant chains, e-commerce companies and many more to answer simple questions from a pre-programmed set of answers. But the LLMs leveraged by tools like ChatGPT operate very differently and as previously cautioned, it is ethical to maintain transparency about the involvement of the technology when it is being leveraged for business benefits.
The first step is simply to ensure that everyone involved knows when and how generative AI has been used - and that includes your customers too. Manage expectations accordingly, and provide accessible channels for users to provide feedback or seek human assistance if that is their preference. User awareness and transparency build trust to ensure a positive user experience.
Ultimately, there are multiple ways that businesses can harness the power of generative AI for multiple benefits, from improving customer service efficiency, to market mapping, to generating new ideas or business opportunities. The possibilities are exciting, but dangerous at the same time.
With some experts calling for a six month pause on the development and release of new AI technologies to allow for the regulatory frameworks to catch up - the smartest business leaders will be looking at how to manage the risks involved as an equal priority. Adopting AI technologies with a thoughtful approach following the 7 steps above, will herald a future where humans and AI can work together synergistically and fruitfully to unlock unprecedented potential for growth and innovation.
In a crowded and fast evolving marketplace, businesses are seeking out innovative ways to enhance their offering, improve customer experience, build greater efficiencies, and gain a competitive edge.
The development of Artificial Intelligence (AI) systems and specifically, Large Language Models (LLM) have emerged as powerful tools to help reach these objectives, with the most talked about application being OpenAI’s ChatGPT (Generative Pre-trained Transformer) because of its easy usability. Trained on a massive dataset of text and code, generative AI tools like ChatGPT simply require the user to type out a question or prompt, and it will generate realistic and informative responses in seconds.
With considerable benefits for every single industry vertical, and every single role or task required, those who are not currently using tools like ChatGPT in their day to day work, or fall into the trap of using it incorrectly - are set to fall behind their competitors pretty quickly.
There is considerable excitement about the possibilities. But as the “newest and shiniest” toy available - there are also a lot of unknowns associated, and comparatively little in the way of governance. Findings from a Baker McKenzie AI study undertaken last year indicate that only 4% of C-suite level respondents said they consider the risks associated with using AI to be “significant," and less than half said they have AI expertise at the board level.
Generative AI offers a lot for business leaders to be cautiously optimistic about, and this article explains how to leverage ChatGPT in a way that benefits businesses productively and responsibly for sustainable growth.
1. Define the strategy
The reality is that AI can be used to enhance every single aspect of your business. The strategic approach therefore, is to define the potential use cases, and the opportunity and risks you are set to experience when incorporating the technology into each.
You could start by conducting an in-depth analysis of current processes and pain points, to identify areas where a tool like ChatGPT could make a significant positive impact. It could be implementing a ChatBot to help triage customers before they reach a customer service rep for instance, it might be lead generation, it could be competitive analysis.
Consider the potential outcomes of each use case, and from there you can define the areas most likely to benefit the overall business most. Defining clear objectives for implementation efforts at the start will help teams maintain focus, and allow the success to be measured too.
2. Be aware of the limitations and where NOT to use it
Before incorporating any kind of technology into your business operations, it is crucial to have a clear understanding of both its potential and limitations. While generative AI like ChatGPT can effectuate contextually relevant responses and simulate human-like conversations, it is important to understand that it operates based on patterns, and may not always provide accurate or reliable information.
Given they operate on patterns, AI and Machine Learning (ML) in general are best used for simple, low risk and repetitive tasks that usually follow a pattern. In the case of more complex situations, the technology would require a human touchpoint to get involved for the optimal solution. Relying on tools like ChatGPT for high risk decision-making with moral or ethical consequences is definitely not advisable - for medical diagnoses for example.
Thus, it is vital to establish realistic expectations and identify the appropriate use cases where tools like ChatGPT can add value to your business, without putting you and your stakeholders at risk.
3. Define your ethical guidelines
The use of AI technologies like ChatGPT raises important legal and ethical considerations related to copyright, privacy, misuse, bias, and transparency. It is business critical to be aware of these issues from the outset, and take steps to mitigate them.
Everyone in the business - not just the IT or Operations people must understand the implications, and be kept informed with a practical framework that promotes fairness, transparency and privacy in all instances of the use of AI.
The possibilities for potential biases, spreading of incorrect or erroneous information, misuse of sensitive information or creating fake audio for example, must be considered and highlighted as red flags so that everyone has a guide on how to use the tools responsibly, and where to draw the line.
4. Dial down on data
Like many things in technology, AI models like ChatGPT are only as good as what you put in. The model is heavily reliant on the quality of data they have access to for training and improving performance.
Therefore, businesses must make sure they have a data strategy in place that prioritises the safe identification, storage, provisioning, integration and governance of their data and their customer data in order to keep feeding the Artificial Intelligence tools with legitimate intelligence!
Adequate investment in diverse data collection and curation processes will enable tools like ChatGPT to generate more inclusive and accurate responses, enhancing the user experience and avoiding potential perils.
5. Human-AI collaboration
The productivity benefits for the automation of simple, repeatable non-complex tasks are too lucrative for business leaders to ignore. But responsible leaders must make sure they are always fostering a culture of collaboration between their people and the “robots”.
As referenced earlier in the context of complex processes, the optimal way of using AI in a business context is when it is used to augment human capabilities rather than replace them. Encourage employees to work alongside generative AI tools, leveraging their strengths to enhance productivity, efficiency and understanding, while being mindful of critical context and when not to use it. (Detailed in points 2 & 3)
Scheduling continuous internal feedback loops or retros, as well as knowledge sharing sessions can help everyone stay up to date with best practices, and also help to improve the performance of the tools themselves.
6. Iterative improvement
AI models like the one used by ChatGPT are not static. They are continuously improving which is part of the reason they are so exciting. Obviously, this means that prompts put in previously, may not yield the same results next time, and the more context the AI learns - the better the results will become.
It is important therefore, to regularly monitor and evaluate the performance of any tools used in your business, gathering user feedback, and iterating on the way the business is using the model to enhance its capabilities. The vendors providing these tools will be frequently releasing updates and improvements, so staying informed about the latest advancements will help businesses leverage the most up-to-date features and optimisations.
7. Maintain transparency and user awareness
Messaging apps known as ChatBots have been widely used by banks, restaurant chains, e-commerce companies and many more to answer simple questions from a pre-programmed set of answers. But the LLMs leveraged by tools like ChatGPT operate very differently and as previously cautioned, it is ethical to maintain transparency about the involvement of the technology when it is being leveraged for business benefits.
The first step is simply to ensure that everyone involved knows when and how generative AI has been used - and that includes your customers too. Manage expectations accordingly, and provide accessible channels for users to provide feedback or seek human assistance if that is their preference. User awareness and transparency build trust to ensure a positive user experience.
Ultimately, there are multiple ways that businesses can harness the power of generative AI for multiple benefits, from improving customer service efficiency, to market mapping, to generating new ideas or business opportunities. The possibilities are exciting, but dangerous at the same time.
With some experts calling for a six month pause on the development and release of new AI technologies to allow for the regulatory frameworks to catch up - the smartest business leaders will be looking at how to manage the risks involved as an equal priority. Adopting AI technologies with a thoughtful approach following the 7 steps above, will herald a future where humans and AI can work together synergistically and fruitfully to unlock unprecedented potential for growth and innovation.
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