Impact of ChatGPT and similar generative artificial intelligence on several business sectors: Applications, opportunities, challenges, and future pros

Learn how generative AI is transforming marketing, product development, customer service, and business strategy, enhancing efficiency and innovation across sectors.

Marketing & Advertising

Applications & Opportunities:

How generative AI can boost consumer marketing highlights using genAI for hyperlocal outreach, creating personalized messaging and content at scale

3 Ways AI Can Support Your Marketing Team suggests using genAI for market research, idea generation, and content personalization

Challenges:

Ensuring accuracy, avoiding biases and misinformation in generated ad content

Establishing trust with consumers around ethical use of personal data for personalization

Customer Service & Sales

Applications & Opportunities:

How Early Adopters of Gen AI Are Gaining Efficiencies covers using genAI chatbots for customer service, summarizing key points, and generating personalized outreach

Generative AI Can Boost Productivity Without Replacing Workers found genAI assistants improved the productivity of customer support agents, especially less experienced ones

Challenges:

Mitigating risks around data privacy and corporate IP leakage when using public genAI models

Establishing guardrails and human oversight to prevent harmful outputs

Business Strategy & Operations

Applications & Opportunities:

How CEOs Are Using Gen AI for Strategic Planning explores using genAI to overcome blind spots, predict future trends and identify strategic priorities

Strategy in an Era of Abundant Expertise suggests genAI can commoditize some expertise, requiring businesses to redefine value proposition

Challenges:

Adapting business models and strategies as genAI disrupts competitive landscapes

Upskilling employees to collaborate effectively with AI assistants

Across sectors, implementing responsible AI practices, cultivating trust, and managing the human-AI workforce transition emerge as overarching challenges for widespread genAI adoption. However, the articles highlight ample opportunities for efficiency gains, innovation, and competitive advantages for businesses able to harness genAI's potential effectively.

Rane, J., Kaya, Ö., Mallick, S. K., & Rane, N. L. (2024). Impact of ChatGPT and similar generative artificial intelligence on several business sectors: Applications, opportunities, challenges, and future prospects.