Have you heard the talk? Are you in the loop? Or like many of us, are you scratching your head and asking just what does it all mean?

ChatGPT is a brand-new software application designed to use natural language responses based on user prompts. 

Launched by OpenAI on November 30, 2022, ChatGPT is based on GPT-3 architecture developed by researchers at OpenAI.  GPT-3 architecture was first introduced in a research paper published in 2020, and since then has been used by researchers, engineers, and developers on a range of natural language process tasks. In effect, the team at OpenAI have used hundreds of billions of words and information to ‘train’ ChatGPT to generate immediate and accurate responses to user questions. 

Although it’s early days the potential application of ChatGPT for business is ‘mind blowing’. And as we all get our heads around what ChatGPT can do, the good news is access to ChatGPT is currently free although OpenAI has made it clear that a fee for use will be the next step.

So, what does ChatGPT do?

Put simply, ChatGPT does text generation, language translation, and text summarisation but it is so much more than that. Ask ChatGPT a question (any question) and you will receive an immediate and accurate response (to the extent of its knowledge bank). 

So how does ChatGPT know the answers?

Firstly, ChatGPT has access to an enormous library of text data and information, and as a continual ‘learner’ its library is constantly growing. Its responses are human-like showing a level of knowledge and understanding that is well beyond any other Chatbot. ChatGPT can adapt to different situations and contexts, from individual questions to online forums. It is also versatile as it can be used in a wide range of natural language processing tasks

How far can ChatGPT go?

This really is the million-dollar question, the answer to which it is too early to tell. 

Right now, we are in the perfect position to learn more about ChatGPT, to test it, to ask how it applies to our respective businesses, and to explore how it could increase efficiency, and build new business opportunities.

Encourage your tech teams to immerse themselves in this new tech tool (especially while it’s free) and to follow this up with an internal brainstorm to explore its potential for your business.

Our Tech leaders, who are eager to try cutting-edge technologies, have already explored this interesting AI tools and excited about the opportunities that is might present.

Will ChatGPT replace software developers in the future? Let's hear the perspectives from our Tech leaders in the next article soon!