ChatGPT, a chatbot powered by artificial intelligence (AI), was developed and released by OpenAI, an organization dedicated to AI research and implementation. The emergence of ChatGPT has garnered significant attention and acclaim within the technology industry. ChatGPT is a language model that has undergone training to simulate human-like conversation.
In a recent study published in MSBD, researchers found that the utilization of a dialog format enables ChatGPT to effectively respond to subsequent inquiries, acknowledge errors, question flawed assumptions, and decline inappropriate solicitations.
Study: ChatGPT: Revolutionizing Business Decisions with AI-Powered Insights. Image Credit: TierneyMJ / Shutterstock
What does this study involve?
The present paper focuses on the potential applications of ChatGPT in fields such as research compilation, marketing content creation, idea generation, provision of aftercare services, enhancement of customer engagement, etc. The utilization of ChatGPT presents significant prospects for companies that strategically harness this groundbreaking technology.
This work assesses the efficacy of ChatGPT as an aid in typical business decision-making scenarios. As an illustration, ChatGPT was queried regarding the ramifications of a hypothetical consolidation of two supermarket chains within the Swedish market. In a different instance, ChatGPT was queried regarding suggestions for spending in a Brazilian oil corporation. Lastly, an inquiry was made regarding the determinants that impact consumer behavior in the context of online shopping.
Methodology used
In order to assess the efficacy of ChatGPT in facilitating the analysis process for business decision-making, a selection of three questions was posed to ChatGPT via its text interface. The first inquiry pertained to the consolidation of prominent corporations in Europe, a phenomenon that invariably engenders societal concerns regarding monopolistic practices and employment sustainability.
The second question pertained to the topic of investment in the stock market. Individuals engage in stock market investments for various motives, such as preserving their earnings for retirement, accumulating assets, enhancing well-being, and ensuring consumption stability. As such, question 2 pertains to the potential risks associated with investing in a prominent oil corporation situated within a nation characterized by an emerging economy. Question 3 pertained to the determinants impacting online shopping behavior.
Significance of the results
For the first inquiry regarding the consolidation of two prominent supermarket chains, namely ICA and COOP, within the Swedish market, ChatGPT listed the companies' sizes, locations, sectors of activity, and potential public effect in the opening sentence. This is useful for students but not experts. Further, ChatGPT noted the significant impact on competitors and suppliers and their increased negotiating power in the second sentence. An expert sees it as apparent, yet a layperson finds it noteworthy. Subsequently, ChatGPT mentions redundancy-related layoffs in the third sentence. In its conclusion, ChatGPT voiced concerns about legal challenges in this merger, which is well known.
Upon examining the response generated by ChatGPT in relation to the second query, it becomes evident that the initial sentence of the response offers a broad overview of the company, encompassing details such as its geographical location and nature of operations. There exists a disparity between the nature of information that is typically generated by a basic search on the Google search engine and the content provided in this context.
Lastly, the response provided by ChatGPT to the third question listed eight factors that experts are cognizant of, albeit superficially. In contrast to other scholarly investigations, such as the research conducted by Mesatania, which identified a total of 23 factors, it can be inferred that the responses generated by ChatGPT exhibit a generic nature. Consequently, caution should be exercised when utilizing these responses for business decisions.
Conclusion
This study analyzed the utilization of ChatGPT as a decision-making tool in the business context. It showed that ChatGPT consistently displays straightforward information in all examined instances, yet it can prove valuable in the decision-making process by providing a comprehensive overview of the subject matter. The current iteration of ChatGPT is not a viable replacement for experts in business decision-making. However, ChatGPT can serve as a valuable instrument for decision-making professionals seeking to enhance productivity and allocate time for additional pursuits.
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