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May 8, 2023
These days, it seems like every other headline and every third LinkedIn post is talking about the advances of AI-based technology. New ChatGPT prompt ideas garner thousands of comments on social media, and headlines highlighting the newest benefits — and biggest drawbacks — of AI are capturing the attention of millions of readers.
AI is now writing content, filtering resumes, creating imagery, automating processes, supporting researchers, organizing data, and completing a million other tasks for companies around the world. And whether you’re excited to watch AI propel our world forward — or hesitant to embrace the latest tech frontier — the incredible AI advancements achieved over the past few months are worth paying attention to.
ChatGPT is an AI model that uses natural language to receive prompts and share information based on a vast quantity of data from the internet. Unlike Siri or Alexa, which translate prompts into internet searches and pull basic information from the web, ChatGPT was trained using a Large Language Model (LLM). This means it actively learned how to process and output information by studying millions of websites, articles, social media posts and more. And as a result, it communicates using remarkably human-like language.
ChatGPT isn’t just a passing phase. Since the prototype was launched in November 2022, it’s gathered over 100 million users around the world. That makes this little chatbot the most rapidly adopted new software ever created.
While ChatGPT is one particular software, generative AI refers to a subset of AI tools that generate new data, like images, text or sound, based on the input you offer. This technology is often used in language translation, text summarizing or transcription tools, and image creation. Generative AI models are also trained on large amounts of data, like ChatGPT, though they’ve been around longer than the popular chatbot.
Curious how your company can leverage the power of AI to streamline your processes, reduce your employees’ workload and boost productivity?
Though ChatGPT was just launched in November 2022, as of February 2023, as many as 1 in 4 companies have already used the tool to replace at least one worker.
If that stat is surprising, consider these easily quantifiable benefits of leveraging generative AI to complete tasks that used to require human workers, based on a survey of 1,000 US business leaders:
Some of the most common everyday tasks that businesses now turn to ChatGPT for include copywriting and content creation, supporting customers and handling care requests, and creating meeting summaries. And as the technology’s capabilities continue to increase, it’s likely that these companies will find even more ways to integrate AI into their daily operations.
Already, 77% of companies that use ChatGPT rely on it to create job descriptions, and 65% use the tool to draft responses to applicants.
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At Skipp, a talent platform for tech professionals, AI is being used to help hiring managers screen candidates, communicate with leads, and analyze conversion rates so companies can find and sign more top talent, faster.
By delegating these tedious and repetitive tasks to AI tools, companies can save tens of thousands of dollars (or more!) on HR projects — freeing their resources to focus on more strategic initiatives, a stronger onboarding process or better benefits.
According to a survey by ResumeBuilder.com, 66% of the companies that currently use ChatGPT use it to write code. And Goldman Sachs is part of that majority.
When ChatGPT launched in 2022, the company began using the tool to help its development team create and test lines of code at a remarkably efficient rate. While the company’s AI tool and code development process is still in its prototyping phase, as technology advances, it may invest more heavily in the advanced solution.
For Goldman Sachs, generative AI is a tool and a support system, not a replacement for top talent. But considering the tool can already generate as much as 40% of their developers’ code with the click of a mouse, the potential of this solution is significant.
Professionals who are comfortable using innovative technologies are always the first to adopt new solutions — and generative AI is no different. In one survey, 85% of AI users were under 44 years old, while those 50 and over were less likely to use the technology.
Younger users are accustomed to the transformational power of tech tools. They’ve grown up with easy internet access and a supercomputer in their back pockets. And for many of these leaders, ChatGPT and generative AI tools are the new normal.
AI adoption isn’t mandatory yet. But in the coming years, as access to AI-based tools expands, the few companies that don’t adopt the advancements may find themselves struggling to keep up. Before you find yourself at the back of your industry’s pack, check out the free AI tools available online. Because the more you know about the advancements in your industry, the better prepared you are to succeed.
This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal or accounting advice in this article. If you would like to engage with Escalon, please contact us here.
Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.
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