ChatGPT Real Use

I've recently been exploring how individuals and small to medium-sized businesses can leverage AI to tackle everyday challenges. Like over 100 million others, I've experimented with ChatGPT, specifically Version 4 with web search capabilities. As a publisher of a monthly economics article focusing on Bailey business and markets, I've started utilizing ChatGPT to assist in researching and structuring my content. Here are my insights:

ChatGPT Web Search: Partially Effective

In my monthly economics articles, a primary goal is to reduce data-gathering time. I anticipated ChatGPT would excel in this area. However, my experience shows it's only partially effective. ChatGPT excels at processing and interpreting existing written data. For instance, it efficiently sifts through Purdue Ag Barometer data and gathers insights on the PMI from the Institute for Supply Management. It's also adept at compiling information on the 10-2 yield curves and summarizing it effectively.

However, ChatGPT struggles with collecting purely numerical data and making historical comparisons. Obtaining copper pricing data was challenging, even when directing it to specific websites. Similarly, it had difficulties with interpreting crop futures data and comparing year-over-year historical data.

Time-Saving and Data Expansion

Where ChatGPT succeeds, it significantly saves time and expands accessible data. The challenge lies in identifying its capabilities and limitations. Mastery in framing questions can greatly influence the accuracy and relevance of the output. I plan to refine my approach, through experimentation, to querying ChatGPT.

ChatGPT also appears to learn and adapt through sequential questioning and clarification prompts, another area where I see potential for improved interaction.

Editing: A Key Strength

Editing is where ChatGPT shines. As someone who enjoys writing but struggles with grammar and tense, I find ChatGPT's editing capabilities invaluable. It was used to edit this article, requiring only minimal adjustments to maintain my writing style. The time savings is substantial.

Fact-Checking Remains Crucial

Despite its capabilities, I firmly believe in the necessity of author-led fact-checking. There have been instances of ChatGPT presenting incorrect data or interpretations. Ultimately, the onus is on the human author to verify information and ensure that any interpretations are accurate.

Conclusion

Despite some limitations, ChatGPT has proven to be a valuable tool. I am optimistic that future enhancements will further improve its utility in applications like mine.