Top 3 Use Cases for ChatGPT across Key Industries

As AI continues to accelerate its pace to traverse boundaries, ChatGPT has become the talk of the town. In this article, I have discussed how Open AI, the mastermind behind ChatGPT, which is also responsible for other highly praised AI feats, like DALL-E-2, which can produce images based on users’ descriptions, built ChatGPT. Furthermore, read on to understand the different applications, use cases and apprehensions about ChatGPT across industries.

Prateek Tokas

Dr. Jassim Haji
President
International Group of Artificial Intelligence

Open AI applied its AI smarts to ChatGPT, too, which is built atop an avante-garde language processing AI model called GPT-3, which, according to Open AI, “can understand and generate natural language.” This phrase, however, is a bit of an understatement of how sentient ChatGPT appears to be at times. Let’s move to understand ChatGPT industry use cases.

ChatGPT in Cybersecurity

By automating certain tasks, GPT can help SOCs to operate more efficiently and effectively. For example, a SOC uses GPT to automate the triaging and response process for security incidents, allowing human analysts to focus on more complex tasks and freeing up resources. This leads to increased efficiency and cost savings.

It is trained on a large dataset of human language, which means it can generate accurate and coherent responses. This can help to reduce the number of errors and false positives in security incidents.

ChatGPT can be used to augment the capabilities of human analysts, allowing them to handle more complex tasks and respond to a wider range of security incideFaster turnaround time. The use of GPT can help to speed up the process of identifying and responding to potential security threats. This can lead to a faster turnaround time for identifying and mitigating attacks.
However, a few apprehensions accompany the application GPT in cybersecurity. It is important to note that the use of GPT and other AI tools in cybersecurity may also increase the risk of cyber-attacks. For example, a non-professional hacker obtains access to a GPT language model and uses it to generate code for a ransomware attack.

ChatGPT in Finance

It can be used to analyze financial reports by providing it with access to relevant data and information. The AI model can then generate summaries of key points and trends, identify discrepancies or anomalies in the data, and provide recommendations based on its understanding of the information and its context.

For example, ChatGPT can be utilized to analyze a bank’s financial statements, such as its balance sheet, income statement, and statement of cash flow, to identify trends and patterns and offer suggestions for improving financial performance.

It can also be used to compare the bank’s financial performance to competitors or industry benchmarks and provide insights for improvement.

ChatGPT in legal

We have been impressed by ChatGPT’s ability to write content, create templates, and draft technical documents – all of which present value to the legal field. The tool is easy to use, provides straightforward information, and can save lawyers a ton of time on what would typically be manual tasks.

However, ChatGPT is also transparent about its limitations, which may be cause for concern when it comes to its legal applications.

However, the tool is only as strong as the dataset that’s available to it. That means that inaccurate or limited data could lead to inaccurate results, answers, information, etc.

Furthermore, the legal industry is based on trust, authority, and competence. Lawyers are held to a high standard when it comes to their experience and technical expertise. This means that all ChatGPT results should be closely examined, with scrutiny, before using the information in client-facing documents, marketing materials, etc.

One more potential concern is confidentiality. We don’t yet know how ChatGPT stores its data – whether it is stored natively, stored via third parties, or shared with advertisers. With that in mind, law firms should be careful not to include confidential/identifying information in their ChatGPT prompts.

The big question: Will ChatGPT threaten jobs?

It is vital to note that the use of ChatGPT does not replace the need for human professionals, rather enhances their ability to detect potential fraud/ challenges and make informed decisions quickly through collaboration. Overall, ChatGPT will unlock a cohesive future for businesses and the society, bringing together the power of human intelligence with artificial intelligence.

About the author

Dr Jassim Haji is currently the President of the International Group of Artificial Intelligence. Dr Haji is a veteran in the field Information and Communications Technology with over 3 decades of robust experience in implementing IT strategies to move applications/infrastructure, formulating vision, improving vision/culture, innovation and change management. He has led transformational change across a range of operational areas and create a sustainable difference to a business’s operational performance.

Dr Haji is continuously conducting research in Artificial Intelligence and Organizational Change, exemplified by his publications on latest technologies and how to be leveraged operationally and economically in organizations. He led the entire Information Technology department in Gulf Air and implemented numerous cutting edge projects and technologies. Dr Haji has been honored with over 40 prestigious awards including 15 distinguished CIOs (Chief Information Officer). He formerly served on the board of directors of a leading hospitality and tourism technology provider in the Middle East and on SITA Council representing Middle East and North Africa.

Disclaimer: The views expressed in this feature article are of the author. This is not meant to be an advisory to purchase or invest in products, services or solutions of a particular type or, those promoted and sold by a particular company, their legal subsidiary in India or their channel partners. No warranty or any other liability is either expressed or implied.
Reproduction or Copying in part or whole is not permitted unless approved by author.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles

Sign Up for CXO Digital Pulse Newsletters

Sign Up for CXO Digital Pulse Newsletters to Download the Research Report

Sign Up for CXO Digital Pulse Newsletters to Download the Coffee Table Book

Sign Up for CXO Digital Pulse Newsletters to Download the Vision 2023 Research Report

Download 8 Key Insights for Manufacturing for 2023 Report

Sign Up for CISO Handbook 2023

Download India’s Cybersecurity Outlook 2023 Report