5 Ways to Use ChatGPT for Your Business' Data

As ChatGPT has recently exploded in popularity, business leaders are wondering how to best leverage its potential. ChatGPT has a number of useful data functions; however, it cannot replace human data scientists nor operate without human oversight. Here, in no particular order, are 5 ways you can use ChatGPT for your business' data.

Data Management

ChatGPT can help with data management, which is a very important function in modern businesses. ChatGPT can help you to ensure your data is high quality, by detecting missing values, outliers, and other inconsistencies. After all, AI excels at pattern recognition and making recommendations accordingly. More specifically, this involves data deduplication, standardization, normalization, and transforming data. ChatGPT can help ensure that your data is formatted consistently throughout, making it easier for you to access and analyze.

Data Governance

ChatGPT can help you to draft policies to effectively govern data in your organization. The purpose of data governance is to ensure that you have appropriate data security and privacy measures in place. While ChatGPT cannot replace legal advice from human beings on issues such as compliance, it can assist you with translating legal concepts into policies that your employees can understand, as well as drafting communications about these policies. 

Data Analysis

Sometimes, you may find yourself with a lot of data and no idea where to begin. ChatGPT’s pattern detection abilities make it useful for helping you gain insights from your data that may not immediately be apparent. You can ask it questions to get an idea of where you should dig deeper to understand your results. If you input a prompt explaining what you need, ChatGPT can also write code to help you in your analysis. Due to limitations we will discuss later in this article, only humans can truly understand the implications of the data in your specific context, but ChatGPT can definitely help.

Data-Based Recommendations

Data can help you make better business decisions, and AI can help you draw insights from your data. When you feed data into ChatGPT, it can serve as a decision support system. You can try asking it about a business problem, provide the available data, and ask for possible solutions Obviously, ChatGPT’s recommendations cannot be taken at face value, but they can provide a starting point for your team when you feel stuck. 

Communication About Data

Communication around data in your organization can benefit from ChatGPT’s Natural Language Processing (NLP) capabilities. In addition to helping you analyze your data, ChatGPT can essentially turn numbers into text, concisely summarizing large quantities of data. If you are feeling overwhelmed when looking at a detailed analysis, you can ask ChatGPT to summarize it in one hundred words or create a bulleted list of conclusions. ChatGPT can also help you draft a memo about these conclusions to send to your colleagues. Humans will have to check the accuracy of ChatGPT's conclusions, but it can help you to get a quick, basic understanding of the meaning of your data and communicate with others about it.

Why You Still Need Humans

In spite of its wide range of data capabilities, AI must always work under the direction of humans, for safety and effectiveness. ChatGPT, and AI in general, lack an understanding of your specific business and your industry, critical context for understanding what the data means for your organization and how best to use it as you make decisions. Additionally, while ChatGPT has been trained on a large database, it lacks the subject matter expertise and real-world experience that can inform humans’ data-based decision making. Most importantly, AI lacks the ability to apply standards of ethics, which are critical when issues such as bias arise. For these reasons and many others, ChatGPT will not replace human employees, but can help them in a variety of ways to make their work with data more efficient.

Square Peg Can Help You Use AI Solutions for Your Data

Whether it’s ChatGPT or another generative AI application, choosing the right AI solution for your business takes a lot of time and research. Square Peg Technologies’ expert consultants can help you use AI in the best possible way for your business’ data, and help you implement AI in the right way for your objectives. Reach out to Square Peg today!