After three years of business and social turbulence, 2023 is also shaping up to be a tumultuous year. Many economists are anticipating a recession, companies are looking to cut costs and we’re seeing a wave of layoffs by big tech companies. But this new normal will be a lot different from the old normal. One of the differences is how a larger pool of companies are investing in innovation to identify and execute on new business opportunities.Certainly, one of the technologies that is making an enormous amount of headway at the enterprise level is the rise of conversational artificial intelligence solutions such as OpenAI’s ChatGPT series of large language models that mimic human language patterns with surprising accuracy.
I recently asked my good friend Bhavin Shah, CEO and Founder of Moveworks, for his perspective on how ChatGPT will accelerate innovation and spur efficiencies across the modern enterprise. Here’s a brief excerpt of Bhavin’s response:
“First and foremost, the speed at which innovation is now happening in machine learning related to human language is accelerating. GPT-3 and other generative AI models have shown us a whole new set of possibilities and ChatGPT has turned an interface that we all understand into something that's very, very accessible. What does this mean to businesses? Every business is going to have to look at the implications to their products and the implications to their workforce, and what aspects of their business are going to be disrupted.”
Bhavin’s insight is spot on. As organizations look for new ways to reduce costs and elevate productivity, newer AI technologies such as generative AI will become essential tools. Generative AI is creating a plethora of new use cases for productivity gains and new revenue opportunities, ranging from near-instant code fixes to crafting personalized customer offers to providing employees with self-service HR and IT support. “What GPT is showing us is that there's a new kind of automation … a new kind of synthesis that is now available. Understanding what that means is really going to be where people spend, I'd say the first half of 2023, as they really start to dig in and look at what this means for their businesses and how they can better support their teams,” Bhavin said in our conversation.
If you haven’t experimented with one of these AI models, I urge you to create a free account at OpenAI and see for yourself what GPT-3 and its conversational variant, ChatGPT, are all about. Here’s the link: chat.openai.com.
We’ll be addressing the challenges and opportunities presented by these newer forms of conversational AI at our HMG Executive Leadership Summits, where you will learn from your peers and globally recognized experts how these large language models are likely to impact your organization and your teams. Register for an upcoming event today.
To view my recent HMG Spotlight video interview with Bhavin, click here.