Innovation Alphabet
GPT
In a nUtshell
The Generative Pre-Trained Transformer (GPT) is a writing algorithm capable of producing texts of exceptional quality, almost indistinguishable from any human output. It only takes very small inputs to set the system in motion: it is based on deep learning and fed with over 500 GB of text information collected from immense digital archives such as Wikipedia and Common Crawl. I mean, are you sure this quickcard was written by a human being?
storyline
In 2020, OpenAI‘s GPT-3 language model came to market and it still is the current version of the software. It has a giant neural network of 175 billion synapses and uses language patterns and machine learning technology to enhance texts or create completely new ones.
But before long, OpenAI is set to release GPT-4. We don’t know yet exactly what its features will be, but we can imagine that it will be much more powerful. For example, the possibility of GPT-4 being multimodal — such as accepting audio, text, image, and even video inputs — is anticipated.
Meanwhile, in November 2022 OpenAI introduced ChatGPT, a model which interacts in a conversational way. The dialogue format makes it possible for ChatGPT to answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests.
Application Fields
• Marketing: Being able to produce messages that look entirely human, GPT supports marketing activities. In fact, it allows copywriters to focus on the quality of content, easing their workload while still losing absolutely nothing in terms of quality.
• Customer Care: By producing human-like texts, GPT can also help digital customer care activities and solutions. In fact, it can suggest the best answers in a very short period of time.
• Sales: GPT is ideal for those sales funnels that involve communications via e-mail, social media, or any other written form, because it optimizes the quality and the content of texts created specifically for the sales area.
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Business Functions
• GPT in support of electronics and computer science
GPT technology is implemented on Microsoft Power Apps, a platform for low-code application development. This enables even small businesses to program new digital tools, such as e-commerce sites or applications, in a much simpler and more intuitive way, using a no-code approach (creating software or tools without having to know programming languages but only through a visual interface) to ask, for example, the program to “find customers whose subscription has expired”.
• GPT in support of software
Data analytics platform SeekWell has adopted the highly advanced writing algorithm to use as a translator in programs that employ the SQL programming language. By providing a simple instruction and asking questions as if you were addressing a colleague, GPT translates the transmitted input into the required code or information.
• GPT in support of informatics and services
Founded in October 2020, Copysmith is an Artificial Intelligence platform that offers digital solutions for the creation of marketing campaigns. Copy, templates, blog ideas – these are just some of the services that the software is able to offer, mainly due to the “linguistic” contribution of GPT.
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Check out more of the Innovation Alphabet:
Gamification
Gamification
Gamification is actually adding a game-like element to make more fun and engaging something that’s not necessarily a game. It’s all about turning a task that might be boring or difficult into a more enjoyable and motivating activity. You can also earn points, badges, and rewards for completing certain actions or challenges. Are you ready to play?
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Business Intelligence
Business Intelligence
A smart business means efficiency: Business Intelligence represents the ability to collect up-to-date data, present it in easy-to-understand formats, and deliver it in a timely manner to employees. Making data-driven decision-making and management processes leads to competitive advantage, reduces inefficiencies, and improves productivity and service at all levels.
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Artificial Scarcity
Artificial Scarcity
We often tend to desire what we cannot have. Or what we are in danger of losing: Artificial Scarcity is a strategy that flaunts a limited number of items that do not correspond to actual availability. The goal is to stimulate the perception in consumers that the stock of items is about to run out and thus create a need based on the “fear of being cut off” or the intention to buy the item in order to resell it at a higher price.
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Subscription Model
Subscription Model
A subscription model is a business tool that generates revenue by charging customers a fee at regular intervals. The company provides products or services to subscribers on a subscription basis, usually monthly or annually. In this way, loyalty has become more important than acquiring new users.
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Holacracy & Flat Organization
Holacracy & Flat Organization
A “flat organization” breaks down the traditional hierarchy and removes its negative connotation, while “holacracy” is the business tool that facilitates its formation. Flat organizations place more emphasis on communication and collaboration, aspiring to a distributed decision-making process that gives each employee a voice. But this is a model that is difficult to implement.
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Mass Customization
Mass Customization
Mass customization is an initiative adopted by companies to embrace the increasingly diversified needs of customers. By offering customizable products and services, consumers feel engaged and can bring their creativity into play. Brands gain from this a boost in perceived value and the opportunity to fuel a positive word-of-mouth marketing.
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Coopetition
Coopetition
If you can’t beat them, join them. Coopetition is a business strategy that defines cooperative and competitive relationships between competing companies in the same young or high-growth market. The goal is to travel a stretch of road together to lower initial research and development costs. Once the desired results are achieved, the companies will return to being enemies as before.
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MVP
MVP
To the disappointment of all sports fans, this is not an article about Michael Jordan. In the language of business, MVP stands for Minimum Viable Product and indicates the version of a new product that has enough features to attract customers. In this way, a team can gather the most feedback with the least effort, improve the prototype, and validate its sale.
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Agile
Agile
Agile is an approach to software development designed to respond to change. Teams quickly analyze the context in which they operate, identify uncertainties faced, and figure out how to adapt to always move forward. Interaction between individuals comes before processes and tools; collaboration with the customer is more important than negotiating contracts.
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Bounded Rationality
Bounded Rationality
The best solutions always come to mind when it is too late. This is because human beings tend to make decisions on the basis of satisfaction rather than optimization. Bounded Rationality means that we are unable to think clearly and linearly, we proceed by trial and error and forget all the possible variables that affect the process. But we are also flawed.
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