ChatGPT and Business Models | Traditional Businesses Changing
How Traditional Businesses Are Changing with ChatGPT and Business Models? This article describes new business models that will take shape on ChatGPT technology. In this model, it will be argued that it is possible to create new business opportunities using ChatGPT. It discusses how these new business opportunities can be exploited by a range of entrepreneurs and companies serving different industries using ChatGPT, and how the new business models created by ChatGPT are transforming traditional businesses.
In these days when everyone is discovering the capabilities of ChatGPT with amazement and admiration, and these abilities are the indispensable subject of our friend conversations, I picked up Isaac Asimov’s book “I, Robot”, which I read in one breath many years ago. I read it again in one breath. Published in 1950, the book consists of 9 stories in which Robot Asimov tests three robotic laws of his own invention. It gave me a special pleasure to read this novel, which was written exactly 73 years ago, by considering the point where generative AI has come today. For everyone around me, pushing the boundaries of ChatGPT has now become a fun activity. For me, it’s much more important to try to understand the transformation it will bring.
How Traditional Businesses Are Changing with ChatGPT and Business Models?
I already see that many of my friends, who are users rather than technology creators, have already started using ChatGPT to get their work done faster and easier. But more importantly, a significant ecosystem is forming around generative artificial intelligence or ChatGPT, with many companies and entrepreneurs creating new business models using this technology. How will manufacturing artificial intelligence, which has become a global trend, bring about a transformation in the next few years?
This is not the first and end conversion!
If we look at the issue from a historical perspective, these events are not so foreign to us. Thanks to Industry 4.0, which we are witnessing, each sub-breakdown of the “industrial revolution”, which is often mentioned even in popular discussions, has staggering economic and social effects that radically change the previous period. The first industrial revolution, improvement which began with the invention of the steam engine, handed over many of the tasks that man did with his arm power to simple machines.
Nearly 100 years later, Henry Ford’s famous mass production line was used in conjunction with electrically powered machines. After the war, the third industrial revolution ushered in the era of automation and digitization in production with the use of the computer. The fourth industrial revolution we are in was named together with the Industry 4.0 report presented to the German Government by a working group at the Hannover Fair in 2011.
Industry 4.0 and ChatGPT and Business Models
This revolution, also called industrial-technology integration, is the name of one of the strategies developed countries have created to maintain their competitiveness in the face of increasing global competition conditions. Industry 4.0 enables industrial outputs to be constantly connected to the internet and in communication with each other, just like in production processes, and to react independently of people when necessary.
It is mentioned that this revolution, which includes the internet of things, big data and analytics, cyber security, cloud, augmented reality and, of course, artificial intelligence technology, will have great economic and social impacts just like the previous ones. In each of these industrial revolutions, one more function, one more skill of man seems to be done by machines. Machines that previously did work with human arm power are exhibiting their capabilities in Industry 4.0 with a performance that goes far beyond the limits of the human mind.
ChatTraditional jobs meeting GPT
This picture, which we see from the perspective of the production sector, signals us that the transformation will be deep and large, as seen in the historical process. Producer artificial intelligence, which is the most popular field of artificial intelligence these days, and ChatGPT will of course transform business models, professions, education, society, economy. A survey of 2,500 executives published by Gartner in May 2023 showed that 45 percent of respondents have increased their investment in AI with the popularity of ChatGPT, 70 percent are in the process of reviewing this technology in their organizations, and 30 percent are in the pilot phase of their projects related to ChatGPT.
Productive artificial intelligence is the technology that supports human activities today in a new dimension. It will enable both technology creators and users to do their jobs differently. This technology, which can produce output on creativity in a field that is thought to belong to human for the first time, seems to have put this year in a completely different place in terms of developments in artificial intelligence. The fact that manufacturing artificial intelligence has become a product with ChatGPT opens the door to many innovative ideas, many new initiatives are established on these ideas or existing initiatives are making their products compatible with this technology. At this point, providing examples of a few key areas will give you a better idea of how the transformation will be.
The magic wand of marketing teams: Generative AI
Imagine the work of a marketing team. Researching, writing, and planning are actually the most basic tasks. So ChatGPT is like a magic wand for them. Creating content such as blogs, emails, social media posts, presentations, which marketing employees are responsible for, with ChatGPT when used correctly, has started to provide a very serious efficiency. Play with the tone of speech, adapt it for different target audiences, translate it into different languages, optimize SEO, or differentiate it for A/B testing. No problem, you can prepare it in seconds. According to Gartner, 30 percent of marketing messages will be generated by artificial intelligence in the coming period.
Beyond that, you meet with agencies, product management department, corporate communications. Imagine an assistant who walks into these meetings and takes notes, summarizing things. This is possible thanks to ChatGPT. When you determine the visuals, communication tone, points to be emphasized when producing a video, there are artificial intelligence platforms that create a video suitable for this with the help of ChatGPT. And you can do it in any language you want, which is really like a magic wand, right?
It is important to make sense of textual traces! ChatGPT and Business Models?
Which product has run out of stock the most this month? How does this customer have a perception of me? Are they satisfied with their experience over the past three months? Imagine an assistant answering these questions. Working with ChatGPT, such an assistant analyzes all kinds of textual customer inputs that can be made sense, such as calls, social media comments, shopping behaviors, feedback, etc., and can draw actionable conclusions and respond to you through a dialogical interface.
Such an assistant, which works integrated into systems such as CRM and ERP, provides a serious muscle power for a company to increase customer satisfaction and sales. It can also help you clean data, build prediction models, and even write SQL code.
Customer support is entrusted to ChatGPT
Customer support is one of the first areas that comes to mind when it comes to ChatGPT. Right now, all companies are racing to offer their products powered by ChatGPT. With virtual assistants that respond instantly to customer questions now working in a hybrid way with ChatGPT, user-written texts can be interpreted with a higher accuracy rate in a wider scope.
The training costs and durations of the bot are significantly reduced. Responses can be personalized much more easily based on factors such as the customer’s previous behavior, the products they use, their feedback, etc. In addition, ChatGPT supports call center agents. Imagine each customer conversation being summarized and archived in a single sentence, and the next time the agent starts the conversation by looking at that summary. That really excites me.
There is also ChatGPT in human resource management. ChatGPT and Business Models!
Evaluating dozens of incoming resumes, scoring them, categorizing them, and even creating the response to return to the candidate for them can be ChatGPT’s job. ChatGPT can also be a human resources assistant. Wouldn’t it be bad if answering the employee’s questions, planning training, setting performance criteria, measuring progress were done by an assistant, and human resources teams were responsible for evaluating them and intervening if there was an overlooked issue?
Or similarly, each employee can have a personal development assistant, does not an assistant who finds training content on the subjects he needs, compiles them and makes training plans for their career goals make a serious contribution to the development of employees?
Our developers are very fast, we have very short project times
We know that ChatGPT has successfully passed many coding interviews. ChatGPT, which can get such good results, seems to bring a real transformation in the software field. It can do very quickly the work that software developers can do in a long time, with a tight focus.
In addition to coding, it handles tasks such as debugging errors and inconsistencies, documenting a coding, helping the programmer explain programming concepts, software products, syntax, and functions. I don’t think there will be a programmer who will work without support from ChatGPT from now on. This acceleration in the software business is a change that will shorten the duration of many projects and affect not only the software part but the overall performance of the companies.
What about lawyers? ChatGPT and Business Models!
In a profession whose basic material is texts, the transformations that ChatGPT can bring are probably not surprising to any of us. ChatGPT scans the laws and case lists for a lawyer, outlines the main arguments, automates the legal research process, speeding up the process a lot. However, the fact that ChatGPT’s training data is limited to data before September 2021 is an important point that will affect the legal field the most at the moment, because the laws that are enacted later, the cases that are concluded are not included in ChatGPT. ChatGPT prepares a contract, petition, legal document or contract checklists for you in a matter of minutes when you provide the necessary information. ChatGPT can easily be a legal assistant answering questions from other parts of the company about basic legal concepts, saving the legal department the trouble of answering the same questions every day.
How did we work before ChatGPT and Business Models?
The uses of ChatGPT are actually much wider, but these examples I’ve given you are important for us to understand how day-to-day tasks can be automated. Now that it’s possible for anyone to access the most advanced AI technology when they reach out, building new business models on it becomes a key issue. Already, many new products based on ChatGPT have started to be offered to users. A large cluster of initiatives is forming that diversifies in this area. In my opinion, ChatGPT is revolutionary not only because it has laid out such a large business model in terms of commercialization of an R&D product, but also because it has created an ecosystem that depends on it.
These new business models that we have shaped around ChatGPT are of course built on efficiency, our main goal is to get things done faster with less manpower. But at the same time, many new talents and job descriptions will be coming into our lives. Knowing how to use the offered benefit is actually a feature that should be learned from scratch. It is certain that new capabilities will be needed to build new models on top of ChatGPT and use them wisely. It shouldn’t be too hard to see: No more work will ever be done the same. With new business models and initiatives that are created thanks to ChatGPT, this field will bring about a great transformation and maintain its dynamism for a long time.
Will there be a business 10 years from now without ChatGPT so AI? I dont think so! What will happen with AI exactly God knows.