28 April 2023
ChatGPT, released by OpenAI (USA) in November 2022, has become a hot topic due to the naturalness of the answers to questions and the convenience of directly answering the information you want to know, reaching 100 million users in just two months. The background of this trend was the generic and rapid evolution of the Large Language Model (LLM) technology which enabled the general-purpose AI model to gain large amounts of data. (From SPEEDA TREND Report.)
News related to ChatGPT covered by the media can be found daily. Recently, articles were shared that a university student submitted a report generated by ChatGPT and received a remarkable score. The program also passed a difficult physician qualification exam.
Media also shares that governments and public servants from Singapore and other countries are showing a positive approach to using the tool for reporting and speech-writing. Professor Matsuo of the University of Tokyo has also expressed that "it is most likely that the technology will impact most white-collar jobs."
Extension tools using ChatGPT have been developed and carried out by various companies rapidly. Recent ones include Glairty, MERLIN for report / YOUTUBE summary services, and simultaneous search functions for Google such as "ChatGPT for Google".
We are observing a surge in news articles highlighting services that rely on APIs on SPEEDA.
So, how can ChatGPT be incorporated into business in practice? Use cases such as proofreading, summarisation, brainstorming, research and identifying key points, and idea generation are anticipated in text generation. Furthermore, with its overwhelming amount of knowledge (data volume and parameter number) and high communication accuracy, ChatGPT is expected to be helpful in advanced areas previously impossible to achieve with existing technologies. In addition, it can be utilised for information gatherings for marketing, such as trends and societal movements, as introduced below.
Takahiko Ito, the general manager of One&Co Singapore, who used to work for a PR company, shared that the tool helps him gain ideas from ChatGPT to understand the market trends for marketing through a brainstorming session simulation by ChatGPT from the perspective of three parties.
Ms. Toyama of the Toyo Seikan Group acknowledged that ChatGPT accumulates data from commonly available social media and websites to convert it into the training data, particularly in a rapidly changing emerging sector with a small market such as "alternative meat", which is her specialty. However, she noted that the responses provided by ChatGPT may contain a significant amount of wrongful information.
The information helps her understand the reality of social awareness in that field, how much society knows, and what misunderstandings people have.
Mr Sakata from IGPI Singapore shared that out of the five primary roles for consultation, "Questioning, Information Gathering, Inputting, Outputting, and Decision Making.", AI could take over the intermediate flows "Information Gathering, processing and analysing", which are currently mainly handled by junior staff.
Mr Narimoto, who works as a lawyer at TMI Associates (Singapore) LLP, also sees the increase in use of AI in his day-to-day work to draft documents and letters. Also, he expects the technology to support his work by processing and organising vast amounts of information to generate ideas for "possible cases" based on past data that people may not recognise.
How useful is Chat GPT, at this point, in the cross-section of industry analysis and company information gathering that our database can provide?
When our analysts posted a query on ChatGPT to verify their reports' precision, they discovered erroneous information in the responses. While the tool can assist in summarizing and titling document contents, it lacks the capability to organize, research, share insights, and produce writing that meets business standards.
Thus, AI still needs to be developed in areas that require creativity, such as generating new ideas and insights. This part will continue to be mainly handled by humans. However, we are sure this technology will play more roles in our work soon.
As mentioned earlier, Chat GPT’s rapid adoption can be attributed to its ability to respond in a natural conversational style and summarise information. This revolutionary change in user experience has implications for existing research platform services, including SPEEDA.
While many online services have incorporated a variety of chatbot Q&A functions, these have yet to gain a high level of user satisfaction. On the other hand, due to the wide range of information collected online, or the need for real-time performance, It is impossible for ChatGPT to prevent the production of inaccurate data.
Therefore, the user experience can be improved dramatically if a provider with high-quality content can present their information with guaranteed accuracy in a natural conversational format or share the summary.
In addition, using ChatGPT to identify issues can be helpful in the preparation stage of the research. Various research tools can be expected to incorporate generic AI models in the near future.
The same logic can be applied to knowledge management for business companies, where R&D and patents have been accumulated internally for several decades. In conclusion, accumulated knowledge and generative AI can increase efficiency for initial information gathering and planning stage work.
SPEEDA, our online database, stores companies' data like financials or shareholder information provided by trusted data partners and market reports written by in house-analysts. Data accuracy is essential to corporate and market research. SPEEDA can empower users to aggregate and manage reliable data, to create reports aligned with their research needs.
Meanwhile, ChatGPT can assist you in developing ideas for business and calculating the market size. Depending on your usage and research purpose, utilising both ChatGPT and SPEEDA can enhance your work.
This report is written based on our seminar, SPEEDA ASEAN Management Planning Assembly ”The business and operational impact of Chat GPT” (Japanese Page)
