Applying ChatGPT as a new business strategy: A great power comes with great responsibility

Abstract

ChatGPT (Generative Pretrained Transformer) is currently the most sophisticated chatbot. It can create impressive prose in seconds, unlike other chatbots, and it has generated a lot of hype and doomsday predictions when it comes to student assessment in higher education and a variety of other topics (Rudolph et al., 2023). Nonetheless, despite its impressive capabilities, various reports on ChatGPT have consistently revealed significant remaining challenges (Bang et al., 2023). This study aims to explain the advantages and disadvantages of ChatGPT. A qualitative approach was conducted. In-depth interviews were used with ten key informants, employing purposive sampling. Content analysis and NVivo were utilised to analyse the data. The findings revealed that ChatGPT is a natural language processing (NLP) tool that has the potential to revolutionise the way we communicate. This artificial intelligence (AI) technology can generate text, allowing users to easily create personalised content, and it has gained widespread popularity. However, the reaction has been mixed, with praise for its benefits and potential applications offset by criticism of its limitations and potential drawbacks. Furthermore, ChatGPT is an extremely effective tool. However, it cannot replace human thought and, if not properly fine-tuned, it has the potential to produce biased or insulting content. Thus, it is critical to bear ethical considerations in mind when implementing this technology.