The Power Of ChatGPT And OpenAI For Venture Studios: Part 2
In part 2, we talk about venture studios already introducing GPT 3 and some predictions as to where the future of this technology can go.
In part 1 we introduced OpenAI’s latest project ChatGPT and talked a little bit about its uses and how it could be of value to venture studios. If you missed part 1, be sure to read it first to get an idea of what the capabilities of GPT are.
The rapid pace at which AI development is taking place means that there are constantly new use cases being developed, and articles like this one are far from exhaustive when it comes to describing the potential that can be achieved by using this technology.
Now here in part 2, we’re going to talk about how venture studios are already introducing GPT into their projects, the demand for the industry, and some predictions as to where the future of this technology can go.
How Venture Studios Are Using Chat GPT (So Far)
While it’s still early days for these projects, many venture studios that specialize in machine learning are already offering some kind of GPT services. As mentioned earlier, although ChatGPT 3 may be new to the public, its earlier versions and machine learning as a whole are deeply familiar to the venture studios like NineTwoThree that operate in these spaces.
Our latest case study of this nature talks about how the GPT model is pre-trained on a large dataset of text, allowing it to learn patterns and relationships within the data. When given a prompt or a starting text, the model uses this pre-trained knowledge to generate new text that is similar in style and content to the input it was trained on.
The model uses a deep learning algorithm called a transformer, which is designed to process sequential data such as text. The transformer's architecture allows the model to understand the context of the input, and generate text that is coherent and appropriate in the context.
This put forward an interesting question what if ChatGPT could be trained to be a replacement for a therapist?
You can read more about the incredible results of this study by clicking here.
The Growing Demand For GPT Work
In 2023, this market is set to boom like never before - not only has Microsoft made a significant investment in OpenAI and vowed to build Bing off of this technology, but the use of AI devices is predicted to grow exponentially in the next five years. This means studios will be able to find clients that have big data needs and require machine learning experts to deliver on them.
And that’s not all. The capabilities of AI are growing so rapidly that the potential for apps based on this technology is growing just as quickly. The more AI is being used and developed, the lower the costs will ultimately become making it more accessible to businesses of all sizes.
What’s apparent is that those who carry expertise in machine learning have a significant advantage over those who are only just beginning to utilize this technology.
Paired with the new levels of competition that come with a booming industry, all of these factors indicate that this will be a healthy, competitive space for studios in the years to come.
In fact, a recent survey by the company Invisible determined that business leaders are prioritizing the adoption of new automation tech in response to growing concerns over economic volatility.
And it makes sense why they would turn to GPT and other AI solutions in this line - the market is hot, investors are keen and automation tech is set to be a leading industry that will cut long-term costs.
Future Predictions For ChatGPT
There are many exciting uses for GPT, but some of these use cases are currently more newsworthy than others. Let’s dig a little deeper into each one and what they could mean for the future:
Chat GPT 3 is already making waves in the education sector as enterprising students have been using the application to generate natural language responses to school questions. What’s newsworthy here is how ethical this will be in the world of Academia, and whether GPT will become an accepted or banned tool in the near future.
Healthcare is another field ripe for renewal with GPT where it’s planned to be used to personalize health and mental wellness advice. This tool could mean that patients and doctors both can benefit from simple explanations of complex medical concepts and diagnoses.
Many companies are already using GPT to handle things like report generation, proposal preparation, and other business documentation - this will soon extend into the legal side of the business too where more companies will use GPT 3 to create Privacy Policies, legal agreements, and more.
DALL-E and other AI generation tools are already being used to replace things like stock footage and images. This practice is however still under review as similar to the education sector, there are some questions about the morality of the source material the AI uses to generate the final product.
And these are just a few ways that GPT is already being implemented by real companies. The industry as a whole is bound to see more projects related to this technology launch in the next few months.
The Challenges Of Integrating GPT Into Existing Solutions
This is the big one for many companies - they’re excited about GPT as a solution but aren’t sure how they can integrate it into their existing business tools or tech stacks.
This is where outsourcing to a team that has extensive AI and machine learning experience becomes essential. If you bring in your own in-house expert, you’ll need to take the time to go through the hiring process, train and onboard someone and then get them working on your solution - all while your competitors have already made it to market.
The other option is to bring in a ready-made team that can jump in and starts work immediately because they already have the AI technical chops and business acumen needed to understand how this new technology can change your business. Because they have worked on dozens of machine learning projects before, they can easily apply their existing expertise to your project and help you get to market faster.
Working With A Leading Machine Learning Venture Studio
When outsourcing work to an agency or studio, you don’t just want to go with any team. You need a team that has worked together for years on many different projects so that they have the collective know-how in order to deliver your project on time and within budget.
NineTwoThree Venture Studio is a leading machine learning development agency with over ten years of experience in bringing apps and startups to life. That means we can easily organize your data to make better decisions and build solutions that bring time and cost savings to your business.
Our other advantages?
- Vendor Agnostic
We’re not tied to any providers. We’ll only recommend AI services & tech that’s right for your business
- Industry Agnostic
Years of experience, across several industries, including Health Care, FinTech, Logistics, and Supply Chains.
- In-House Skills
We have a team of data scientists, researchers, engineers, and computer scientists that know what they’re doing
- Big Picture Thinking
More than just AI. Our software analysts, engineers & project managers will build your entire solution for your entire business.
Contact us today to learn more about our expert machine learning consultancy and what we can do to take your GPT 3 project to the next level.