ChatGPT is transforming our way of living and introducing an AI-powered world with easy access to information and providing solutions for daily life problems. In this article, we will talk about how ChatGPT can affect the Future of 7 different industries.
ChatGPT is also revolutionizing industries one after another and modernizing society’s ways. It all started with AI chatbots entering the customer support of the retail industry and now it is growing its roots in more functionalities and industries.
Let’s start with an overview of this AI chatbot:
Overview of ChatGPT’s Capabilities
ChatGPT has a human way of speaking and holding a conversation which makes it more comfortable for users. It can take inputs such as text and voice and process them to perform the given task. It is built with large data from the internet and has billions of parameters.
This makes it capable of performing a large number of activities. Such as writing, holding a conversation, understanding and translating multiple languages, and providing solutions for your queries. It can also be combined with other models to perform analysis of data, keep a list, and generate reports.
Significance of ChatGPT in Various Industries
With the proven results of ChatGPT in various fields, it is safe to say that It holds an edge over manual work. Due to its fast, reliable, and accurate processing in the chatbot feature. ChatGPT has become a core functionality for many industries. ChatGPT’s human-like interaction, quick response, and accurate question-related answers make it perfect for health care, customer care, education, retail, and entertainment.
Unlike previous revolutions and implementation of automated systems, ChatGPT has revolutionized industries that were not getting many technological upgrades. One of them was customer service where either you can ask the bot several predefined questions or directly talk with a customer support officer.
However, in both cases, replies were either near to your query or not related at all.
Healthcare
There are many possibilities for the implementation of ChatGPT in healthcare and for revolutionizing the current healthcare industry. It can provide an easy and automated way of booking an appointment, managing information, and assisting doctors in diagnosis.
Personalized Health Monitoring
ChatGPT can manage the records of a patient and work as a personal health monitoring system. Which can book appointments, notify you of taking medicines, keep a check of your health reports, and translate medical terminology and results into easy-to-understand language.
It can also be used as a remote monitoring system for old age, paralyzed, and spreading disease patients. By taking in real-time data from patients it can provide 24-hour monitoring and instant emergency alarms to save lives.
Automated Medical Diagnosis
Another implementation of ChatGPT is in medical diagnosis as a decision support system. Where it can help doctors in disease diagnosis by providing an automated diagnosis based on the lab results and symptoms of a patient.
Its implementation is limited to a decision support system and it can only provide suggestions to a doctor in making a better decision. As it can’t see, feel, or touch the patient which rules it out of many diagnosis cases. Also, it is not trained on medical data, it is trained on generic internet data due to which its diagnosis will be inaccurate in many cases.
Mental Health
The only use of ChatGPT in mental health is as a basic diagnosis system. Where it can interact with a patient and do basic diagnosis based on a predefined questionnaire.
ChatGPT is not recommended for mental health support systems as it can’t provide emotional support to people. It lacks emotional fine-tuning and its data is far too generic to provide any support to mental health patients. Its implementation in Mental Health support can be dangerous as it can’t feel emotions and gives random answers if you tell it your life’s story and ask for help.
Customer service
Customer service is one of the most valuable industries that ChatGPT can revolutionize. It can provide services like replying to frequently asked questions and customizing them according to user needs. Taking and processing basic customer queries and instructions. For example:
Chatbots for Customer Support
Mostly when you try to reach a customer support agent, most of the time you are left hanging in a long queue of people until a customer support agent is free.
ChatGPT can help in minimizing that time and reduce the workload of the agents. By answering the most command problems and frequently asked questions directly and leaving only important tasks for the agents to handle.
Personalized Customer Experiences
ChatGPT can provide people with a feeling that they are interacting with another human and not with a bot that only replies to them with predefined answers. It can personalize the responses based on the asked question and customer preferences.
Multilingual Support
The biggest advantage of having ChatGPT in customer support is its multilingual support. It can take inputs and process output in many languages, which makes it ideal for implementation in the worldwide scenario.
It can help companies in widening their customer base and expand into more counties.
24/7 Availability
Unlike normal customer support and their assigned working hours, ChatGPT provides a 24/7 nonstop service.
Due to this companies can have more satisfied customers and customers can contact them for help any time they want.
Education
There are many implementations of ChatGPT in education, where it has already started working as a teacher and providing one on one sessions for learning and taking tests.
Such as Subhadip Roy, who quoted that “The emergence of generative AI technology through ChatGPT is going to impact the education sector widely. While organizations are exploring a way to understand the technology and create a framework to manage plagiarism and copyrights, they need to evolve and adapt to the change and support innovation rather than throttle it.
Education and academics will be at the forefront to drive the next generation of innovation and ChatGPT will be widely used to drive that. Also, combined with other technology such as 5G, IoT/AR/VR the ChatGPT will provide quality education available to a much wider population across the globe.”
Personalized Learning Experiences
As ChatGPT is mainly a chatbot application it can hold one on one interactions. It can focus on a single student and records the student’s learning curve, which it can utilize for future sessions and provide a personalized experience of learning for the student.
Automated Grading and Assessment
As it has access to a huge amount of data, it is an easy task for ChatGPT to grade any given assignment and find the most closely accurate answer.
Another way for assessment is if teachers provide it with input and output values and ChatGPT can take tests from students and based on their input it can decide and grade their results.
Student Support
ChatGPT can also help students understand complex solutions with easy explanations and examples. It can also help them in researching a topic by providing short and concise results.
ChatGPT can also take students’ work as input, provide valuable feedback, and correct sentence structure, and grammar.
Language Translation and Interpretation
It holds the capability of translation and can be used to translate books from different languages.
Education systems can use it to teach students from any part of the world and can hire teachers from anywhere.
ChatGPT will work as a translator for both sides.
Finance
Finance is another major industry of the world that can implement ChatGPT to automate and revolutionize their most basic tasks. Repetitive tasks like data entry and email marketing can be handled by ChatGPT.
Fraud Detection
It can access your emails and check them for fraud or spam emails and indicate them being spam. it can also block these unwanted emails.
However, it is not suitable for such tasks as it can only detect abnormalities in the text and make a judgment based on it. If there is no abnormality in the text it can’t detect fraud.
Financial Advice and Investment Management
ChaGPT can be a good advisor on finance and investments. As it can store financial data and can create competitive reports for the management of finances and investment opportunities.
ChatGPT can predict and create graphs based on previous data, market news, company stability, and new projects.
Personalized Banking Experiences
It helps the banks in retaining their customers and improves their customer support. ChatGPT can play a major part in answering and solving customer queries by giving them personalized and tailored answers.
It can also gather customer data for banks to better understand their customer’s needs and improve their services.
Risk Management
As ChatGPT can access previous and current data, it can be used in risk management. Combining the results and events from the past ChatGPT can create a predictive mechanism to provide a future answer.
Users can input their processes and tasks and after processing ChatGPT can assess the risk involved in investment and can provide valuable suggestions to the customer.
Retail
ChatGPT has already made its way into the retail industry and one of the examples is Instacart. This app allows users to let the app manage their monthly budget and meals based on their preferences. It saves the user time and energy that is wasted on budgeting.
This AI chatbot can help with the following:
A. Personalized Product Recommendations
ChatGPT can access the user data and find user preferences. After studying user preferences it can recommend products and items that users usually buy.
B. Automated Inventory Management
It is possible to implement ChatGPT for automated inventory management. As it can keep track of items in inventory and if it has access to sales and purchase reports it can also keep inventory up-to-date.
Another feature can be inventory ordering or creating an order list for management to order items and refill the inventory. This can save time for store management to recheck their inventory and update lists.
C. Chatbots for Shopping Assistance
Assistance is the main use case of ChatGPT. It is built as an assistant that will guide you in your work and progress. It can make a monthly budget to help and assist in shopping and refrain you from giving over the budget. It can also use user data to find better deals and products.
Entertainment
Entertainment is another Industry that is currently under the evolution of ChatGPT. GPT family models can create music and scripts of high quality.
ChaGPT can also play a huge role in the advertisement, interpretation, translation, and prediction system.
Content Curation and Recommendation
With the capabilities of organizing the data and creating pattern and prediction lists from it. ChatGPT can be useful in music and movie apps, where it can sort the list and give recommendations for new songs or shows to watch, based on user ratings and time spent on previous programs.
Personalized Advertising
Another use case for the entertainment industry is personalized advertisements for a specific audience. ChatGPT can do email marketing and advertisement of products based on the personal preferences of customers.
Instead of generic ways of advertisement, it can under user needs and change the flow of advertisement to match its user.
Content Creation
With human input, ChatGPT can create original content from its training data. Creating music lyrics with instrument flow and music notes is also possible with it. Other contents like copywriting, scripts, and advertisements are also available as an option.
Language Translation and Interpretation
One of the strongest features of ChatGPT is its vast variety of language support and translation capabilities. That is specifically important for the Entertainment industry.
Music movies seasons every piece of information related to entertainment can be translated into the user’s preferred language so everyone can enjoy the culture and stuff from all over the world.
Transportation
Many people have presented the idea of implementing the ChatGPT into the transportation industry, it is a challenging task as there are use cases but they are currently beyond the limits of what ChatGPT can do. Here are some examples:
Autonomous vehicles and navigation
One of the craziest ideas is to let ChatGPT take control of your car and drive for you. It is possible only if it was specially trained for this task.
In the current capabilities of ChatGPT, it can work as a navigator by merging the database from roads and maps applications like google maps.
Personalized travel recommendations
In transportation, the best use case for ChatGPT is in the recommendations sections. Where it can perform its most demanding task of analyzing the data and providing recommendations to users. Based on user preferences and data from other users’ experiences, ChatGPT can recommend places to visit and stay.
If further enhanced it can also work as a tour guide and provide additional on-site historical information about famous places.
Traffic Management
Another very unlikely aspect is the implementation of ChatGPT in traffic management. It’s a Chatbot designed to have conversations and traffic management is a different set of work.
However, there are ideas and use cases presenting the idea of its implementation. This implementation is based on a combination of the traffic management model with ChatGPT and lets it decide the single timing based on traffic flow and previous traffic results on a certain day.
Wrap Up
ChatGPT can revolutionize the current working system of many industries. It can be implemented in all the fields where conversational interaction is involved. Such as customer support, recommendation system, booking system, travel guide, and reporting systems. ChatGPT can also be a personal assistant, giving valuable advice.
However, ChatGPT alone is not capable of doing everything, other than chatbot capabilities it’s not accurate or precise in major systems like finance, health, and automation. ChatGPT will require a lot of support from other tools and post-processing to behave in specific ways. Another issue is its large-scale dataset which is trained over everything the internet has. Which makes it hard to get refined and do specific jobs without any errors.
Final Thoughts on the Impact of ChatGPT in Various Industries.
ChatGPT will surely leave a mark on every major industry of life. There will be some breakthroughs in customer support, recommendation, and inventory management systems.
However, many challenges will also arise with its involvement and usage of personal data.
If you are interested in learning more about ChatGPT then you can also read this article: Open AI’s GPT-3 VS ChatGPT: What’s The Difference? and The Next Generation of AI: GPT-4 VS GPT-3.
