Today, Artificial Intelligence technologies are being increasingly used in a wide range of sectors and different types of work. Artificial Intelligence technologies and AI-powered tools such as ChatGPT build on existing technologies and take business operations to a whole new level.
In recent years, companies that have incorporated these new tech trends into their daily business processes appear to have increased productivity and efficiency.
We have already mentioned that AI technologies such as ChatGPT are already being implemented in many areas. However, will AI and ChatGPT displace the human workforce?
In this article, we are going to attempt to find the answer to this question.
What is Artificial Intelligence and ChatGPT?
In simple terms, Artificial Intelligence (AI) is defined as a system that imitates human “intelligence” to perform certain tasks and improves itself through information gathered from internet-based sources.
ChatGPT, on the other hand, is a chatbot based on Artificial Intelligence developed by OpenAI. Choosing specific words from its own database, ChatGPT engages in a conversation with you, giving you the impression that you are talking to a person.
The source of this data is the internet, but what distinguishes ChatGPT from an ordinary search engine is that it can provide the fastest and most compiled information to the user. No wonder it’s one of the most preferred software recently.
Yet, there is one question that keeps people confused. Will this technology, which offers the necessary information in the required form, change the way some professions do business?
In Which Fields Are AI and ChatGPT Used in Business?
Today, there are a number of business fields that actively use and integrate Artificial Intelligence (AI) technologies into their business processes. AI programs such as ChatGPT are modified in various ways by their developers to enable them to be used in various fields. We can list some of the leading ones as follows, here’s four of them:
- Marketing & Sales
- Information Technologies (IT) & Engineering
- Healthcare & Drug Industry
Marketing & Sales
The AI technologies used in the marketing & sales field have facilitated customer and consumer behavior research, a crucial element for the industry.
These technologies offer professional guidance in determining which product suits which customer group and how to strategize the sales and marketing of these products. Facilitating the process, these technologies also increase the success and profit rate in the industry.
In marketing and sales, ChatGPT can be used for tasks such as creating content, determining strategies, communicating with customers, and sending automated emails to clients. Organizations can benefit from this situation and observe customer behavior.
Based on the figures so far, the market value is expected to reach $35 billion by 2024 and is expected to triple by 2028 thanks to the support of AI technologies used in the field of marketing and sales.
Information Technologies (IT) & Engineering & Data Analytics and Insights
The integration of AI technologies into the field of information technology has contributed to the resolution of many challenges in the industry and helped to improve the current state of operations.
By improving productivity and assuring quality, AI technologies have helped to lighten the burden on developers.
Moreover, Artificial Intelligence has complemented the opportunities offered by IT in areas such as enhanced security systems, improved coding production, and enhanced quality assurance.
ChatGPT can be integrated into code editors to provide context-sensitive suggestions and code completion, thereby increasing productivity and decreasing time.
It can be seen that these technologies have a contribution to the growth of the market. According to the data, the global information technology market increased from $8179.48 billion in 2022 to $8852.41 billion in 2023 and it is expected to be $11995.97 billion in 2027.
AI technologies have transformed the functioning of many processes in the field of finance. It has changed the quality of products and services, particularly in banking.
It has improved the customer experience, and at the same time, it has enabled these experiences to be realized more efficiently in a shorter period of time.
Revenue forecasting, stock price predictions, risk monitoring and case management processes are realized with the help of AI technologies.
Also, thanks to Artificial Intelligence systems, it is also possible to prevent cases such as money fraud, anomalies in data or suspicious money transactions.
The use of ChatGPT in finance can be listed under several headings:
- Customer Services
- Prevention of Fraud
- Wealth Management
- Risk Management
- Financial Planning
- Algorithmic Trading
- Credit Scoring
Incorporation of AI into business is that AI-powered Chatbots enable one-to-one contact with customers in banking systems. Customers can easily access their account details and customer services through these chatbots, making the process much more convenient.
Healthcare & Pharmaceutical Industry
One of the business fields in which AI technologies are actively practiced is the healthcare and drug industry. In many ways, it is observed that AI technologies have enhanced the patient-treatment procedures.
These technologies have a role in how diseases are diagnosed, how patients are treated and how they are monitored; improving healthcare services by enabling diagnostics and improving clinical outcomes.
ChatGPT can be used as a tool to monitor symptoms and identify situations in which and under which circumstances patients need medical intervention.
Moreover, AI technologies used in the drug industry contribute to the identification and listing of patients requiring medication, speeding up and simplifying the distribution process of these drugs. Together, all these benefits contribute to the reduction of production costs.
What Can We Conclude?
Above, we have discussed the areas where artificial intelligence technologies are actively used and the contribution of these technologies to these areas. It is fair to claim that AI-supported applications facilitate and accelerate business processes in many aspects.
ChatGPT and other Artificial Intelligence (AI) programs help people to carry out their work more efficiently. Such technologies are not meant to replace the human workforce today, but to make human work easier.
Yet, we don’t know what the future holds, so it is not possible to say anything for sure. We’ll wait and see what technology will bring us.