With the release of ChatGPT, a highly advanced open-source conversational chatbot by OpenAI, last year, a lot has been written about its capabilities and the impact it will have on our lives. However, it's crucial to separate fact from fiction as the media tends to exaggerate the capabilities of new technologies, especially in the tech industry. Here, we'll focus on setting the record straight by dispelling the myths surrounding ChatGPT.

Misconception 1: The Introduction of ChatGPT is Recent.

Contrary to popular belief, ChatGPT is not a novel concept. It is simply a conversational chatbot, similar to many other applications that have existed for years.

Anyone familiar with customer relationship management is well aware of this. From online chat support to text message reminders for prescription renewals, to answering questions posed by automated telephone systems, or confirming appointments through text – CRM applications have incorporated these features for some time now. In 2021, the global chatbot market was valued at $3.78 billion and was estimated to grow by 30% by 2027.

However, these projections are likely to see a substantial shift, as ChatGPT has elevated the field of conversational AI to a whole new level. This is due to its truly conversational nature, which enables users to have actual conversations with the application, much like they would with a real person. As a result, the bot is able to assist with various tasks. And as the technology advances, this user experience will only continue to improve

Misconception 2: ChatGPT will Substitute Google

Recently, Paul Buchheit, the creator of Gmail, predicted that AI bots like ChatGPT would "eliminate search engines within two years." This might seem alarming for Google shareholders, but there is no need to panic just yet. The distinction between ChatGPT and Google lies in the way they deliver information. Google provides a list of websites that contain answers to searches, while ChatGPT gives direct answers based on its own research and can further engage in a "chat" with the user to refine the answer. However, there is a possibility that the answers provided may be flawed, incomplete, or incorrect, thus, Google is not facing imminent extinction. On the other hand, ChatGPT has the potential to disrupt the online advertising market in a significant way.

However, it is evident that Google will not go down without a fight. The company has announced that it is developing its own conversational chatbot to compete with ChatGPT. Although ChatGPT will likely cause a significant disruption to Google's search model, I believe that Google is capable of adapting to this change. If the talented individuals at Google failed to anticipate this shift and do not have a strategy in place, then they risk facing a similar fate as Kodak.

Misconception 3: ChatGPT has Unlimited Capabilities

Currently, ChatGPT does not have extensive capabilities. Its main function is to provide information and assist in creating things such as essays, research reports, computer code, and recipes. While these are impressive functions, a chatbot, no matter how advanced, cannot replicate human interaction. It cannot provide emotional support, motivate, or come up with creative solutions. Additionally, it cannot sell products like a skilled salesperson or persuade a customer to pay an invoice or repair a printer. These limitations are still present and may not change in the near future.

Despite its current limitations, ChatGPT is expected to expand its capabilities in the near future. Companies such as Microsoft aim to integrate ChatGPT with their own AI processes to allow for tasks like creating PowerPoint presentations, Excel spreadsheets, and Outlook emails to be initiated by a command from ChatGPT. Soon, ChatGPT will also be utilized to initiate actions within CRM systems, machinery, and equipment through conversations and other triggers.

Misconception 4: ChatGPT will replace human workers

The belief that ChatGPT will completely replace people is a myth. While it can assist in tasks such as creating content, it cannot perform physical tasks or provide human-level customer service. However, it can enhance the productivity of certain jobs in fields like technology, finance, and marketing by automating low-level tasks and freeing up time for more complex and valuable tasks. Although ChatGPT may lead to job cuts in some areas, it should be viewed as a tool to increase efficiency and enhance job performance. As with previous technological advancements, people will adjust and find new ways to add value in the workplace.

Misconception 5: Every business needs to implement ChatGPT immediately

Don't jump the gun. While it is true that some businesses are incorporating ChatGPT into their operations, such as real estate agents and software developers, there is still much progress to be made. ChatGPT's answers may be incomplete, inaccurate, and biased. Privacy concerns must also be addressed, and there is a cost to implementing this open-source technology, as it requires skilled developers to make it functional.

So what can we conclude from these myths? If you're considering using ChatGPT in your CRM or any other aspect of your business, it's a good idea to start considering. However, take your time. Let the tech giants and startups lead the way in developing and testing applications based on ChatGPT. Then, if it makes sense, we can adopt them by purchasing or subscribing to them. By then, we may not even refer to it as ChatGPT, as the technology and its competitors will likely be integrated into the CRM and business tools we already use.

Stay informed, remain open-minded, and be ready for change. But don't make any investments yet.