Valuetainment - May 09, 2023


7 Reasons Why ChatGPT and A.I. Can Make or Break Your Business

Topics
risk and legal sales and marketing AI in business automation
Hosted by
Patrick Bet-David
Mentioned
Udemy Musk Wolf Huff
How Angry Parents Can Fight The Woke School Agenda Will The U.S. Dollar Collapse As a Reserve Currency？ - History of World Currency Explained

Episode Stats


Length

9 minutes

Words per minute

223.16

Word count

2,231

Sentence count

160

Harmful content

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about how you can leverage AI to speed up the growth of your business. AI can be used for risk and legal, customer service, and other areas where you can save money and increase productivity.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Would you be surprised if I told you most people still haven't logged on to ChadGBT and have not even used it one time?
00:00:06.380 Most people, they say, Pat, that's not even possible.
00:00:08.500 I'm hosting an event at the Boca Resort with 230 entrepreneurs.
00:00:12.440 These are guys that are doing a million to $200 million per year.
00:00:15.340 These are business guys.
00:00:16.400 100 employees, 50 employees, 300 employees.
00:00:19.180 I said, raise your hand if you've never used ChadGBT. 0.68
00:00:23.180 People raised their hands.
00:00:24.020 I said, stand up.
00:00:24.980 They stood up.
00:00:25.840 80% of the room stood up.
00:00:27.880 Then the other 20%, I said, those of you guys that are using it regularly, give us ideas on what you're doing, and everybody was blown away.
00:00:35.540 Today, I'm going to give you seven ways you can use AI to speed up the growth of your business.
00:00:41.040 If you give value at the end of the video, give it a thumbs up and subscribe to the channel.
00:00:44.140 Let's get right into it.
00:00:45.000 Point number one, risk and legal.
00:00:47.140 So they did a crazy experiment taking a group of top lawyers competing against AI, gave them four hours to review documents to see which one of them, after reviewing it, would have the highest success ratio.
00:00:57.520 Of how much information they retained.
00:00:59.380 Well, the lawyers took 92 minutes and AI.
00:01:03.500 You know how long it took?
00:01:04.440 26 seconds.
00:01:05.320 Then they took the test.
00:01:06.400 You know what the success ratio on the test was?
00:01:08.040 The lawyers got an 85% success ratio and AI, 95%.
00:01:13.380 Lawyers can't even directly compete with AI anymore.
00:01:16.780 So how are people using AI for risk and legal?
00:01:18.640 So here's what they're doing.
00:01:19.500 It can help answer complex questions, scanning vast amounts of legal documentation, drafting, reviewing annual reports, identifying clauses within contracts, and compared with other documents.
00:01:28.600 And matter of fact, recently, according to Statista, 58% believe using AI allows for more consistent decision making in a significantly shorter time frame.
00:01:38.680 So if you're not using AI for that, that's one of the ways to leverage AI.
00:01:42.180 All right, number two is customer service, which is, I mean, you've been to many different websites when the thing pops up on the bottom, right?
00:01:47.000 Like, oh, okay, here's a question that they want to ask you.
00:01:49.000 And some people say, well, does that even really work or not?
00:01:50.960 Here's what it comes down to.
00:01:51.980 In my business, I've sold insurance.
00:01:54.280 I've sold a lot of different products over the years, but I have an FAQ.
00:01:57.740 Real estate has an FAQ.
00:01:59.000 Mortgages has an FAQ.
00:01:59.980 Every business has an FAQ, but for the most part, if you ask somebody, give me the most common questions people ask, and they'll say, these are the 90% of the time, it's these five questions.
00:02:10.480 Perfect.
00:02:10.880 AI knows the answer to those five questions, and it'll respond back to the customers asking those questions based on a chatbot that they have.
00:02:18.340 And according to Salesforce, 23% of customer service companies are currently using AI.
00:02:22.800 And on top of that, here's what IBM just said, using AI bots, the chatbots, can reduce your customer service costs by as much as 30%.
00:02:31.340 So if you're not using it right now, this is one of the easiest ways to save some money.
00:02:35.020 Number three is training and getting content out of it.
00:02:37.420 So if you look at ChatGBT, there's a couple different things that people are doing.
00:02:40.320 I know right now thousands of people that are making TikTok videos by simply asking ChatGBT, what are 10 topics for finance that's going viral right now for me to create that works very well on TikTok?
00:02:52.020 And it'll give you a boom, boom, boom, boom, boom.
00:02:53.760 Give me 10 scripts on financial wars that are going viral on TikTok for a video for me to make.
00:02:59.140 It'll give it to you.
00:02:59.840 What are top 10 common objections that a realtor gets when selling a home to a luxury community million dollars above?
00:03:08.320 Creating meal plans that does it for you.
00:03:10.300 It doesn't matter what it is.
00:03:11.300 It can be your personal trainer.
00:03:12.440 If I want to tone up and lose 100 pounds, I'm 220 pounds right now.
00:03:16.080 You know, what do I need to take away from my diet to be able to reduce my body fat percentage?
00:03:20.540 You can pretty much talk to this thing.
00:03:22.500 It'll give it to you.
00:03:23.060 But this is the point with training.
00:03:24.200 If you're somebody that's training your guys, managers, seven mistakes managers make when trying to address conflict gives it to you.
00:03:31.660 Again, I can go on and on and on.
00:03:33.540 But the whole point is a recent statistic that came out from employees is 49% of employees working at companies want to be trained on how to use AI and they don't.
00:03:41.780 This is one of the things that you can start testing ChatGBT to help you out with that a lot of people are using today.
00:03:46.320 There's this one stat that's going on that's got a lot of people concerned saying 20% of all jobs are going to be replaced in the next five years by AI and people are reacting to it in two different ways.
00:03:55.240 One, they're panicking, doing nothing about it.
00:03:56.900 Two, people are taking courses to learn on how to get better at AI.
00:04:01.400 One of the ways people are doing it is through Udemy.
00:04:03.880 Udemy has over 200 courses to choose from, 100 specific on AI.
00:04:08.100 One of them that they have with 23,000 reviews on Udemy is called Artificial Intelligence A through Z 2023, Build an AI with ChatGBT4.
00:04:18.560 If you're somebody that doesn't know that much about AI, that's running a business, you're in a very competitive environment, you may want to take this course on Udemy or others and learn for yourself on how to use AI to accelerate your success of your business.
00:04:32.280 Having said that, there's a link below you can click on to learn about these courses and get a discount as a value tenure.
00:04:37.940 So if you haven't yet started, click on a link below, go to Udemy, start your courses now.
00:04:41.800 Number four, you can use AI for data.
00:04:44.300 By the way, for me, some of the best hires I've ever made is anybody that's been a business analyst on predictive analytics.
00:04:49.420 The data they give me, I can sit there and look at it and say, you know what?
00:04:52.320 This pattern I'm seeing, we're not doing this good on this way.
00:04:54.580 I'd like to be able to make projections better on this thing here.
00:04:56.740 According to Forbes, the most recent research in the...
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00:06:00.060 Case that a combination of AI and big data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks.
00:06:09.900 So think about if it gathers the intel and it says to you, what would it be worth you to know that your best selling hour of the week is Thursdays at 428.
00:06:19.000 From 4 to 5 is your best hour where you can get that kind of data, right?
00:06:21.960 What would it be worth you for you to know, you know, what months you do best or what hours you do best or your audience where it's coming from?
00:06:28.100 And it does it all for you automatically because it's AI.
00:06:31.200 Again, unfortunately, this takes jobs away from a lot of people today that are doing predictive analytics because AI is going to do that job for them.
00:06:37.640 But you may as well start using it because this is not going away.
00:06:40.080 Number five, sales and marketing.
00:06:41.420 Remember how I explained to you point number two was around customer service, how you can use a chatbot to answer the questions, which is more like reactive.
00:06:47.280 Is there any questions I can answer to you? Yes.
00:06:49.020 What about this? You can do this. What about that? You can do that. What about this? You can do that.
00:06:52.380 Have I been able to answer all your questions for you? Yes.
00:06:54.280 And it goes away, right? Now, imagine on the sales and marketing side for AI, this thing can now go and see when you're on a page that you're clicking on, what you're clicking prompts.
00:07:03.540 There's interest in this product, but you haven't bought yet and asks you a more specific question because it's proactive to say, I notice you're looking at an SUV here.
00:07:11.100 Is there any specific color you were looking for? I'm looking for a white one. Great.
00:07:14.280 You know, what is the best number to get a hold of you to contact you so we can give you more answers to your questions?
00:07:19.240 So the customer service is reactive.
00:07:20.980 The sales and marketing AI that they're creating is now proactive, takes the customer off and somebody can call to set them up so the closers can close.
00:07:29.420 So they're also using that AI for sales and marketing sites nowadays.
00:07:33.660 That's essentially taking the setter out in the sales process.
00:07:37.160 And this sets you up for somebody to close the deal.
00:07:39.200 And matter of fact, according to a Harvard Business Review, using AI in this area increases leads by more than 50% and reduces call time by 60 to 70% because a lot of that has already been addressed by AI.
00:07:51.040 This next one's kind of weird because it's copywriting and SEO optimizers, which by the way, a lot of the copywriters you're hiring right now and they're working for you and you're thinking they're spending hours writing.
00:07:59.860 They're not, they're actually using ChadGBT because they're able to take 20 customers now they can manage where it used to be four because they were actually manually writing.
00:08:08.040 So they're generating more income.
00:08:09.480 So you, if you're able to understand how to use ChadGBT, you don't necessarily need a copywriter.
00:08:14.840 You can literally ask, I need 10 titles for a video.
00:08:17.740 It'll give it to you.
00:08:18.340 You can ask, give me five examples of a great mission statement for a real estate company targeting middle income families and wanting to have their dreams become a reality for first time homeowners.
00:08:28.100 Boom.
00:08:28.660 Here's all these mission statements.
00:08:29.860 Anyways, you can use ChadGBT for so many different ways for copywriters and save yourself 60, 70, $80,000 per year for copywriter because AI does that for you.
00:08:39.040 This last one you're probably already using and you may not even be aware of it, but you can even take it to a whole different level, which is automation.
00:08:45.240 You can create rules for emails.
00:08:47.020 You get an email and somebody says something, you can create different rules on how to respond.
00:08:50.400 If they say a question that's being asked about this, respond back with the following answer and send this brochure to them or link to a video or, you know, I'm going to CC my assistant here so he can get the time to get on a calendar with you.
00:09:02.240 And all of that can be automated with different rules that you create, you know, and answer within five minutes.
00:09:06.660 Don't answer right off the bat.
00:09:07.760 Do it within nine minutes.
00:09:08.680 Listen, there's so many different things you can do with the automation side.
00:09:12.060 And some of us are going through right now on Facebook.
00:09:14.400 Say you have a group and a lead comes in and they have a phone number.
00:09:17.520 It can automatically be automated to go into HubSpot or somebody from sales.
00:09:20.800 Again, this is something you need to take a course to learn more about what's going on with AI.
00:09:24.860 Because based on the meeting I had this last week at Boca Resort and I asked this question, all I realize is there's not enough people using AI right now.
00:09:32.800 And by the way, again, the community that says, well, I'm scared because of what it's going to do.
00:09:36.740 It's been around for a while.
00:09:37.720 It's just accelerating.
00:09:38.860 And if you don't, trust me, your competitors are using AI.
00:09:42.180 For some of you that have no clue what ChatGBT is and who started it, who's behind it, why is Musk's name being thrown around and why is Musk so worried about it today?
00:09:49.340 Click on the link here above.
00:09:50.760 I made a video explaining the history behind ChatGBT.
00:09:54.240 Having said that, if you got value from the video, give it a thumbs up.
00:09:56.940 Subscribe to the channel.
00:09:57.900 Take care, everybody.
00:09:58.620 Bye-bye.
00:09:58.840 Bye-bye.