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A recent survey, by workforce management experts at Workyard, unveils that a striking 40% of 1,000 small to mid-sized digital firms are utilizing ChatGPT 3.5 for automation. This demonstrates the business world’s growing awareness and appreciation for AI’s immense capabilities in revolutionizing tasks formerly executed by humans, leading to considerable cost reductions.
The survey reveals that ChatGPT 3.5 effectively streamlines monotonous tasks, empowering employees to shift their focus towards more complex and strategic activities and moreover leads to significant financial benefits for the companies.Please find a concise summary of the survey findings below:
Social Media Management: By automating the majority of the tasks, it is possible to cut the cost of recruiting and overseeing social media managers by up to 90%. The simplest posts, like product descriptions or others, are sent to GPT 3.5 under the supervision of strategists, saving up to $200 for each post.
Email Outreach: Incorporating ChatGPT into email outreach campaigns has proven to be highly beneficial, saving companies up to $0.24 per email, considering the average cost of sending an outreach email ranges from $0.20 to $0.30. These costs encompass various aspects, such as labor, email marketing software, data acquisition, content creation, training and development, and analytics and reporting
Content Creation: With the average cost of generating a blog post ranging from $100 to $500, companies save up from $90- $300 on average per post for specific types of content such as social media captions, blog post headers, and product descriptions.
Customer Service: By downsizing teams and leveraging AI-powered software, employee expenses are substantially reduced by an estimated $15,000 per month. The ChatGPT based AI solutions cost a mere $500 monthly, in contrast to the $3,000 spent per employee in a 10-person team.
Data Analysis: By leveraging the capabilities of ChatGPT 3.5, companies achieve significant financial savings through the automation of elementary data analysis operations, including initial data collection, cleansing, and organization. By automating these simpler processes, companies can save nearly $4,000 per month as opposed to hiring an entry-level data analyst.
It’s been estimated that the implementation of GPT-4 in various industries could potentially result in cost savings, building on the success of ChatGPT 3.5. However, it’s important to note that the estimates mentioned below are based on Workyard’s previous survey among digital firms. GPT-4 promises to offer advanced features such as heightened context awareness, accurate sentiment analysis, advanced translation capabilities, and more effective keyword extraction. This, coupled with increased natural language understanding and generation, make GPT-4 a promising technology for many professions and industries.
According to Workyard experts, the following professions and industries are expected to benefit from GPT-4’s advanced features and potential cost savings:
Video Content Creation: GPT-4 might possibly automate a major percentage of video animation and editing activities with improved natural language understanding, leading in 40-60% cost savings.
Online Tutorial Creators: GPT-4 can help in scripting, organization, and production of educational content. When used in conjunction with AI-powered apps, the need for individual training might be removed, potentially saving organizations 30-50% in costs.
Advanced Translation: GPT-4 has the potential to automate translation activities and offer quick, accurate results, thereby saving firms 50-60% on translation expenses.
Programming: GPT-4 can help developers save time, eliminate errors, and focus on more complicated jobs by automating elements of the code generation process, potentially saving firms 30-50% in costs.
Workyard spokesperson Nic De Bonis commented on the matter: “As GPT-4 and similar AI models become more prevalent, concerns arise regarding job displacement, biased algorithms, and privacy issues. A balanced approach is essential, ensuring AI complements human skills rather than replacing them and establishing safeguards against misuse. Despite GPT-4’s advancements, AI models are not perfect, and human intervention remains crucial for high-quality output in areas where nuances matter. Integrating AI into various industries can foster innovation by allowing professionals to focus on strategic and creative tasks. As AI automates repetitive tasks, it enables a shift towards higher-level problem-solving, ideation, and novel solution development, leading to a more dynamic and innovative business landscape.”
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Workyard provides leading workforce management solutions to construction, service, and property maintenance companies of all sizes.