Rise of ChatGPT: Alternatives, Limitations and Jobs at Risk 2024

In its recent report, Swiss bank UBS claims that ChatGPT has achieved the highest growth rate experienced by any application ever. Their study states that only two months after its release in December, ChatGPT gained a staggering 100 million active users. The popular application TikTok reached 100 million users in under nine months.

One of AI’s most fascinating uses today is conversational AI, which has made major advancements in recent years. OpenAI’s ChatGPT is an innovative AI language model that facilitates natural dialogue between businesses, consumers, and staff. In this blog, we shall observe how ChatGPT provides companies with individualized assistance in customer experience, streamlining operations, boosting sales, and efficiency schemes. But first, let’s decipher what this application is really about.

Table of Contents:

What is ChatGPT ChatGPT’s Features and Functionalities How Does ChatGPT Work What are the Limitations of ChatGPT What are the Alternatives of ChatGPT How ChatGPT can be Used in Accounting Is ChatGPT the Future of Accounting Can ChatGPT Carry Out Personal Tax Return Jobs at Risk with ChatGPT Conclusion FAQs

What is ChatGPT

Simply put, ChatGPT is an AI-powered chatbot built by San Francisco-based startup OpenAI and available for public usage on web browsers. ChatGPT can converse on diverse topics from history to math, generate lyrics, create essays, explain complex issues, generate articles, debug-write-explain code, and suggest edits and ideas to its users. It is easily accessible on its website: chat.openai.com. LLM is a large language model that drives ChatGPT. This aids the software in understanding responses that a person would make.

It has put the whole world in a rat race as companies are trying to develop AI applications that provide solutions quickly. Since its inception in November 2022, it has dominated discussions among business professionals. But what sets ChatGPT apart from the rest? Well, ChatGPT is capable of having conversations with you like you are talking to a subject matter expert. You can even engage in deep philosophical and cultural discussions with ChatGPT.

This AI language model is taking the world by storm. Let’s learn everything about ChatGPT, including how it works step by step, and where to find it online.

ChatGPT’s Features and Functionalities

ChatGPT is a game-changing tool for mid-market businesses due to its multifarious features. Let’s have a look at some of the key functionalities that ChatGPT has to offer to businesses.

1. Question-answering

For all questions within the scope of its professional expertise, ChatGPT has a response to offer. This will include facts about the world and other facts. The program can also answer your questions in any format you want. So, you can tell ChatGPT to answer in bullet points, a list, or short answers, depending on your preference.

2. Customer Service

ChatGPT integrates well with a company’s customer service system. This process helps user companies handle customer questions and provide detailed, personalized responses. ChatGPT enables you to train a chatbot to provide round-the-clock responses to customer inquiries, product suggestions, and individualized support.

3. Sales Automation

ChatGPT also helps automate sales processes by assisting customers with product suggestions, price quotes, and order processing.

4. Improved Customer Engagement

ChatGPT can have ongoing customer conversations, making the interaction more personable and natural discussion with ChatGPT’s customer base. In simple words, ChatGPT answers customer questions and also helps them resolve issues with ease.

5. Assistive Technologies

People can utilize ChatGPT to create personal assistants that can respond to questions, arrange appointments, and do other chores. These helpers might be accessible by voice-activated systems, e.g., Amazon Alexa or Google Assistant, or built into mobile apps.

6. Social Media

ChatGPT can be a helpful tool for the social media sector in automatically identifying and flagging harmful or improper content in online forums. It can generate creative and engaging captions for social media posts on Instagram, Facebook, and Twitter. It suggests users with attention-grabbing, informative, and tailored content to their specific audience base.

7. Language Translation

ChatGPT also makes machine translation systems more accurate, making it easier for people to communicate across languages. ChatGPT’s vast capabilities will alter the competitive landscape in various business sectors. Text generation is one of the many things artificial intelligence software can accomplish.

How Does ChatGPT Work

The GPT-3 model was trained on a text set with over 10 billion words and more than 8 million documents. Based on this data, the model acquires the ability to carry out natural language processing tasks and produce coherent, well-written text.

ChatGPT’s conversational language is generated by a large neural network that mimics human thought. But how does that process happen? Let’s check out the detailed description below.

1. Input processing: The text bar in ChatGPT is where the user can enter their commands, questions, and queries.
2. Tokenization: Tokenization occurs when the user inputs text and the computer separates it into words for further processing.
3. Input embedding: The tokenized text is inserted into the neural network’s transformer section.
4. Encoding and decoding: The input text is encoded, and a probability distribution is generated for all potential transformations. The output is then produced according to that distribution.
5. Text creation and output: ChatGPT renders its output answer, and after the processes mentioned above, the human user receives a textual response.

Like all things in life, this application also harbors certain limitations; let’s quickly look at the most notable ones.

What are the Limitations of ChatGPT

ChatGPT is a robust artificial intelligence chatbot system, but it does contain a few drawbacks. Some of its most notable disadvantages are:

1. Lack of wise insights and common sense

ChatGPT can access substantial amounts of information and produce human-like responses, but it lacks common sense and background knowledge. This results in absurd or erroneous answers to particular queries or situations.

2. User requires in-depth technical knowledge

At first, Chat’s responses may appear reasonable, but you must fact-check, carry out relevancy scans, and deeply understand your subject to get the desired outcomes. The model may produce technically valid but contextually inaccurate results. Processing complicated or technical data requires accuracy and precision.

3. Errors

Typo, grammatical, and misspelling sensitivity is likely to occur in this application. Since it is not a search engine, it cannot perform web searches. Instead, it responds based on what it has learned from its training data. Due to the potential inaccuracy, verifying the timeliness and accuracy of all output is essential.

4. Lack of EQ

Although ChatGPT can produce compassionate responses, it lacks true emotional intelligence. It is unable to understand nuanced emotional contexts or respond appropriately.

5. Limitations in understanding context

ChatGPT struggles with its ability to interpret sarcasm and comedic context. It can process language, but it needs help understanding human communication. Let’s say a person included some irony or comedy in their post. In such a scenario, ChatGPT might not be able to conceive the right emotion and reply with something irrelevant.

6. Potentially biased responses

As a result of its extensive text data training, ChatGPT may have prejudiced or biased outputs. Due to the lack of EQ, AI may occasionally produce biased or prejudiced results. Likewise, it cannot differentiate between prejudice and offense.

7. Need for fine-tuning

ChatGPT may require model tuning for specific use situations. Fine-tuning requires training the model on a precise data set to maximize its performance for a specific job or target and can take time and resources.

8. Limited knowledge

ChatGPT has access to a wealth of data but can only access a fraction of what people know. As it do not have access to the recent discoveries or changes in specific subject, it may limit the information.

What are the Alternatives of ChatGPT

ChatGPT is not the first tool that has been developed to make work easier. Many other types of AI chatbots have been developed in the past that are capable of solving human problems.

Here is a list of tools that are the best ChatGPT alternatives:

1. Bard
2. Jasper Chat
3. YouChat
4. DialoGPT
5. ChatSonic

How ChatGPT Can Be Used in Accounting

The accounting field can be difficult, and only selective people have the knowledge and expertise to navigate it successfully. Accounting Professionals can make good use of ChatGPT in their profession and save time and reduce human errors. Let’s have a look at software’s efficiency in handling intricate accounting simulations.

Managing accounts receivable and payable

Accounts payable and receivable management can be a tedious and difficult operation. Invoicing, payment tracking, and late-payment notification are some of the processes that can be streamlined with the help of ChatGPT’s automation capabilities. This facilitates the timely processing of payments and the reduction of associated errors.

Automating data entry

Data entry is one of the most labor-intensive aspects of accounting. Data entry, especially if done manually, can be time-consuming and error-prone. ChatGPT helps in automating the accounting task by providing formulas and suggestions to make the data entry easy and fast. This improves accuracy and frees up workers to tackle more challenging projects.

Assisting with tax preparation

Despite its importance, tax preparation is a tedious and time-consuming part of accounting. ChatGPT can automate data entry and report generation and answer queries concerning tax laws and regulations. If this is implemented, errors will be less likely to occur, and tax regulations will be followed.

Analyzing financial data

ChatGPT can act as a valuable tool for the data analysis accountants require. It can be taught to compile financial reports like balance sheets and income statements based on analyzed data. Businesses can use this information to make more educated decisions and spot problem areas.

Just like any other form of technology, ChatGPT has some drawbacks. It is not a substitute for the experience of humans, and it may require assistance to complete all of the accounting tasks. But, when paired with the knowledge and understanding of humans, it can become a strong tool for increasing the speed and accuracy of accounting.

Is ChatGPT the Future of Accounting

Based on what users and experts have said so far, ChatGPT has the potential to free the accountant from the following tasks in the future:

• Creating formulas for Power BI or Tableau
• Assisting with accounting transactions
• Computer programming or basic coding at a low level.

With further advancements, this artificial intelligence will be able to free accountants from routine tasks.

Journaling and financial reporting will be easier with accurate input. If the information is correct, AI can predict sales and determine the balance for a certain period. But any accounting data that ChatGPT assembles needs to be checked by an expert.

Besides, Accountants can switch from data processing to advising and making decisions. After all, every machine that has yet to operate in the company for a quarter or a year doesn’t know its status and needs context. So it’s advisable to not to trust its judgment either.

ChatGPT-3 offers an intriguing 2021 data set for research on taxation. This tool’s developers need to incorporate more accounting related information to comprehend issues better and provide reliable results. Thus, human accountants and tax consultants still have full authority over this sector. Chat GPT-3’s accounting responses are judgments or dependent on external factors. Likewise, Artificial intelligence can deliver general instructions but cannot understand external factors that affect decisions.

Chat GPT-3 is yet to become a financial manager or accountant rival. Yet it is already a tool that can make some mundane labor easier. OpenAI, formed in 2015, launched Chat GPT-3 in 2023, demonstrating artificial intelligence’s rapid advancement and debut.

Can ChatGPT Carry Out Personal Tax Return

As things stand now, there are too many red flags to recommend using ChatGPT for individual tax advice. The technology behind ChatGPT and Natural Language Processing will be very useful in the future. Tax Software like TurboTax, Lacerte, ProSeries, Drake Accounting, TaxWise and H&R Block are leaders in their fields and spend millions of dollars yearly to upgrade and provide robust solutions for tax preparers. Hence, it is recommended to use these applications for filing the taxes and automating other tax related work.

Here’s why ChatGPT is not recommended for personal tax returns:

• The dataset isn’t up to date. It was trained on a datasets updated till 2021.
• Tax-related topics should have been emphasized in the dataset. Services that help file taxes spend a great deal of time learning and researching new tax regulations.
• Reporting income taxes can be a highly subjective process. A competent tax accountant will give you choices and help you weigh the potential consequences of tax approaches
• Answers are not 100% accurate but can sound accurate.

Jobs at Risk with ChatGPT

Analysts at Goldman Sachs have recently predicted that as many as 300 million full-time jobs worldwide might be affected by the latest wave of artificial intelligence, ChatGPT.

As per a study, it was found that roles with higher wages were more at risk of being automated than lower wages. Researchers found that jobs that require analytical and scientific thinking were less likely to be automatic. On the other hand, jobs that require skills in writing and programming are more likely to be automated. Occupations that are particularly vulnerable to being replaced by machines, Web and Digital Interface Designers, Blockchain Engineers, Tax Preparers, Writers and Authors, etc.

However, it is necessary to understand at the end of the day, and machines lack the sheer wisdom and intellect that humans possess. AI mostly functions on predetermined data sets and commands, restricting them from acting dynamically like humans.

Conclusion

To sum up, ChatGPT is a simple tool with vast applications in almost all operations of the corporate sphere. From authorship to providing legal advice and even writing code, this AI ChatBot can do it all. However, this application lacks a human’s wisdom and a man’s ability to assess situations morally. Due to its restrictive dataset inventory, the software needs to improve in delivering answers to complex questions. ChatGPT might have the answers to all questions in the future, but it will always need somebody to ask the right questions. No doubt, Chat makes and will continue to make mundane tasks easy to complete, but it’s hard to see AI perform analytical tasks that require wit, wisdom, emotional intellect, and out-of-the-box thinking.

As it stands, the software can answer information-based questions, but its information pool resembles that of top google’s result searches. We should understand that AI applications allow us to better ourselves and master new tech. As in the longer run, ChatGPT won’t harm people in distinct niches.

But being smart about where and how you use technology is important. This tool has great potential for good use.

FAQs

Is ChatGPT an app?

ChatGPT is not a mobile application. It’s a chatbot powered by AI that can be accessed from any web browser. OpenAI’s app version, which can be downloaded from the Play Store or the App Store, has yet to be released. As a result, ChatGPT can only be accessed via a web browser.

Can ChatGPT clear a CPA Exam?

ChatGPT was tested with accounting and auditing questions that were much harder than those on the CPA exam. The fact that ChatGPT is based on an available dataset makes it even more interesting. If a similar bot were trained with data from accounting, auditing, and taxes, the answers would be even more specific.

Who Created ChatGPT?

An AI and research company based in San Francisco developed ChatGPT, which was made available to the public on November 30, 2022. OpenAI also developed Whisper, a system automatically recognizing speech, and DALLE•2, a popular AI making pictures and art.

Is ChatGPT better than Google search?

Google search provides a list of relevant websites to help you find answers. ChatGPT gives you direct answers in a natural flow and it is similar to a guidebook.

Since ChatGPT launched, Google search has been compared to it. ChatGPT answers are unsourced and unlinked hence verify the answers before using it.

Is there ChatGPT for Android?

Yes, users can access ChatGPT from Android just like on laptop and PC through their website. Moreover, there are some android applications that use the ChatGPT model but these apps are not developed by Open AI.

Is ChatGPT free to use?

Yes, it’s free to use ChatGPT. However, to access the advanced features in ChatGPT, OpenAi has released a paid version known as ChatGPT Plus that costs $20 per month.

What are the different types of textual languages ChatGPT has to offer?

With ChatGPT you can translate one language into another. Including English, Japanese, Spanish, Chinese, Korean, Portuguese, Dutch, Russian, Italian, Arabic, French and German.