The emergence of ChatGPT (a publicly available tool developed by Open AI), along with its underlying technology, generative pretrained transformer (GPT), is leading to a significant expansion of generative AI and is unleashing the possibilities for unimaginable transformations across different business domains. This new volume looks at how AI, and ChatGPT in particular, is revolutionizing the business of business, finance, economics, and marketing, exploring its transformative impact and considering its hands-on practical implications.
The chapters look at the broad implications in the different domains and provide illustrations and hands-on practice examples that help to evaluate the merits and demerits of ChatGPT, its inherent constraints, its distinctive traits, and its potential utility for researchers and scholars.
In finance, the book offers empirical insight into how an investor can employ ChatGPT and make money with AI and ChatGPT-themed equity investments. The authors also look at AI-enabled detection fraud tools that are revolutionizing security and resource protection of financial institutions, contributing to their integrity and overall financial stability. The book also shows how ChatGPT can provide enhanced information analysis for business startup valuation and profitability.
In the economic realm, ChatGPT can offer real-time insights into economic trends, such as forecasting crude oil prices, etc. The volume also looks at the ethical and legal concerns of ChatGPT in marketing communication, how ChatGPT can augment consumer behavior analysis, the use of chatbots and virtual assistants, and more. The book also explores public sentiment of Chat-GPT on platforms such as Twitter, how ChatGPT is changing management education, and more.
In business practices, the volume looks at AI integration for firms seeking to remain competitive in the ever-changing corporate world. It explores the applications of AI in human resources and how it is automating and augmenting workplace practices by streamlining many business aspects, including recruitment processes and employee engagement, to name two areas. Also considered is ChatGPT role in shaping AI policies and the regulatory landscape that underscores the importance of ethical and responsible use.
The applications and value of ChatGPT in marketing is also looked at, such as the ethical and legal concerns of Chat-GPT in marketing communication, using Chat-GPT to analyze customer behavior, using chatbots and virtual assistants for customer service and support services, and more.
Highlighting the excellent performance and summary analysis capabilities of ChatGPT, this book presents a compelling synthesis of theoretical perspectives and empirical evidence along with actual examples of successful integration of ChatGPT in marketing, economics, business, and finance.