By now, almost every business owner has heard the tales of OpenAI’s language-learning model. Software founders have set their sights on upgrading their systems by integrating ChatGPT. Does your company need ChatGP, and if so, how do you absorb it in your SaaS and business operations?
In this week’s episode of Scale Your SaaS, ChatGPT Consultant Shanif Dhanani educates about the potential of ChatGPT-powered software along with its flipside. He also shares valuable insights about the field of AI for curious founders looking to get right into it. Wield the exponential learning of AIs to reach breakthroughs in your bottom line constantly!
Podcast: Scale Your SaaS with Matt Wolach
Episode: Episode No. 273, “Where to Start with ChatGPT – with Shanif Dhanani”
Host: Matt Wolach, a B2B SaaS sales coach, Entrepreneur, and Investor
Guest: Shanif Dhanani, ChatGPT Consultant
TOP TIPS FROM THIS EPISODE
Determine if Machine Learning Fits Into the Problem
There is a lot of hype around AIs which can be credited to the viral breakthrough of ChatGPT. Naturally, business owners are eager to get their hands on the new shiny tech they expect to keep their competitors at bay. Dhanani reminds founders to understand the problem first.
It’s easy to get swept away by the latest trend, especially if it’s as unique as ChatGPT. However, funds can run out quickly without a return on investment (ROI) should a project fail to find product market fit (PMF). It’s essential to take a step back to assess whether AIs are actually needed to solve a problem or if they would provide enough value to compensate for the costs.
Automate Unessential Tasks
Apart from revenue, time is the most valuable resource anyone and businesses can have. This is why executives perceive software that scales up productivity as heaven-sent. AIs are the best at boosting productivity because of their latent capacity to instantly process large amounts of data.
It used to be that outsourcing was the ultimate growth hack when cutting costs and expanding globally. Nowadays, companies are expected to either incorporate AI in their software or subscribe to an AI-powered platform. Not only does it help save numerous times, it also lightens the load on your employees.
Access Your Data Quicker Using AI
Not all businesses need an AI-powered database though most would probably find that their lives are made more accessible by it. However, it is better to invest in it since companies that scale inevitably end up with massive amounts of information. It is also ideal if companies are not ready to handle big data in terms of manpower.
To put it into perspective, some companies have millions of files stored in the cloud. Expecting a human to find the required information within the day is simply unrealistic. But companies do not have the luxury of time in situations like a PR disaster. Having an AI at your disposal will be critical for unforeseen circumstances and staying ahead of the competition.
Use ChatGPT for Outlines and Revisions
When ChatGPT became viral in its early stages, many people thought that content writers would be out of business. While that definitely did not and will not happen anytime soon, business owners still try to outsource all their content to ChatGPT. Be warned that this may be a big mistake.
AI products will most likely become regulated. Dhanani also believes that humans will become better at identifying AI content and will likely ‘gloss over’ it. Hallucinations aside, AI tools are still incapable of writing like a human because they can not manufacture emotions which are critical for communication and marketing.
Properly Store Your Data
Data surrounds us in our everyday lives as we inevitably create and process it as part of existing. This means businesses generate large amounts of data. But just like capital, it is critical to track it and properly manage it. Otherwise, precious data will be recovered and utilized.
Dhanani suggests software leaders properly store all data that is produced in the company. After all, this will make it easier to build and organize a database for marketing research and business reassessment. It will also make the process of integrating third-party AI like ChatGPT much more seamless.
NLP is Best for Databases
Databases comprise information, and language expresses a huge bulk of information online. This means that Natural Language Processing (NLP) is the best technology to use for enhancing your knowledge system. A quick way to experience this yourself is by using Bing’s AI when searching.
Bard Will Catch Up to ChatGPT
Dhanani believes it’s only a matter of time before Bard catches up to ChatGPT. After all, Bard is backed by Google and needs to develop guardrails on its system. However, ChatGPT will evolve from its growth pain and solve existing issues like the rate limit.
Most AI Projects Do Not Launch
Software founders need to understand the reality of the AI space before plunging millions of dollars into it. The hype around AI is undoubtedly warranted, given its phenomenal capacities. However, if you don’t know what you’re doing with it or what it will be for, your AI-powered software tool will likely become an unfinished business.
[5:34] “And if I can help someone by building a project for them, great. And if not, I’ll try to do what I can for them.”
[6:14] “I think that people are going to get better and better at identifying AI generated content and sort of glossing over it. There’s something to be said about the human element.”
[19:22] “And the more you start to automate away these things, and the more you start to systematize your processes, the better off you’re going to be.”
[4:34] “A lot of times people don’t know how to solve their problem… And so being that expert in guiding and advising is really critical.”
To learn more about Locusive, visit: https://www.locusive.com/
You can also find Shanif Dhanani on LinkedIn at: https://www.linkedin.com/in/shanifdhanani/
For more about how host Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com/