It’s on everyone’s lips. The biggest technological revolution of recent times is called ChatGPT, a true paradigm shift in artificial intelligence.
At BIMEX, we’ve set out for you to know more and better about this incredible tool. What is it? Does it have its own intelligence? Can it be used for business intelligence? What are its benefits and limitations?
ChatGPT, data analysis and business intelligence
From past to present. The Entente Cordiale was a celebrated treaty of non-aggression and understanding signed by France and the United Kingdom in 1904. It was a historic agreement following centuries of warring and competing against each other, forever shaping the course of the 20th century.
Without that historical enmity as a backdrop but within a context of fiercer competition than ever, the current global market is experiencing its own particular war, with Data as its primary spoils.
Collecting, examining, analyzing, optimizing, and improving decision-making through data is undoubtedly the great battlefield for companies and indeed for society in the 21st century.
Therefore, the ‘agreement’ between data analysis and business intelligence is complete: the use of technology and data analysis techniques is the present and future of business.
As we can see, advancements in artificial intelligence and natural language processing have opened new possibilities for data analysis and business intelligence.
One of the most interesting advancements is the creation of natural language models, such as ChatGPT.
What is ChatGPT?
ChatGPT is a natural language model developed by OpenAI that utilizes deep learning to generate responses in natural language.
It has been shown to be highly effective in tasks such as text generation, automatic translation, and question answering.
Since March 14, 2023, Chat GPT-4 has been in existence, an enhanced version that uses deep learning techniques to process and generate text.
According to OpenAI, the capabilities of Chat GPT-4 are very similar to those of humans, “although it is less capable than humans in many real-world scenarios.” And here lies the crux of the matter (which we will delve into further later on).
How to use it?
The only thing you need to do is to go to their official website and create a free account. Once you log in, you’ll enter the chat where you can tell it what you need and wait a few seconds for the algorithm to respond.
In short: this AI has been trained to engage in conversations with anyone.
Where does it get the information from?
To develop ChatGPT, a vast amount of text data (books, articles, news, etc.), images, or videos has been used, allowing for a wide range of tasks related to natural language processing.
All these millions of data points are used to teach the model how to understand and generate text in a coherent and natural manner.
Which companies are already using it?
Both in Spain and around the world, companies and organizations of all sizes are utilizing this tool.
From small businesses to companies such as Jobandtalent, Expensya, Duolingo, Snapchat, and even Microsoft, which uses ChatGPT to provide companies and app developers a way to take advantage of the new technology. Microsoft also uses GPT-4 for its new and improved Bing search engine.
ChatGPT in Data Analysis and Business Intelligence
Let’s delve into the topic at hand, which is its potential and usage in data analysis and business intelligence.
Yes, ChatGPT can analyze vast amounts of data in natural language.
For example, if a company has a significant volume of customer online comments, it can analyze and provide useful information, categorize them, and identify trends beneficial for business decision-making.
Additionally, it can be used as a conversational data analysis tool. In this case, instead of sifting through numerous reports and data, users ask ChatGPT and receive answers.
Moreover, it is capable of automatically generating reports in natural language, even customized ones, to meet users’ needs, including graphs, tables, and other visual elements.
Benefits in BI and data analytics
This popular AI tool can offer several advantages over traditional BI methods, from improved speed in data analysis and processing to enhanced data visualization, greater flexibility, scalability, and more.
In this way, ChatGPT can be used in data analysis for:
- Improve in the accuracy and speed of data extraction and cleaning. Undoubtedly, one of its most significant benefits is the ability to process large amounts of data in real-time, providing businesses with up-to-date information that can be used to make quick decisions.
- Generate reports and data summaries more efficiently, facilitating non-technical user understanding of the data.
- Enhance the efficiency of the data modeling process.
- Generate code for data analysis applications.
Disadvantages and limitations of ChatGPT
However, amidst the praise and applause, one must also understand what lies behind the scenes of ChatGPT: its limitations.
And at this point, we advocate for our cause with reason, to explain why it is necessary to continue opting for companies specialized in business intelligence and data analysis to ensure the highest guarantees.
One of the primary challenges is the lack of understanding and experience with ChatGPT.
This technology is relatively new, so many companies still do not know how to use it effectively. Even worse, some may struggle to extract its full potential without investing too much time and resources.
Another major challenge is the privacy and security of data.
ChatGPT operates using a vast amount of data, raising concerns about the security of confidential information.
Then there’s its technical capacity.
For a student or a media outlet, it can generate 1,000-word compositions in a matter of seconds (we reiterate, this is NOT the case with this article). However, it is prone to making errors or being overly “objective” due to the lack of human involvement in its creation (pun intended).
In many subjects, ChatGPT is imprecise, especially concerning names and certain concepts, making it inadvisable to simply copy and paste its content.
On the other hand, OpenAI acknowledges having issues with “social biases, hallucinations, and adverse cues.” In other words, it may provide false responses or make up information when it lacks a proper answer.
Ultimately, ChatGPT is here to stay, but there still exist technical limitations that do not arise in the realm of business intelligence and data analysis when there’s an expert team behind the operations.
