The tech world is rapidly changing. And with that rapid change and ever-evolving landscape comes both excitement and uncertainty. Excitement that innovation can help take your business to the next level, and uncertainty around the risks these technologies pose.

ChatGPT is the latest phenomenon taking over not only the tech industry, but every industry. Harnessing the power of this new, emerging technology will be critical. Businesses must understand what ChatGPT is, how to use it and be empowered to leverage this tool.

Emerging technology transforming vast parts of business and society is not new. However, the rate at which ChatGPT grew was unprecedented.

When OpenAI released ChatGPT last November, it reached 1 million users in only four days, and over 100 million users in two months. ChatGPT achieved this milestone 75% faster than any other tech giant.¹ So, what caused the rapid adaptation?

ChatGPT itself is a natural language AI chatbot that allows you to have human-like conversations. To put it plainly, you can ask it any question, and it will generate an answer.² From answering questions to drafting a contract to creating detailed code, ChatGPT has the potential to transform how we work.

Part of what makes ChatGPT so unique is its ability to mimic human interaction and provide natural and realistic conversations. ChatGPT generates human-like answers based on user prompts. The chatbot takes phrases and keywords that it’s asked and generates an answer using its training.

ChatGPT was trained on a large amount of data found on the internet, including websites, books and other text sources. It was also trained through a different data set that was optimized to be conversational.

Think of ChatGPT’s unsupervised training this way: It was fed a lot of data and left to its own devices to find patterns and make sense of it all. This is the mechanism that allowed the new generative AI systems to scale up so quickly.³

These continual improvements ensure the content’s relevance and effectiveness in transforming communication and productivity.

Working smarter not harder is a concept all businesses are familiar with. So, when a tool comes out that can make menial, time-consuming tasks take less time, it’s something worth exploring.

Part of the draw of using a platform like ChatGPT is its time-saving capability. ChatGPT can enhance operational efficiency. Where something might take a team member a day to draft, ChatGPT can generate it in a matter of seconds.

From a content quality perspective, it is a great tool to enhance what is already drafted. Whether making it more engaging or changing the tone, ChatGPT can again do it in an instant.

However, it is this level of efficiency and quality that causes concern. Not only is the platform constantly learning and evolving, but the fear of it eliminating jobs is a legitimate one. So, what are the drawbacks that should be considered?

Like any technology, it has limitations and considerations to keep in mind. Understanding these limits will allow users to make informed decisions and effectively manage expectations when leveraging this powerful platform.

ChatGPT has limitations that include providing incorrect answers, fabricating plausible-sounding responses and difficulties with complex specialized questions. It is also prone to biased outputs and lacks human insight, understanding and emotional intelligence. Moreover, it may generate lengthy and wordy answers that lack conciseness. Understanding these limitations is essential for utilizing ChatGPT effectively and critically assessing its responses for your company’s best use.⁴

One risk of using the technology is plagiarism, copyright and ethical concerns. After being banned in Italy due to a data breach to a defamation lawsuit, criticism is growing. Government regulation is being considered as researchers and businesses rush to understand and utilize this technology.

It is also important to note that its continuous learning model works because it captures everything ever typed into it. That’s right—that means what you type into ChatGPT is being collected to “improve” the AI model. Microsoft has admitted that its employees may manually review data it collects when you use its services.⁵

ChatGPT currently has over 100 million users, with 1.8 billion visitors per month.⁶ That’s a lot of people. Still though, is it safe to use? While it is designed with extensive security measures, no technology is completely immune to security concerns and exposures.

OpenAI has implemented various safety measures to safeguard user data and ensure the security of the AI system. However, it is important for users to adopt certain best practices to mitigate risks while using ChatGPT. Users should limit the amount of personal information they share and never provide any financial or sensitive data when using ChatGPT. Keep in mind, it is collecting the following information:

If using a platform like ChatGPT, it is important to have your cyber and privacy settings up to date. Proactively prepare by instituting various cyber prevention strategies and tactics.

Ultimately, it is up to you and your business if ChatGPT is right for you. Like with any new technology, there are risks. From plagiarism to cybersecurity, if using ChatGPT, ensure you and your employees are taking the proper steps to minimize your risk.

To utilize ChatGPT effectively within your organization, it is important to:

Regardless of our personal opinions or reservations, AI is here to stay. It has the power to transform industries, enhance productivity and reshape our interactions with machines. It’s essential to stay updated on the latest technology advances and actively engage in shaping the future of AI.

By fostering responsible and ethical practices, businesses can utilize AI tools in a way that doesn’t put their business at risk.

[1] Johnathan R. Cromwell, et.al. “Discovering Where ChatGPT Can Create Value for Your Company” hbr.org. Retrieved June 19, 2023. https://hbr.org/2023/06/discovering-where-chatgpt-can-create-value-for-your-company

[2] Fionna Agomuoh and Luke Larsen. “ChatGPT: How to use the AI chatbot that’s changing everything” digitaltrends.com. Retrieved June 5, 2023. https://www.digitaltrends.com/computing/how-to-use-openai-chatgpt-text-generation-chatbot/

[3] David Gewirtz. “How does ChatGPT actually work?” zdnet.com Retrieved June 5, 2023 https://www.zdnet.com/article/how-does-chatgpt-work/

[4] John Rampton “the advantages and Disadvantages of chat gpt” calendar.com. Retrieved june 5, 2023. https://www.calendar.com/blog/the-advantages-and-disadvantages-of-chatgpt/

[5] Tegan George. “What are the Limitations of ChatGPT?” Scribbr.com. Retrieved June 5, 2023. https://www.scribbr.com/ai-tools/chatgpt-limitations

[6] Fabio Duarte. “Number of ChatGPT Users (2023)”. explodingtopics.com. Retrieved June 5, 2023. https://explodingtopics.com/blog/chatgpt-users

[7] Albert Khoury. “Be careful: ChatGPT likes it when you get personal” Komando.com Retrieved June 19, 2023. https://www.komando.com/security-privacy/chatgpt-privacy-issues/883444/