Information gathered or updated in real-time is essential to the operations of many businesses across many industries. Custom chatbots fed data specific to an industry are becoming a growing implementation of A.I.
The Five Most Key Takeaways from This Blog Post
- A growing trend here is that industry giants with access to a wide range of industry data will create these chatbots to then license to smaller entities. An example here is given by Wall Street Journal in an article on a partnership between Bayer and Microsoft.
- These chatbots could be especially helpful to startups and novices in a given industry. Specifically, because the chatbots could provide answers to questions that may not be readily findable with a regular search-engine search.
- This also seeks to solve a problem with the more general-purpose generative-A.I. chatbots out there, which is that such models tend to be masters of none. Whereas the goal here is to create digital experts on a given subject matter, or even an entire industry.
- High-quality machine learning will be essential for ensuring that the A.I. chatbots will continually update the information. That, and also have strong-enough quality control to mitigate A.I. hallucinations.
- For business owners, the question is how much trust should be given to these chatbots. Also, whether widespread availability and adoption of these chatbots across a given industry will somewhat neuter the overall effectiveness. (If everyone is getting the same or similar insights from A.I., then what will drive innovation, which so often drives competition?)
Industry Inquiries
So, what kinds of questions will businesses of all sizes be bringing to this industry-knowledgeable chatbots?
We explore a couple potential categories below.
Product Research
Finding a good wholesaler will always be of interest to many business owners.
Some chatbots may be trustworthy on the question of what suppliers are the most reliable. However, it is always good to get a second opinion, ideally from someone else in the industry.
Or, figuring out alternative products to existing shelf-stockers is another one.
In this case, the chatbots could double as search engines that are more likely to answer industry-specific questions with greater accuracy than a cursory online search otherwise would.
This can take unnecessary risk away from running a business, as comprehensive and accurate information about products can give business owners a better sense of what to make bets on.
Compliance
One imagines that compliance could be a significant category here.
Of course, having human legal counsel, or just conducting human-led research, will always be helpful to any business owner looking to rigorously (which in the realm of compliance means “safely”, “legally”, and other business-boosting adjectives a business owner should strive to earn for the business) implement compliance practices.
So, where could A.I. come into the compliance side of things is by answering general questions about compliance. This could be especially helpful to newcomers who simply need to get an overview of the many rules and regulations that apply to an industry.
Why A.I. Companies Partner with Large Companies
Part of the reason that large industry-leading companies will benefit greatly from this development is that they are sitting on virtual gold mines of data.
To consider the plumness of that position, just think of the how A.I. developers must rely on data to create A.I. systems.
In the case of a chatbot that is supposed to be like an at-hand industry expert that can answer a variety of questions, valuable industry-specific data is necessary. If you simply load up the chatbot with data from what can be culled from Google searches, then the chatbot will not really exceed chatbots like ChatGPT in insight.
As such, the A.I. companies are going to seek out the valuable privately owned data that large industry-leading enterprise corporations are sitting on.
Other Great GO AI Blog Posts
GO AI the blog offers a combination of information about, analysis of, and editorializing on A.I. technologies of interest to business owners, with especial focus on the impact this tech will have on commerce as a whole.
On a usual week, there are multiple GO AI blog posts going out. Here are some notable recent articles:
For Businesses and Other Organizations, What Makes a Successful Chatbot?
IBM Watson vs. ChatGPT vs. Gemini: How Will Each Affect Search Engines?
Using A.I. to Find Resources for Business Owners
How Would Restricting Open-Source A.I. Affect Business Owners?
The EU’s A.I. Act Has Become Law: The Implications for Business Owners (Especially American)
In addition to our GO AI blog, we also have a blog that offers important updates in the world of search engine optimization (SEO), with blog posts like “Google Ends Its Plan to End Third-Party Cookies”.
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