Generative AI for Business Decision-Making: A Case of ChatGPT
DOI:
https://doi.org/10.52812/msbd.63Keywords:
Decision-making, Business, ChatGPT, Artificial intelligence, Generative AI, ChatbotAbstract
ChatGPT (Generative Pretrained Transformer) is a chatbot using artificial intelligence (AI) launched by OpenAI, which is an AI research and deployment company. The ChatGPT has taken the technology world by storm. The ChatGPT is a trained AI model that can chat almost like a human. The dialog format allows the ChatGPT to answer follow-up questions, admit mistakes, challenge incorrect premises, and reject inappropriate requests. The ChatGPT can be utilized for compiling research, drafting marketing content, brainstorming ideas, delivering aftercare services, increasing customer engagement, and many others. The ChatGPT can provide enormous opportunities for companies leveraging this breakthrough technology strategically. Thus, we evaluate ChatGPT as a tool in common business decision-making cases in the current study. For example, the ChatGPT was asked about the impacts of a hypothetical merging of two supermarket chains in Sweden. In another example, the ChatGPT was asked about recommendations for investment in a Brazilian oil company. Finally, it was asked about the factors that influence online shopping behavior. The results are significant and demonstrate the tremendous potential of the ChatGPT in revolutionizing the corporate world.
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