ChatGPT is the latest buzzword in the current tech space. The capabilities of this AI tech are changing the way businesses are operating and making their decisions. Developed by OpenAI, ChatGPT gained more than 1 million users within a week of its launch last year.
At present, ChatGPT is popular for providing faster, more precise, and more human-like responses. As per forecasts, it is set to generate over USD 1 billion in revenue by the end of 2024.
ChatGPT differentiates itself from other AI-based products such as Google’s Bard, Dall-E, and Codex in several ways. The uses of ChatGPT for business are also identified as beneficial for advanced BI and data analytics solutions.
Wondering why? The demand for business intelligence solutions is high among both startups and large organizations. The reason is greater efficiency, productivity, and accuracy with data & predictive analysis. And artificial intelligence is taking it to the next level.
80% of organizations are already using or likely to use AI-powered tools in the future. They can transform their business operations with the benefits of Artificial Intelligence. So, it is worth knowing how ChatGPT AI data science can transform modern business intelligence (BI) methodologies.
Here in this blog, we will discover how ChatGPT adds value to modern business intelligence tools & technologies. Let us begin!
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Called “the best AI chatbot ever released” by OpenAI, ChatGPT gained immense popularity in no time. It is a language model based on GPT, i.e., a generative pre-trained transformer language model built by OpenAI.
ChatGPT uses advanced Natural Language Processing (NLP). It generates exact & realistic responses to user queries. Furthermore, it captures conversation patterns & interprets them using an updated database to give answers.
This AI tech is a game changer for many reasons. Businesses using advanced BI software can take advantage of this AI technology for smart decision-making. ChatGPT can also play a key role in predictive analytics for risk management.
Here are more pointers on how ChatGPT works for business intelligence & data analytics
ChatGPT’s algorithm captures millions of textual data to generate accurate responses. It enables businesses to get new and actionable insights on the go. Many enterprises hire reputed AI companies to get similar features of ChatGPT for their existing BI system.
ChatGPT is the most-preferred AI tool to use with business intelligence for task automation & enhanced efficiency of team operations.
One more use of ChatGPT for business data analytics is easy data visualization. It allows data analysts to visualize data insights on interactive & customized dashboards.
ChatGPT delivers reports in the form of charts and graphs to help you interpret and identify valuable trends.
Industries ranging from healthcare to fintech to entertainment can use ChatGPT for this purpose. It helps them get valuable data and insights as per their business interests and market demands.
Custom report generation
ChatGPT for business data analytics can do wonders to the report generation process. How? The answer is right here.
It can generate reports in any format, such as PDFs, presentations, graphs, etc. As a result, it becomes easier for executives to produce more precise and impactful data insights for stakeholders or clients.
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ChatGPT’s uses are not limited to tech firms. Non-tech businesses are leveraging this AI-driven tech in their traditional BI tools & methodologies.
Indeed, ChatGPT is the most-visited AI platform for users looking for answers unavailable on Google. It records more than 96 million visitors every month.
Here are some of the top benefits of using ChatGPT AI data science:
Flexible for businesses of any shape or size. Both small enterprises & large companies can integrate ChatGPT AI functions with their BI tools and data analytics.
More cost-effective for businesses needing a greater workforce with a limited budget. It eliminates the extra cost of human resources by automating routine tasks, training and other costly procedures.
Cross-language support makes ChatGPT ideal for businesses with a global presence. It is compatible with every language format.
Enhanced data accuracy reduces the risk of pin-point errors that may appear in manual operations. ChatGPT for business data insights solutions involves less time and effort with high-level precision. It simplifies tasks such as data entry, big data analytics, and insights.
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ChatGPT needs no introduction for social media marketers, content creators, and learning programmers. In the world of content and influencer marketing, celebrities across the globe are using ChatGPT. They use it for generating original yet relevant ideas to grow their fanbase.
And get this – ChatGPT’s far more powerful & refined version, GPT4, is set to arrive this year.
Here are a few uses of ChatGPT beyond traditional BI tools and data analytics software:
- ChatGPT extension for Chrome to refine search & get quick answers to queries. It is available on various search engines, including Google, Bing, and Firefox.
- ChatGPT’s voice command feature, Promptheus, raises a command when one cannot type or does not wish to type. One can add a Google extension to use the voice command feature of ChatGPT.
- TweetGPT is a ChatGPT extension that generates new tweets based on original and trending ones.
Let’s say an online retailer needs to analyse the shopping patterns of their customers. They can use ChatGPT to categorize and determine buyers’ shopping behaviour. This way, eCommerce companies can identify the likes, dislikes, feedback, age, gender, country, etc. of target customers.
With ChatGPT, a company can use sales data to get a descriptive response to the following questions:
Which product category is driving high traffic online?
What has been the average increase in sales in the past six months?
What have been the highest-selling products in the last three months?
What will be the estimated market value of products sold in the last quarter?
Which group of the target audience is most likely to buy our products in the next year?
Asking the above questions will bring detailed insights into the performance of an eCommerce business. Indeed, business automation in retail has become the need of the hour.
ChatGPT for business intelligence: Get started with BluEnt, a leading tech partner for global brands!
AI tools have captured millions of minds in a short span of time and are set to make a vast difference in data science.
Most enterprises are already planning to make the most out of ChatGPT. It can boost productivity and accuracy with data analytics and management efforts.
At BluEnt, we have a team of qualified, passionate data scientists who collaborate with our clients to shape innovation.
Our analytical approach & agile methodologies are infused in our business intelligence, CRM (Customer Relationship Management), business process management, enterprise mobility, software development services, and all-inclusive enterprise resource planning services.
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1. From where does ChatGPT for business data analytics get information?
ChatGPT uses the GPT language model, which works on generative AI models.
These AI models collect a large amount of data (updated till 2021) and generate relevant responses as requested by a user.
2. How do you import data in ChatGPT AI in data analysis & other BI purposes?
The process of data importing in ChatGPT with business intelligence tools is as follows:
Choose any data format to import in ChatGPT from CSV, JSON, and Excel.
Format & rearrange data to prepare it for further analysis.
Connect data with ChatGPT either by uploading the data directly or by using API.
Start loading data into ChatGPT by using the relevant data import functionality.
Conduct data analysis through tables, graphs, charts, and other visual components of the insights on ChatGPT’s dashboards. Make data-driven decisions for business growth.