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5 min read

Maximizing the Potential of ChatGPT for Corporate Data Analysis

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If you're considering using ChatGPT to analyze corporate data, there are several ways to solve this. Furthermore, there are some strengths and weaknesses of this language model you should be aware of. Lastly, there are some tips and tricks you can use to get the most out of ChatGPT and make sure you're using it effectively.

 

In case you did not know it, when OpenAI launched its flagship product ChatGPT in November 2022, they reached 1 million users in four days and 100 million users in two months, which is 75% faster than any other tech giant have done previously, reaching such a milestone. Additionally, ChatGPT primarily started off as an AI chatbot answering to user prompts, while now it has evolved quickly into analysing large amounts of data and interpreting images. Consequently, there are users stretching from high school students to C-level executives looking how to use ChatGPT in their context and to their gain. 

For many professionals though, the question is how to use ChatGPT to analyze their substantial amounts of corporate data, and there are several ways to solve this. Furthermore, there are some strengths and weaknesses of the ChatGPT LLM (large language model) you should be aware of. Lastly, there are some tips and tricks you can use to get the most out of ChatGPT and make sure you're using it effectively.

New ways of using ChatGPT

With the OpenAI's API and many solution providers looking into how they can integrate ChatGPT in their products and offerings, the AI landscape has definitely been transformed and numerous players have entered this exciting new space. One aspect is that completely new services have arrived, such as Midjourney, DALL-E, Lexica, another aspect is the substantial amount of large, medium and small businesses who have signed partnerships and are already integrating OpenAI's technology into their existing product portfolio. Salesforce, Bain & Company and Snap, just to mention a few big ones, are incorporating new functionality such as conversation summary, writing assistance or chatbot (letting users ask open-ended questions), as part of their solutions. 

Other smaller players are already playing around with AI and ChatGPT in various ways, and the impressive list of mind-blowing AI tools that revolutionise video, productivity, marketing, chatbot, design & writing, is growing by the minute. However, there are other companies such as Amazon, Deutsche Bank and Goldman Sachs, who have had to ban or restrict the usage of ChatGPT, due to the high risks related to disclosing sensitive and corporate data. 

The use cases are many and although all business employees are end-users and consumers (at the end of the day), there is a substantial difference in how companies require vendors to deliver a solution which is integrated with OpenAI. The need for a private and "closed" service, where the knowledge (or data) lives outside of the ChatGPT model, i.e. it is not used to train the model, is becoming a prerequisite for many companies lately. The majority of businesses today have their IT infrastructure in the cloud, with AWS, Google or Microsoft. For those already familiar with Azure, and relying on the data protection, privacy and compliance measures that Microsoft ensure as part of their cloud offering, it should come more natural to businesses to trust their existing provider and its respective ecosystem of partners available in Azure, to deploy and test AI capabilities through the Azure OpenAI service. 

Before we go deeper into how you as a business users or owner can leverage the latter, let's first have a look at the opportunities and reasons why ChatGPT is worth looking closer into. 

Strengths of ChatGPT

One of the main strengths of ChatGPT is its ability to generate human-like responses based on the context provided. This makes it an ideal tool for tasks such as summarizing large amounts of data, generating reports, and answering frequently asked questions. ChatGPT can also be trained on custom data sets, which can improve its accuracy and relevance to specific business needs.

Another strength of ChatGPT is its versatility. It can be used for a wide range of tasks, from customer service chatbots to content creation and even creative writing. Its natural language processing capabilities make it a valuable tool for analyzing text-based data, such as customer feedback or social media posts.

Weaknesses of ChatGPT

While ChatGPT has many strengths, it also has some limitations that should be considered when using it for corporate data analysis. One of the main weaknesses of ChatGPT is its inability to understand the nuances of language and context. This means that it may not always provide accurate or relevant responses, especially when dealing with complex or technical topics.

Another weakness of ChatGPT is its tendency to generate biased or offensive responses, especially when trained on biased or offensive data. It's important to be aware of these limitations and take steps to mitigate them when using ChatGPT for corporate data analysis.

Tips and tricks for prompting ChatGPT

When using ChatGPT on corporate data, there are several tips and tricks you can use to improve the accuracy and relevance of the responses generated.

Here are some examples:

  1. Use specific prompts: ChatGPT works best when given specific prompts that are focused on a particular topic or question. Avoid open-ended prompts or those that are too general.
  2. Use high-quality data: The quality of the data used to train ChatGPT can have a big impact on its performance. Make sure to use high-quality, relevant data sets to improve the accuracy of the responses generated.
  3. Fine-tune the model: ChatGPT can be fine-tuned on custom data sets to improve its accuracy and relevance to specific business needs. Fine-tuning the model involves training it on additional data that is specific to your business needs. This can be done using software such as Hugging Face's Transformers or Google's Colaboratory.
  4. Be aware of biases: ChatGPT may generate biased responses if trained on biased data. Be aware of this and take steps to mitigate biases in the data and in the responses generated.
  5. Evaluate the responses: Always evaluate the responses generated by ChatGPT to ensure they are accurate and relevant to the question or prompt. This is especially important when dealing with complex or technical topics.

Examples of useful prompts

Here are some examples of useful prompts that you can use with ChatGPT to analyze corporate data:

  1. "Can you provide a summary of our customer feedback on our new product, broken down by region and demographic?"
  2. "Generate a report on the performance of our marketing campaigns over the past year, including ROI and conversion rates."
  3. "What are the top three factors that contribute to customer churn in our subscription service, and how can we mitigate them?"
  4. "Can you analyze our financial data and provide insights on how we can reduce costs without compromising on quality?"

Many solutions using ChatGPT or other LLMs often have integrated some sort of "Question Answering" functionality, such as Suggested Prompts, which helps the user ask questions. The latter is based on the information entered or the documents uploaded, and bring additional value as it makes it so much easier to grasp the overall insight of the information.  

If you want to see how this plays out "for real", you should definitely check out Ayfie Personal Assistant, which allows you to upload your files, use the suggested prompts, ask the questions of your own and chat freely about any other topic, all in one and same solution. We have also included several other useful features to make your experience as smooth and nice as possible, such as Document History, Conversation History, Tips & Tricks on what you can do with our AI assistant. 

As presented earlier in this article, the safety and ease-of-use of ChatGPT matter to businesses, and keeping their corporate data where it is today (i.e. in the hands of Microsoft and Azure), and deploying the OpenAI service on top of that, is a service we in Ayfie believe in. Therefore, we are making our text analytics and search engine solution available in Azure, combining it with the Azure OpenAI service, to be able to deliver ChatGPT in a secure and closed environment where your corporate data is not used to train the ChatGPT model. 

More information about this specific offering in Microsoft Azure Marketplace to be shared early August and in the meantime you can read about how we combine our Ayfie platform with the OpenAI API service on Ayfie Chat With Your Corporate Data and register your interest on Sign up for Ayfie and ChatGPT  to see this in action in case you want us to follow up.

To test how our AI Personal Assistant can be used to upload your own documents, ask prompts, chat freely or create new material have a go at Ayfie Personal Assistant. 

Sources:

Microsoft and OpenAI extend partnership

These Major Companies—From Snap To Salesforce— Are All Using ChatGPT

Discovering Where ChatGPT Can Create Value for Your Company

Can ChatGPT work with your enterprise data?

 

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