That headline, “How is technology changing the way we do business,” reads like something from the 1990s, doesn’t it? Back then, the proliferation of the internet, e-mail, and search engine technology had everyone marveling about how technology is changing the way we do business. Thirty years later, technology has reached even bigger milestones with artificial intelligence helping businesses generate leads, build machines, help doctors perform surgery, and a slew of other applications.
ChatGPT has been making headlines, mainly because of its conversational tone and ability to generate answers to questions rapidly. It’s an exciting technology to watch, especially as we at Biscred develop our own data-driven technology to help businesses in commercial real estate generate leads and grow their businesses.
We took ChatGPT for a test drive, and what follows is what we learned about the technology.
What is ChatGPT?
You may have heard about ChatGPT, which OpenAI launched in 2018. What is it? Well, we asked the AI bot, “What is Chat CPT,” and this is its answer:
How Do Businesses Use Chat GPT?
We asked the answer bot how businesses are using Chat GPT. The AI platform gave us 5 ways that businesses use ChatGPT:
Customer support: Artificial intelligence is used to answer common questions. You may have seen this if you’ve logged onto your bank’s website, or reached out to an e-commerce site for help. AI can answer common questions, which relieves customer service reps from answering repetitive questions (What are your hours? Are you closed on President’s Day? Where can I order supplies?), so they can focus on more difficult and unique issues and problems that customers have.
Sales and marketing: ChatGPT says that AI has been able to offer personalized answers to questions, so websites can guide prospects and leads through the sales funnel.
HR and recruitment: Some companies have used AI to screen job applicants and answer basic questions.
Education and training: Kind of like internal customer service, AI tools like ChatGPT have been used to help educate and train workers by guiding them through the training process, as well as by answering common questions.
Personalized content creation: Companies have been experimenting with ChatGPT and similar platforms to not only create content but also find topic ideas. They’ve reported using it to write emails, social media posts, website copy, product descriptions, and articles like these.
We can assure you that human fingers have typed every word in this article! We occasionally consult ChatGPT and other AI platforms to help us find answers to questions such as “When did ChatGPT first start” and “How are businesses using AI websites,” but our editorial staff wrote the words you’re reading.
How Else Has AI Helped Businesses?
Data is at the heart of platforms like Biscred and ChatGPT. It’s taking known information (data) and using it to make predictions (intelligence). The more data we have, the better the predictions. And, in cases like ChatGPT, the more human-like the content sounds. We asked ChatGPT how businesses benefit from AI, and this is what it had to say:
“Overall, ChatGPT can help businesses improve efficiency, reduce costs, and enhance customer satisfaction by automating routine tasks and providing personalized experiences. However, it's important for businesses to use ChatGPT ethically and transparently, and to ensure that human oversight is maintained to prevent any unintended consequences or biases.”
Biscred’s platform was built on top of huge datasets that our Bisnow founders have been gathering and indexing for decades, from 11 million readers in 50 markets. It is an intelligent database that allows commercial real estate-related businesses to find each other. Architects can zero in on land developers in northwest Texas. Commercial cleaning companies can find prospective clients in life science properties throughout the Midwest. Lenders and financial firms can target small to medium size mixed-use developers who might need to finance their next projects. The connections and possibilities are endless.
ChatGPT tells us that there are at least five subsets of artificial intelligence:
Natural language processing (NLP)
Machine learning uses algorithms so technology can learn from data. Its technology looks for patterns in data, “without being specifically programmed,” according to ChatGPT. It’s what you see in action when you use image recognition software (reverse image lookup) or predictive analytics.
Deep learning is modeled after the human brain’s neural networks. It’s used in speech recognition (Alexa! Hey, Siri!), among other applications.
This type of AI relies on visual data, such as you’d find in vehicles, medical imaging, and facial recognition.
Natural Language Processing
NLP, as you’d assume, interprets human language. It’s what you see in action when you use a chatbot or virtual assistant.
Manufacturers, hospitals, and military organizations use robotics to perform physical tasks. The robotics are powered in part by artificial intelligence.
AI Still Has Some Kinks To Work Out
While AI-driven content is the newest tech to emerge from Silicon Valley, it still has a ways to go before it can be 100% trusted. One of the flaws is ChatGPT doesn't cite its sources. Its response to one of our questions was out-of-date information which we tracked back to Wikipedia.
With our own platform, Biscred, we use 125+ data professionals to enhance the value and accuracy of the data you’ll see on our platform. We believe in using the strengths of both machine learning and human intelligence and critical thinking to create the best experience possible for our customers.
See Biscred for Yourself
We’re excited about how data is changing the way we do business, and Biscred is part of the future of AI. If you’d like to learn more, you can set up a demo, chat with us (click the chat bubble in the lower right corner), e-mail Biscred, or call us at 332-263-3681.
Our team will show you how to use our online sales enablement tool for CRE, and then you’ll be able to take it for a ride yourself. We can answer questions about subscription pricing during our call with you. See our FAQ page for more information.