What do the advancements in AI over the last six months mean for the data industry?
The emergence of large language models, such as ChatGPT and Bard, has brought us to a pivotal milestone in AI development. We've reached a point where it's now challenging or even impossible to discern whether we're communicating with a human or a machine – or what Alan Turing referred to as singularity. ChatGPT signifies the dawn of a new era, marking a significant leap forward in generative AI capabilities.
These advancements, particularly over the last six months, have substantially impacted the marketing industry. With the rise of large language models and increased data processing accuracy, we can better understand consumer preferences and predict their behaviours.
This enables us to achieve more and do so at a faster pace. For the wider industry, this implies that traditional norms will be disrupted. ChatGPT can now design questionnaires, analyse qualitative data in seconds, assist with ideation and desk research, and even function as a teacher. Consequently, numerous sectors, including academia, will face challenges.
The development of innovative features such as chat-to-data and chat-to-segments can further streamline the marketing process, making it more accessible and powerful for businesses of all sizes. This allows for more personalised and effective marketing strategies, enabling businesses to reach their target audiences more efficiently.
Nevertheless, it's important to acknowledge that while the content generated by ChatGPT is competent, it may lack true ingenuity or groundbreaking thought. This is no surprise, given that ChatGPT is trained on a vast ocean of publicly available content, much of which is mediocre. As a result, one impact of ChatGPT may be a decrease in the cost of intellectual labour, providing white-collar workers the ability to achieve more in less time.
Another consequence we can expect is a surge in content, making an already cluttered internet even more chaotic. In such an environment, consumers will seek connection and originality, while marketers will face intense competition for attention. With technology, particularly AI, undergoing exponential growth, fascinating times lie ahead as we continue to adapt to and embrace the opportunities presented by these advancements.