With its ability to interact conversationally and sound human-like, ChatGPT is the talk of the town! While some detractors have dismissed it as a passing fad, this large language model (LLM) chatbot is here to stay.

Just last month, the Singapore Government announced that it is planning to integrate ChatGPT into Microsoft Word for up to 90,000 civil servants. This initiative will be launched in the Smart Nation and Digital Government Office first, followed by various other government agencies. Civil servants can thus harness the power of artificial intelligence (AI) to conduct research as well as draft reports and speeches more speedily. What’s clear from this announcement is that you cannot afford to ignore ChatGPT!

But what can your company use ChatGPT for?

The possibilities are endless. Customer service automation and streamlined data analysis are just two of the many use cases of ChatGPT. In February 2023, OpenAI introduced an API which will allow any company to incorporate ChatGPT technology into their websites, apps, products and services. This launch is a gamechanger—it essentially means your company can build ChatGPT into your core business processes.

Several prominent companies have since jumped on the bandwagon as early adopters. Shopify launched a new ChatGPT-powered shopping assistant, which provides customers with personalised product recommendations in the Shop app. Closer to home, property agents from ERA Realty Network can leverage ChatGPT to translate, generate content and write sales copy.

Now that you are aware of ChatGPT’s immense capabilities, you may be wondering if your company should make use of this powerful tool. We posed this question to ChatGPT—and the chatbot’s boilerplate answer is that it depends.

“Whether or not your company should use ChatGPT for business purposes depends on several factors, including the nature of your business, the complexity of customer queries, and the availability of resources to implement and maintain the technology.” In order to help you decide, we will dive deeper into some benefits as well as risks of utilising ChatGPT.

Benefits of using ChatGPT

1. Increased Productivity: The primary benefit of utilising ChatGPT is that your company will enjoy an increase in productivity. A variety of repetitive tasks, ranging from data entry to routine email responses, can be automated. (ChatGPT can even perform these low-level tasks at a much faster speed than humans.) This will in turn allow your employees to concentrate on more complex tasks which require human ingenuity and creativity.

2. Scalability: Whether your company is a newly established startup or a large multinational corporation, ChatGPT can meet your specific needs. Even if your business operations expand rapidly, you can scale without incurring high expenses.

Risks of using ChatGPT

1. Inaccuracy and Bias: OpenAI, the developer of ChatGPT, warned that ChatGPT may occasionally give plausible-sounding but incorrect or nonsensical answers. The hallucination rate for ChatGPT is reportedly around 15% to 20%. Such misinformation will pose tremendous harm, particularly in the educational and healthcare sectors. If the content generated by ChatGPT is not properly vetted before being released to the public, your company may suffer reputational risk.

2. Security Threats: Some companies are afraid of proprietary information being leaked as a result of using LLMs like ChatGPT. For instance, JPMorgan Chase has banned its employees from using ChatGPT, citing potential compliance issues. Amazon likewise barred team members from submitting confidential customer data to ChatGPT. If your company has certain intellectual property assets to safeguard, it may be wiser to only use ChatGPT in low-risk scenarios.

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