ChatGPT is all over the news, especially since it has been reported that Microsoft may be considering a significant increase to its 2019 investment of $1 billion in OpenAI, the hottest startup in Silicon Valley and the creator of ChatGPT. The $10 billion investment under consideration would increase OpenAI’s value to $29B. A cutting-edge chatbot with advanced capabilities such as writing poems and software code, ChatGPT is capable of formulating human-like answers in seconds and its conversational style suggests a natural alignment with customer-facing channels, especially chat capabilities within contact centers.
There is little doubt that ChatGPT technology can and will revolutionize contact centers. The latest version (ChatGPT-3) utilizes Generative AI (AI that generates new content) and has been trained on 175 billion data points (trainable parameters) and counting. Utilizing supervised learning, its algorithm can recognize, learn from, and even anticipate relationships within an organization’s data. It provides a suite of intelligent solutions that can enable speedy and accurate responses to customer queries, making it easier for contact centers to handle large volumes of incoming inquiries promptly and efficiently. Additionally, ChatGPT’s self-learning capabilities ensure that the system keeps up with changes in customer expectations and evolving industry trends.
Organizations that invest in AI technology such as ChatGPT, will find that it becomes an extension of their staff – It will learn from their data (customer interactions, etc.) how they do business, how they respond to inquiries, etc.
ChatGPT Provides Limitless Possibilities for Contact Centers
ChatGPT offers an array of potential benefits for contact centers, especially when it comes to improving customer service:
- It can be used by human agents, enabling them to gain a better understanding of customer needs and provide solutions more quickly than ever.
- It can allow contact centers to skip the expensive process of hiring extra human agents to answer simple customer questions.
- It can help agents provide more accurate answers, thus reducing the time they need to spend on each call.
- It can help agents improve customer experience through better relationship building.
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ChatGPT offers numerous opportunities for quick success in the financial industry. For example, it can provide real-time responses to customer queries on account balances, transactions, or account alerts, as well as complete more complex tasks such as helping customers compare different financial products. In the healthcare industry, ChatGPT can be used to efficiently process customer claims and assist with policy alterations or cancellations. Another benefit of ChatGPT is its ability to deliver multilingual support, which allows it to effectively cater to customers from all over the world, allowing them to communicate in their desired language. Its understanding of customer language patterns and preferences, enables it to recommend appropriate responses to human agents, improving the customer experience they provide.
ChatGPT has Excellent Potential but Needs Further Development
There are multiple reasons why ChatGPT-3 is not quite ready for contact center use:
1. ChatGPT-3 is still in the early stages of development and needs further training before it will reliably meet contact center expectations.
2. ChatGPT-3 cannot handle complex conversations or answer multiple questions simultaneously as this requires more sophisticated AI technology.
3. ChatGPT-3 cannot understand context and emotions, meaning it cannot yet provide an entirely human-like experience for customers.
4. ChatGPT-3 is only as intelligent as the data it can collect and analyze. Companies must either accept the currently available dataset or invest in deploying and training a system to process their data. This will require extra time, money, and effort for upkeep.
ChatGPT can Drastically Reduce the Cost of Running Contact Centers
In conclusion, ChatGPT has great potential to be helpful in contact centers once it is adequately developed and implemented. While some challenges must be addressed before ChatGPT is ready for the contact center space, the potential benefits of using this technology in contact centers are numerous. With additional development, ChatGPT will be able to help reduce customer service costs and improve the accuracy and efficiency of interactions in contact center scenarios. It is certainly worth looking into!
The Northridge Group helps clients improve efficiencies and CX by leveraging new technologies. To learn more about incorporating ChatGPT and omnichannel strategies into your contact center evolution, contact us.