What is ChatGPT? What CIOs Need to Know

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Artificial intelligence (AI) – specifically generative AI – has made significant progress in the past couple of years, most notably with ChatGPT, OpenAI’s artificial intelligence chatbot that was launched in November 2022. 

With ChatGPT continuing to gain momentum (it reportedly reached 100 million users earlier this year), many IT business leaders are wondering how AI will inform industry trends, shape organizational processes, and influence consumer expectations. 

As IT leaders are faced with questions as to how this revolutionary technology will impact their organizations, this blog will examine what CIOs need to know, including the benefits and drawbacks of ChatGPT.

What is ChatGPT?

At a high level, ChatGPT is a chatbot that is designed to provide human-like conversational interactions. As an AI-powered natural language processing tool, ChatGPT is capable of understanding and generating text based on the prompts it is given. It has a wide range of use cases such as answering questions, drafting content, translating languages, and more.

With this in mind, let’s take a look at how ChatGPT can help CIOs be more efficient and bring competitive differentiation to their organizations.

Benefits of ChatGPT

Drive Efficiency

One of the biggest benefits of ChatGPT is its ability to improve operational efficiency by automating repetitive tasks, brainstorming content ideas on emerging topics, generating a summary of meeting notes, and much more. 

With the time savings ChatGPT can offer, employees can shift their focus to the highest-value projects that move the needle forward for the business. 

Because ChatGPT collects data from real conversations, CIOs can refer back to this data to inform future business decisions and deliver a better experience for anyone who interacts with their organization.


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Enhance the Customer Experience

A recent survey of 3,200 consumers shows that nearly half of all customers (46%) expect companies to respond faster than 4 hours to their inquiry, while 12% expect a response within 15 minutes or less.

With consumer demand – and expectations – continuing to skyrocket, business leaders are constantly seeking new and innovative ways to reimagine the customer experience. 

AI-powered bots like ChatGPT have the ability to revolutionize the customer experience by providing self-service capabilities, assisting with repetitive questions, or even responding to form submissions, significantly reducing the time it takes to establish communication with or provide a resolution to a customer with minimal cost to the business.

Human-computer Collaboration

Another major benefit of ChatGPT is its ability to augment human creativity. ChatGPT can digest, synthesize and produce massive amounts of data much quicker than a human could. While the raw material might be a little rough around the edges and needs to be reviewed and edited, it gives humans a solid foundation to work from on any given prompt or business task and acts as a huge time saver.


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Limitations of ChatGPT

Although ChatGPT is a powerful chatbot system, it does have some limitations that can impact its effectiveness that CIOs should consider when incorporating it into their IT strategy. Here are a few of the biggest ones to note:

It’s Not Human

While ChatGPT can certainly generate human-like responses, it does not possess human-level common sense. This means that the chatbot may at times provide nonsensical or flat-out inaccurate responses to certain prompts. On this same premise, it also cannot detect emotional cues or the nuances of human communication, such as sarcasm and humor.

Biased or Incorrect Data

Contrary to popular belief, ChatGPT is not a search engine and therefore does not have the ability to search the internet for information; rather, it uses the information it has learned from training data to generate its responses.

At the time of publication of this article, ChatGPT has only been trained on data through September 2021. Because of this, it has limited knowledge of events that have occurred since then, and as a result, may provide inaccurate information. 

Furthermore, it may not be able to answer questions about very specific or niche topics, and it may not be aware of recent developments or changes in certain fields.

Lack of User Experience

Because ChatGPT is relatively new to the market, many of its users are not experienced with the technology and therefore are at risk of overlooking the data, security, and analytics limitations.

Interested in AI for Your Business?  

This list is not all-inclusive and there are several other factors CIOs should consider when looking to incorporate ChatGPT and other generative AI technologies into their IT strategies. However, one thing is clear – any forward-thinking IT leader is actively evaluating AI and how it can support their business. 

If you are unsure how to navigate the rapidly-advancing technology landscape or need assistance with your digital transformation journey, the experts at Buchanan can help. We have been providing innovative IT solutions for 35 years and offer a range of services to meet the needs of today’s enterprise. Get in touch to learn how we can help your company drive business value and reach its next phase of growth!

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