Impact of ChatGPT and similar generative artificial intelligence on several business sectors: Applications, opportunities, challenges, and future prospects
Jayesh Rane, Ömer Kaya, Suraj Kumar Mallick, Nitin Liladhar Rane
Abstract
This review highlights the applications, opportunities, challenges, and future prospects of ChatGPT, an AI language model, as it looks at its transformative impact across multiple business sectors. ChatGPT's ability to automate procedures, improve decision-making, and improve customer interactions has led to its widespread adoption in sectors like marketing, customer service, healthcare, finance, and education. ChatGPT simplifies customer service processes by providing round-the-clock assistance and customized solutions. By producing content at scale and analyzing customer sentiment, it has also completely transformed marketing. ChatGPT helps with administrative work and patient management in the healthcare industry. In the finance industry, it improves operations, risk management, and fraud detection. Nevertheless, there are obstacles that businesses must overcome in order to implement ChatGPT. Security, data privacy, and the moral application of AI continue to be major concerns. Other difficulties include the possibility of false information spreading, opaque AI decision-making, and job displacement. Moreover, in order to fully utilize the potential of the technology, businesses must make infrastructure and training investments.