Australian businesses are jumping on the AI bandwagon and embracing the power of ChatGPT, a cutting-edge tool in artificial intelligence. With a valuation of AUD 44 billion, ChatGPT, developed by OpenAI, is capturing the attention and imagination of the public like never before.
One company making use of this magical tool is Mathspace, an online math program based in Sydney. By integrating a modified version of ChatGPT, Mathspace is revolutionizing the way it interacts with its 700,000 math students across 1000 schools in Australia and the United States. According to Mathspace’s CEO and founder, Mohamad Jebara, ChatGPT’s ability to understand language complements the mathematical modeling techniques used by the program, making it the perfect combination for teaching math.
ChatGPT stands out among other chatbots based on large language models, such as Google’s Bard, Meta’s open-source Llama 2, and Anthropic’s Claude. While there are competitors catching up, according to Mr. Jebara, ChatGPT is currently the best in the market.
Businesses in various sectors are finding innovative ways to utilize ChatGPT’s capabilities. Temple & Webster, a digital-only furniture retailer, is using ChatGPT to enhance customer chats and write product descriptions, making it easier for customers to browse through their vast catalog. Similarly, REA Group, the owner of property platform Realestate.com.au, employs ChatGPT to write engaging summaries for property listings, leading to a 7% increase in consumer engagement.
Fintech companies are also leveraging ChatGPT to improve their services. Douugh, an ASX-listed microinvestment platform, has integrated the chatbot into its system to provide users with explanations of complex financial terms in plain language, democratizing investing for Australians. Canvas, a Sydney-based blockchain infrastructure provider, is developing a ChatGPT plugin that allows users to execute transactions, gain insights on their crypto portfolios, generate code snippets, and ensure regulatory compliance, all through a chat interface.
While ChatGPT has proven to be a game-changer, there have been some glitches along the way, such as clunky product descriptions identified on Woolworths’ website. However, the risks of not adopting AI are also highlighted, with companies like Chegg experiencing a significant drop in their user base after failing to embrace AI.
In conclusion, Australian businesses are recognizing the importance of AI and ChatGPT for transforming their operations and remaining relevant in the ever-advancing digital landscape. As the technology continues to evolve, it is crucial for companies to embrace AI-centric approaches and integrate AI at the core of their products to stay ahead of the competition.