Today is a special edition. Rather than cover the latest news, we are covering the latest ChatGPT update…. and 6 actionable ways you can apply it to your business operations TODAY.

ChatGPT Get’s An Update 🔥

ChatGPT's latest update unlocks a world of possibilities for your business. The AI assistant now seamlessly combines different modes like data analysis and image generation. You can also directly upload PDFs and other files to extract key information. This removes the friction of switching between tools and data sources.

The implications are game-changing. With one query, you can analyze a dataset, generate visualizations, and export the results - all without leaving ChatGPT. The AI handles the busy work so you can focus on strategic tasks.

Even better, you now have an intuitive way to create branded visuals, charts, and more from your business documents and data. The possibilities are endless.

In the next section, we'll explore 6 ways you can put ChatGPT's new features to work right away. With some thoughtful planning, you can use ChatGPT Plus to boost productivity, unlock insights, and create compelling materials for your business.

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HR Use Cases: Automating Candidate Screening and Policy Q&A 🔥

✋ Automating Initial Candidate Screening

One of the most time-consuming aspects of recruiting is manually screening hundreds of incoming job applications per role to identify the most promising candidates. ChatGPT can take over this initial vetting process to greatly expedite hiring.

HR should begin by compiling detailed job descriptions, required qualifications, and "nice to have" skills for each open role into a text file. You can pull this information directly from your existing job posts.

Then upload 30-50 resumes from recent qualified and unqualified candidates for that role so ChatGPT can learn your standards. Provide feedback on which candidates met/exceeded/fell below requirements.

With this training data, HR can upload batches of resumes as PDFs or text for ChatGPT to review. The AI will scan for keywords, stated qualifications, years of experience, and other details that indicate fit.

You can tune ChatGPT's scoring system by providing feedback on its assessments of your training candidates. The goal is for ChatGPT to classify incoming candidates as tier 1, 2 or 3 matches rather than simple yes/no decisions.

Tier 1 candidates would be passed directly to hiring managers as strong matches well aligned to must-have qualifications. Tier 2 may still be viable but lack certain preferred skills or experience. Tier 3 would be ruled out as clearly unqualified based on criteria.

This allows your recruiters to focus only on the top tier and selectively review second tier candidates rather than exhaustively screening all applicants themselves.

Over time as you provide more training data, ChatGPT's candidate assessments will become more accurate and calibrated to your unique needs. You can track metrics like candidate quality, screening time per role, and offer acceptance rates to optimize the AI's performance. With rigorous training, the AI can screen candidates at least as effectively as your own recruiters.

✋ Automating Basic Company Policy Q&A

Answering employees' routine questions about company policies requires significant time from HR staff - time that could be better spent on more strategic tasks. With the right training, ChatGPT can fully automate providing quick guidance on basic questions about policies like time-off, dress code, workplace conduct, etc.

Start by uploading your full employee handbook and any supplemental policy documents as PDFs or text for ChatGPT to read and absorb. Make it review these documents multiple times to ensure comprehension.

Next, create sample FAQ conversations where ChatGPT asks about standard policies, and you provide answers citing the relevant sections from the handbook. Do this for at least 50-100 potential questions employees might have.

Then test ChatGPT by having it independently answer new FAQs about company policies. Provide feedback wherever its responses are incomplete, inaccurate, or lack proper handbook references.

Once ChatGPT reaches sufficient accuracy on the test questions (80%+), it's ready for employees. Provide a standard email/chat interface where staff can submit anonymous policy questions 24/7 for the AI to answer instantly.

ChatGPT's responses should include page numbers/passages from the handbook supporting its guidance. Make it clear employees should come to HR for any complex policy interpretations.

To ensure quality, have HR team spot-check a sample of ChatGPT responses weekly. If errors are found, further training is required. But over time, this will drastically reduce HR workload.

You can also have employees rate ChatGPT's answers to continually re-train the AI. With enough good training data on company policies, the AI can become employees' go-to resource for m

Analytics Use Cases: Generating Models, Visualizations, and Reports 🔥 

✋ Automating Data Analysis and Model Building

One of the most powerful applications of ChatGPT for business analytics is its ability to interpret raw data sets and automatically build models that identify trends, patterns, and insights critical for data-driven decision making.

Analysts should structure their data requests to ChatGPT by first providing clear objectives - what trends, relationships, or predictions they need the AI to output based on a given data set.

For example, objectives could include:

• Forecast monthly active users for a new app over the next year based on early adoption data

• Identify high-value customer segments in a CRM database to optimize loyalty programs

• Predict which features impact conversion rate on an ecommerce site from A/B test data

The input data can be provided as Excel files, CSVs, or structured text detailing metrics like monthly sales totals, customer age groups, app usage histograms etc.

Analysts should outline any relevant context about the business goals, past models, and industry/domain specifics for optimal results. With the objectives and input data established, ChatGPT can clean, process, analyze, and model the information.

The AI may preprocess data by handling missing values, normalizing distributions, merging sources, etc. It will then apply principles of correlation, significance testing, segmentation, and other statistical/ML techniques to achieve the requested objectives.

ChatGPT can output key drivers and variables that influence the target metric based on the strength of relationships found in the data. It can build predictive models that quantify these relationships into an equation for forecasting future outcomes.

Analysts guide the process by specifying preferred methods (linear regression, random forests, neural nets etc.) and providing feedback when outputs seem flawed or suboptimal. This helps refine the AI's approach.

✋ Automating Data Visualization and Reporting

In addition to generating models, ChatGPT has the unique ability to compile its analysis into fully formatted reports and data visualizations that are ready for decision making.

After completing the data processing and modeling, analysts can prompt ChatGPT to visualize the key trends, correlations, and predictions in graphs, charts, and dashboards tailored to business needs.

The AI can create visuals like:

• Interactive heatmaps of sales by region

• Line graphs forecasting website traffic

• Clustered bar charts segmentation customers

• Scatterplots showing correlations

• Customizable P&L dashboard templates

These data visuals can then be exported in any file format needed (PNG, PDF, PPT, etc.).

Taking it a step further, analysts can have ChatGPT auto-generate an entire report summarizing the key takeaways from its data analysis, including generated visuals and models.

Prompt the AI to structure the report around 3-5 strategic questions or objectives, using subheadings and professional business language. Reports can be exported as presentation decks, Word documents, PDFs, or interactive web pages.

This enables analysts to efficiently produce comprehensive, presentation-ready reports that would typically require hours of manual effort. They can focus more on strategy, while ChatGPT handles the number crunching and busy work.

As always, human oversight is critical to verify accuracy and relevance before relying on any AI-generated models, visuals, or reports for business decisions. But used responsibly, ChatGPT unlocks profound productivity gains for analysts and data scientists.

Entrepreneur Use Case: Developing Business Plans and Models 🔥 

✋ Leveraging ChatGPT to Refine and Optimize Business Models

Developing a strong, viable business model is pivotal to startup success, but also complex and challenging for founders. ChatGPT can be an invaluable asset in this process if applied thoughtfully.

Entrepreneurs should begin by structuring their draft business plan, financial model, competitive analysis, and other startup documents in a format digestible to ChatGPT such as PDFs, Excel, or well-organized text.

The AI can then analyze cash flows, cost structures, projected growth, market assumptions, and other aspects of their model to provide data-driven feedback on potential issues and suggest improvements. For example:

• Flagging costs that seem inordinately high for the industry

• Suggesting lower cost marketing strategies to acquire customers based on competitor spend

• Adjusting price points for higher conversion rates based on optimal price elasticity

• Revising sales/growth assumptions if too aggressive compared to wider market data

• Cutting redundant costs that provide limited value to the core business

This allows entrepreneurs to take a step back and get an objective assessment of flaws in their business model. The AI helps stress test assumptions against market realities.

In addition to identifying problems, prompt ChatGPT to actively suggest solutions to improve the model. For instance:

• Ways to decrease manufacturing and distribution costs

• New target customer segments that may value offerings

• Opportunities to increase lifetime value through memberships or bundles

• Changes to the sales cycle and onboarding workflow

• Outlining contingencies if growth targets aren't hit

Treat ChatGPT as an intelligent sounding board - ask follow-up questions, challenge its reasoning, and leverage its ability to rapidly cycle through alternatives.

ChatGPT can also provide unique perspectives by benchmarking competitors across factors like cost structure, pricing, target customers, marketing messaging, product roadmap, and more.

Comparing these elements of competitive business models often sparks fresh ideas and differentiation opportunities.

While ChatGPT lacks real-world business experience, it assimilates learning remarkably fast, especially with clear feedback. The AI is best used to enhance and stimulate your thinking - not replace human judgment.

Look for patterns in ChatGPT's suggestions to identify model weaknesses, but verify feasibility yourself based on domain expertise before implementation.

Used appropriately in this manner - ChatGPT becomes a powerful ideation partner that helps extensively stress test and refine your business model, allowing founders to build differentiation and strengths.

✋ Streamlining Proposal Creation

Creating customized proposals for prospective clients is a highly manual process for sales teams. ChatGPT can automate much of the busywork freeing up seller time for actual engagement.

Start by providing ChatGPT with proposal templates, past examples, preferred formatting, and guidelines on your key value propositions, pricing structures, and common offerings.

When engaging a new prospect, sales can feed ChatGPT their RFP or requirements document and any notes from initial meetings. Ask the AI to draft a tailored proposal outline hitting all their needs.

ChatGPT can pre-populate sections like:

• Executive summary showcasing your capabilities

• Account history and relationship

• Granular responses to all prospect requirements

• Proposed solution configurations, services, pricing

• Implementation plans, milestones, and timelines

• Next steps for moving forward

This creates a framework for sellers to efficiently refine based on domain knowledge rather than building proposals from scratch.

The AI can also generate first drafts of follow-up communications like solution presentations, demo agendas, and written Q&A documents to progress the deal.

By leveraging ChatGPT to compile basic information, salespeople can dedicate more time to high-value engagement like demos, negotiations, and relationship building rather than administrative tasks.

It also enables quicker proposal turnaround times to capitalize on prospect interest faster. And proposals can be kept evergreen by having ChatGPT refresh with latest offerings.