According to an ongoing research study by Shakked Noy & Whitney Zhang from MIT, ChatGPT as an AI language model, is fast evolving to have an impact on business productivity.
The study conducted in the context of mid-level professional writing tasks have some interesting findings
Increase productivity by 59%, with time taken decreases and output quality rises
- Inequality between workers decreases, as ChatGPT compresses the productivity distribution by benefiting low-ability workers more.
- The use ChatGPT improves the quality of the output.
- Most interesting was the finding that the use of ChatGPT reduces the inequality between worker as it fills in for the ability gaps for low-ability workers
- Second most finding is that the re-structures tasks towards idea-generation and editing and away from rough-drafting.
You can read the full working paper
On a side note, Chegg became possibly the first company feeling the impact of generative AI. Founded in 2005, Chegg is an education technology company that provides homework help as a service, as well as digital and physical textbook rentals.
The stock of EdTech Chegg dived -50% in the last two months as the CEO admits that OpenAI’s viral chatbot ChatGPT is having a direct impact on their business.
Read the full story here