On November 30, 2022, OpenAI launched ChatGPT. In the first five days, the new application attracted a million users. That was 30 times faster than Spotify which took 150 days to reach a million users:
But that was just the start. ChatGPT went on to attract 100 million users in the first 60 days, making it the fastest-growing consumer app in history.
This is a Mosaic moment. In 1993, Mosaic gave birth to the visual web. Mosaic was quickly followed by the launch of Netscape and then Microsoft’s Internet Explorer (IE). From that point forward, nothing was the same. The web transformed industries. It gave rise to new businesses. Amazon.com was born out of the web. Google was born out of the web.
Every day, there was some new application for the web, some new technology or enhancement. The progression was speedy and relentless. Companies and industries that ignored this revolution in 1993 were upended. The newspaper and magazine industry were devastated. The music industry was turned upside down.
Over the last 30 years, companies and industries that embraced the web over the last have seen valuations grow into trillions of dollars: Amazon today is worth $1.4 trillion, and Alphabet (owner of Google) is worth $1.6 trillion.
Today it’s exactly the same with ChatGPT and generative AI.
I attend a lot of tech conferences. At every one, the #1 topic is AI and Generative AI. The number of mentions of AI in earning calls for big tech companies has exploded – doubling from Q4 2022 to Q1 2023.
And any start-up seeking to raise venture capital has to mention AI; otherwise, it won’t get funded.
Implications for Business Leaders:
Marketing & Sales
I know one CEO who is saving 2-3 hours a day because he’s using ChatGPT to write the first draft of emails to prospects. He’s fed his standard marketing emails to ChatGPT so that it knows his writing style. And he lets it know what company he’s targeting, what industry it’s in, and who the CEO is. And then asks it to write the first draft of the email. Of course, he checks it, proofs it, and makes it his own.
I think about ChatGPT as a really smart intern who can write the first draft of something for me. But I would never simply publish what the intern gave me.
Summarization & RPFs
I was working with the executive team of a $100 million-a-year IT company. Currently, the firm takes about 1.5 days to respond to a government RFP. Their goal following our session to cut that time in half.
You can feed a document that’s hundreds of pages long into ChatGPT, like an RFP, and have it summarize the key points that a winning proposal will have to have.
I have been talking about blockchain since 2016. But many people don’t understand the concept. So, you can have fun with ChatGPT and ask it to explain blockchain in the way a 5-year-old can understand. I’m going to share my own personal answer.
Imagine Harry Potter has a magical diary. Whenever he writes anything in it, whatever he writes magically appears in all his friends’ diaries instantly. And once something has been written in any diary it can never be erased. These are the two principal characteristics of blockchain: distributed ledger on many servers and immutability – meaning no entry can ever be changed.
I regularly appear on Podcasts. Recently, I was a guest on Modern CTO, the #1 podcast for technology leaders. The host, Joel Beasley, used ChatGPT to research my background and suggest questions for the interview.
Python is the most popular computer language globally. You can pay thousands of dollars to take a Python course at your community college. Or you can simply go onto ChatGPT and ask: What’s the first thing that I need to learn about Python?
You input the command on your computer, and you get an error message. So, you go back to ChatGPT and ask what should I do about this error message. It will suggest downloading a plug-in. And then you learn the next thing. In other words, on-demand, real-time, customized learning.
Or you can ask ChatGPT what would an ideal exercise program be for someone my age who hasn’t worked out before? Or what is the best recipe for a rack of lamb?
A staggering 100,000 nurses quit the healthcare profession during the pandemic. Some got burned out from working double and triple shifts. Some got COVID and still have the impact of long COVID. Some, with the pressures, just decided to retire early. As a result, today, there is a huge shortage of nurses in the US.
One healthcare jurisdiction, Providence health, couldn’t attract enough nurses. So, they decided to do something about it. The administration studied what the work was that a traditional nurse does in their system: 30-40% of a nurse’s time was spent charting, data entry into a computer, and putting thermometers in patient’s mouths. (Now, they also put thermometers in other places, but we won’t talk about that here) 😊. So, all these tasks were re-assigned to admin people who don’t need years of medical training to do them, and presto! The nursing shortage went away!
So, this story isn’t just about technology. It’s about culture, it's about process, it's about training, it’s about questioning what is the best way to do something given the technology and tools at our disposal today.
Don’t Forget Images
We often think just about text when talking about Generative AI because of ChatGPT. But it also can process images.
The user interface for Amazon hasn’t changed in a profound way in a decade. Imagine that my wife wants to get some new shoes for her favorite dress. If you search “Women’s Dress Shoes” on Amazon.com, you’ll get 100,000 results. And then it’s up to you to sort through them – good luck!
But imagine instead that my wife just uploads the image of her favorite dress and asks a Generative AI to suggest from a designer’s perspective the best shoes that would work with it. She might get back 20 responses. She’d then iterate on the process – by saying, for instance, I don’t want to wear stiletto heels, and I don’t want a 4-inch heel. Identify only a 2-inch one. After going back and forth a few times, she’d be able to narrow it and select a pair. This service currently doesn’t exist, but I expect it will in the future.
Imagine that you train ChatGPT that you license on your industry general information and your company processes, policies, and marketing material, and you have a chatbot that’s working 24 by 365 to answer customer inquiries.
I don’t know if you saw Joaquin Phoenix’s movie Her, where he falls in love with an OS (Operating system). Sound futuristic and far off? Think again. Caryn Marjorie is a Snapchat influencer with 1.8 million followers. Using a licensed version of ChatGPT her team fed 2,000 of her YouTube videos and material and created a “virtual girlfriend” that charges $1 a minute to talk to her. After the initial beta testing, it looks like the system will generate $5 million a year in billings.
ChatGPT is Free to Use
Just like Google, ChatGPT is free to use. But demand for it is so great that you can get locked out with a message – try later because too many people are trying to access the servers at the moment. For $20 a month, you can make sure you’re never temporarily locked out.
So, play with it. Test it. See how you can apply it to your ExO consulting. Email me how you are using it, I’ll be very interested to know.
Don’t put any secret, or proprietary data into ChatGPT – because it will then be out in public and could be eventually seen by competitors.
Stakes are High; Progress Will Be Swift
In January 2023, Microsoft invested $10 billion to buy a third of OpenAI. Since then, Microsoft has committed to embed AI in all its products. And Microsoft’s market value has increased $750 Billion. The investment has paid off 75 times over.
In February, Google rushed out its competitive product called Bard. On the first day of its launch, Bard gave an incorrect answer and that afternoon Alphabet (Google’s parent company) lost $100 billion on the stock market. The reason I point this out is 1) The stakes are very high. There are trillions of dollars of market capitalization that will shift as a result of AI and generative AI; and 2) because generative AI is so revolutionary it will get woven into business processes, and our everyday lives – just like the web is integral to our lives today.
#ChatGPT #AIRevolution #GenerativeAI #TechnologyTrends #DigitalTransformation #AIApplications #MicrosoftInvestment #Bard #Innovation #FutureTech #BusinessImpact #ConsumerApps #TechConferences #ArtificialIntelligence #DigitalCulture #MarketShift #AIInBusiness #AIAdoption #DigitalTools #FreeAI #DataSecurity #DigitalEconomy
Jim Harris is a futurist and international bestselling author on disruptive innovation, tech, AI, and digital transformation. He’s been an investor in OpenExO since 2018. He speaks at 60+ events a year globally – in person and virtually. He also works with executive teams conducting strategic planning sessions. You can connect on Linkedin.com with the QR code to the right, follow him on Twitter at @JimHarris, or email him at firstname.lastname@example.org
ExO Insight Newsletter
Join the newsletter to receive the latest updates in your inbox.