What is GPT-4 Turbo & Why is It A Big Deal For Business in 2024

Imagine a world where your enterprise can converse with an AI, creating custom solutions tailored just for your niche — be it healthcare, finance, legal, or education. 

The once-future prospect has transformed into a reality with the unveiling of GPT-4 Turbo by OpenAI, marking the most advanced and skillful AI model to date. Sam Altman claims its release to be a game-changer.

In this blog post, we will delve deep into the biggest updates for ChatGPT and what they mean for entrepreneurs. Also, the industry experts here share their insights about where OpenAI's newest model is headed next.

When it comes to the nitty-gritty of specific AI companies, models, and apps, all bets are off. For instance, lots of people often talk about OpenAI, ChatGPT, and GPT as if they're the same thing (spoiler: they are not). Meanwhile,

☑️ OpenAI is an AI research company.

☑️ GPT is a type of large language model (LLM) and a prominent framework for generative artificial intelligence built by OpenAI.

☑️ ChatGPT is the chatbot that uses GPT.

It's worth remembering that GPT is more than just ChatGPT — it is an artificial neural network that is used in natural language processing tasks. GPTs are based on the transformer architecture, pre-trained on large data sets of unlabelled text, and able to generate novel human-like content. As of 2023, most LLMs have these characteristics and are sometimes referred to broadly as GPTs.

The GPT models are designed to generate human-like text in response. These prompts are usually text-based, however, the latest versions of GPT can work with images, too.

This allows GPT-based tools to:

Instead of words, GPT breaks text down into tokens. That's how AI models understand patterns and relationships in text data and tap into the ability to create human-like responses.

Last but not least, GPT-4 Turbo is an update to the existing GPT-4 large language model. This latest update brings a host of exciting new features. Although various versions of GPT-3 are still actively used by various companies all over the globe.

Implementing GPT for business effectively with complicated logic and various integrations requires a deep understanding of the technology and expertise in the artificial intelligence industry. Companies that rush into deploying GPT without the necessary knowledge and experience are likely to face disappointment and money loss.

In November 2023, OpenAI's GPT-4 Turbo got a new bag of tricks including a platform for building and monetizing custom versions of ChatGPT for enterprise. The most jaw-dropping features released with this update are:

GPT Store aka ChatGPT store which allows users to build their GPTs and share them. Once in the store, GPTs become searchable. OpenAI seems to be taking a leaf out of Apple's book: Apple launched its App Store a year after the iPhone release. GPT Store seems to be the arrival of a potentially disruptive marketplace so far.

Austin Wright, Marketing Automation Manager & AI Leader at Kestra Holdings (ex-Salesforce)

"OpenAI's GPT Store revolutionizes AI development, allowing anyone to create and market custom GPT applications without the need for coding skills. The shift from extensive development cycles to a process of mere minutes paves the way for an AI-driven economic revolution. 

With the GPT Store starting from a clean slate, the scope for growth is substantial, potentially following the App Store's path to 1.8 million apps and over $1.1 trillion in revenue. What we're witnessing is not merely a technological leap but the dawn of a new era where a fresh wave of millionaires and billionaires will emerge, leveraging AI to reshape the digital economy."

Custom GPTs are mere modifications of the standard ChatGPT. They are specifically trained with user-provided data such as text documents, code, and other sources, allowing them to become experts and enabling them to excel in designated domains. 

It's like having a personal assistant that knows everything about your business. The potential? Limitless. From enhancing customer service to streamlining internal employee processes, custom GPTs are as varied as the businesses they serve.

Custom GPTs can be created by prompts, with no code knowledge required. All you need is to specify the tasks you want a GPT to perform, and it constructs one accordingly. Through a series of inquiries regarding your desired responses, users can continually refine the instructions to enhance the outcomes. 

However, this works for simpler versions of GPTs, if you want to release a product with a more complicated logic, integrations, and precision, you need an AI & ML expertise.

As for the GPT Store, it'll become a hub for discovering and sharing custom GPTs. This platform enables creators to showcase their AI solutions and reach new target audiences and users to find GPTs that meet their specific needs, be it creative content generation, product description, or research.

The company states that all available GPTs are built with privacy and safety in mind to prevent the distribution of harmful content.

Max Gladysh, CRO and Co-Founder at BotsCrew

"The ongoing improvements to AI models suggest that building sophisticated AI systems could become increasingly straightforward. This could democratize access to AI, leading to an explosion of innovative GPT apps. In addition, the launch of a GPT Store could rival the significance of the App Store. The phrase "There's a GPT for that" might soon be as ubiquitous as "There's an app for that."

Drew Brucker, Solopreneur, Marketing Expert, GTM Advisor, Midjourney Creative & Educator

"For me, the advent of custom GPTs stands out as the pivotal moment — a leap rather than a step. Just as apps revolutionized the utility of smartphones, these tailor-made GPTs will likely bring a similar transformation, but with a twist. The potential here is breathtaking: a GPT for every conceivable function, from simplifying tasks with concise instructions to acting on complex commands, and democratizing the creation of AI tools.

It's about the ideas now, not the technical prowess. The idea that (basically) anyone could build a ChatGPT plugin/custom GPT that not only performs tasks but also potentially generates income, all without a single line of code, is nothing short of revolutionary."

GPT-4 Turbo has updated information and knowledge, when compared to ChatGPT-4 and older models. GPT-4 Turbo has information dating to April 2023, with Altman saying the company plans to update that over time.

The new version, GPT-4 for business, can understand and analyze much longer pieces of text compared to the previous version. It can now handle up to 128,000 words, which is like reading through 240 pages of a book with 400 words on each page. In comparison, the previous version, GPT-3, could only process a little over 8,000 words. This means GPT-4 can understand and work with much larger amounts of information at once.

Why is that important? With its feature, users can input longer prompts. Now, Turbo users can insert over 300 pages of text with just one prompt, thanks to a 128k context window. The context window of a large language model is a measure of how long its memory of the conversation lasts. 

If a model has a context window of 4,000 tokens (about 3,000 words), everything in the chat beyond 4,000 tokens ago is ignored, and the responses can become less accurate or even contradictory with previous responses. Stanford University research revealed that current long context models are only effective at delivering precise responses when accessing information near the beginning or end of a document or page.

Max Gladysh, CRO and Co-Founder at BotsCrew 

"By extending to 128K tokens, GPT-4 Turbo introduces the ability for businesses to encapsulate their complete internal knowledge base within a single prompt. This revolutionizes how organizations access and leverage internal data, significantly improving efficiency in decision-making processes. For instance, a retail company could input their sales data, and customer feedback into a single query, enabling real-time insights for personalized marketing strategies."

ChatGPT Plus subscribers will have access to Advanced Data Analysis and DALL-E 3's image generation, combined with GPT-4's capabilities. Until November 2023, users had to select each feature from a drop-down list.

GPT-4 Turbo features stronger safety and privacy guardrails, longer input and output text, and more accurate, detailed, and concise responses.

The new GPT-4 Turbo offers significant enhancements to business intelligence, including:

✅ Priority Sorting: GPT-4 Turbo can arrange data points according to their relevance within a specific business context, aiding decision-makers in focusing on crucial information.

✅ Predictive Modeling: with its capacity to process extensive data sets, GPT-4 Turbo can generate more precise predictive models, thereby refining forecasting and strategic planning efforts.

✅ Automated Anomaly Detection: the latest version of GPT can swiftly detect non-typical patterns or outliers in time series data and graphs, alerting businesses to potential issues or opportunities.

✅ Advanced Trend Analysis: GPT-4 Turbo interprets intricate data visualizations to help organizations identify emerging trends and patterns, facilitating proactive decision-making.

✅ Business Context Integration: Understanding the unique requirements and attributes of a particular business unit at a given time, GPT-4 Turbo tailors insights to be more relevant and actionable.

Now, let's talk about savings — OpenAI isn't just revolutionizing AI capabilities. It is making them more accessible by significantly reducing costs to make GPT models more competitive. For instance, GPT-4 Turbo is ~3x cheaper to run than GPT-4. It is three times cheaper for input tokens — costing 1 cent per 100 input tokens vs. 3 cents for GPT-4 (8K model) — and 2 times cheaper for output tokens (3 cents vs. 6 cents).

In the first weeks after the update, GPT-4 users increasingly expressed their frustration on Twitter and OpenAI's online forum regarding issues such as weak logic, more inaccurate responses, loss of tracking of provided information, issues following instructions, and remembering only the last request. 

Later, GPT-4 became faster. The experts concluded that serious changes were taking place. Experts note that performance decreasing and other issues with GPT-4 early after launch could be related to the training and deployment of OpenAI's GPT-4 models. 

Half a year later, the development company released the newest update. We've asked experts what they think about the latest advancements and how updated features can influence businesses in different industries.

Drew Brucker, Solopreneur, Marketing Expert, GTM Advisor, Midjourney Creative & Educator

"One thing is certain: we are witnessing a revolution. And it's happening at lightning speed. The biggest ways I see GPT reshaping online businesses are through personalization, efficiency, automation, data analysis and insight, customer interactions, accessibility, and new business models.

One other thing to keep in mind: with AI's disruption comes the upskilling and reskilling of employees already well into their careers. We all need to adapt and prepare for a transformed future of work. Things are going to look quite a bit different 5–10 years from now."

Do you already have a commercial website, but are interested in generating more quality leads? Consumers are 78% more likely to purchase from a company that responds fast. 

Max Gladysh, CRO and Co-Founder at BotsCrew 

"OpenAI has made a smart move by allowing others to add their tools to ChatGPT. I'm excited for the next step: being able to ask ChatGPT to perform an action and it will automatically trigger a GPT from the store that can complete this action. So I don't have to look for specific apps myself.  It's a solution to the kind of problem we've seen with Amazon Alexa Skills, and I'm confident they'll get it right."

Nazar Hembara, CEO and Co-founder at BotsCrew

"ChatGPT and other GPT-based solutions are rapidly becoming an integral part of our work life, akin to how we rely on email and office applications. With the introduction of the GPT Store, its utility in the workplace is expanding, allowing for customized apps that enhance its functionality to meet specific needs."

Ethical and philosophical debates aside, the AI-backed tool offers boundless possibilities to businesses looking to get ahead. From data analysis to assistant duties, ChatGPT applications stretch far and wide. We've put together the most popular ways businesses are currently using OpenAI's disruptive GPT-4 Turbo:

Integrations of AI with chatbots are also popular: they allow you to expand the bot's response field, set it to a certain tone of voice, and make the automated dialogue more engaging.

You can also transfer all the routine work such as consulting, providing information about the availability of goods and their parameters, accepting payments, and more, to a GPT-powered chatbot. Thanks to integration with AI, such a bot can become a full-fledged assistant.

Giant companies, famous startups, and large payment systems such as Microsoft, Snap Inc., Duolingo, and Stripe trusted GPT. For instance, Stripe uses GPT-4 to scan business websites and deliver a summary to customer support employees. 

Morgan Stanley Wealth Management utilizes GPT-4 to optimize their comprehensive knowledge base. This repository contains an extensive range of critical data, including investment strategies, market research, and expert analyses, encompassing hundreds of thousands of articles.

By diligently training and refining GPT-4 with embeddings, Morgan Stanley has developed a user-friendly chat interface. This groundbreaking system enables their professionals to effortlessly tap into the knowledge base, making information more actionable and easily accessible. Wealth management experts can now navigate through pertinent insights efficiently, fostering informed and strategic decision-making processes.

Duolingo implemented GPT-4 into a new language learning subscription tier that'll retrieve info from company documents and serve it to financial analysts. In addition, the world-famous Edtech platform introduced two innovative functionalities: Role Play and Explain My Answer. 

Role Play offers an AI-driven conversational companion capable of engaging in diverse discussions, delving into specialized contexts to enrich your experience. Meanwhile, Explain My Answer allows users to seek elucidation on rules and explore particular scenarios. Through this feature, the AI assistant guides users through theoretical principles using real-world examples, enhancing comprehension.

At BotsCrew, we effectively employ GPT for recognizing intents within our existing chatbots. Leveraging generative AI solutions enables us to discern user needs and provide the most pertinent responses. Remarkably, certain tests demonstrate an impressive 86% accuracy in intent recognition without human intervention.

Another example is a free Chrome email extension, MailBuddy. It allows for generating responses to emails in seconds. We used GPT to analyze the incoming email and suggest ideas for a reply. Users can specify content for the response or allow the system to generate it autonomously. Consequently, responding to emails becomes as simple as two clicks, a brief review, and pressing the "send" button.

GPT chatbots are projected to reach $1.34 billion by the end of 2024. This analytics emphasizes the key role of chatbots and paints a vivid picture of the opportunities for the evolution of technology. This remarkable growth prompts both technologists and investors to intensify their efforts in enhancing chatbot capabilities and tapping into unexplored opportunities.

Speaking of GPT itself, various rumors and speculations have emerged as the AI community eagerly anticipates GPT-5's release. OpenAI has already started building the next-generation AI model GPT-5. Sam Altman confirmed this in an interview and claimed it could possess superintelligence, with further investment from its long-time partner Microsoft. 

Besides, GPT-5 will require more processing power and more data than ever before, which, according to Altman, will come from a combination of publicly available data found online, as well as data it buys from specialized companies.

One prominent guess is that GPT-5 will feature unprecedented personalization. The model might be able to tailor responses based on individual user preferences and writing styles, making the interactions more customized and engaging.

However, the specific release date of GPT-5 and a full list of updated features haven't been officially announced. Considering the time gaps between previous iterations, it is reasonable to expect a potential arrival in the coming months or a year.

In addition to continuous development, training the model is expected to take months if not years with availability to the public unlikely for some time after it is finished training. It also remains only to guess what features and advancements will await users in the new GPT version — or at least wait for the official announcements of OpenAI. One is certain: the future of AI and GPT for business will undoubtedly continue to evolve.

Max Gladysh, CRO and Co-Founder at BotsCrew 

"It's clear to me that ChatGPT is going after Google Search in the long run. They want ChatGPT to become the interface for search. Instead of just "Google it" OpenAI wants people to say "Go and ChatGPT it".

Long-term prediction is that we will be having "conversations" with computers using voice, instead of sitting at the desk and looking into a screen (we will definitely need screens and keyboards for some tasks, but not for everything)."

Nazar Hembara, CEO and Co-founder at BotsCrew

"The broad adoption of GPT by businesses is anticipated due to its capacity to significantly improve productivity with minimal effort. As technology advances and becomes more attuned to our professional needs, it has the potential to reshape our approach to work. However, as these enhancements become the norm, the heightened level of productivity they enable will likely be seen as a baseline expectation.

In summary, the trajectory of GPT is promising, with its role in the workplace evolving from a novel tool to a fundamental resource for achieving greater efficiency and productivity. As it integrates more deeply into our daily routines, GPT-based apps and tools are set to redefine what we consider standard workplace performance."

With over 7 years of experience in creating custom AI chatbots, we've worked with various technologies and AI models including Dialog Flow, LUIS, Rasa.ai, and a viral GPT-4.

Why choose BotsCrew for GPT projects:

Custom solutions that are the perfect fit for your business. We create custom solutions that can combine different technologies to better tailor the chatbot to a specific use case. For example, we can build a chatbot with Dialog Flow and add GPT only to certain parts of the conversation flow.

A controllable environment that will prevent you and your potential customers/users from having to deal with incorrect, albeit plausible-sounding, responses. Generative AI-based chatbots can generate incorrect answers, as they are trained using text databases from the Internet. To overcome this issue, we create a controllable environment.

Custom and the best security option that suits your business. We guide you and help you find the best security measures that meet your needs. It can include on-premise deployment, Microsoft Azure OpenAI Service, anonymization of data, or conversational design that does not involve sharing sensitive information.

We value safety and security by providing our customers with:

A strong "NO" to selling solutions that won't bring you long-term ROI. During the investigation process, we ensure that the chosen solution is the best fit for you in terms of price, time, industry, security, and relevance.

Prepare to meet the future head-on with OpenAI's GPT-4 Turbo. It is not just an advancement in the tech world. It is the key to unlocking a new realm of possibilities for businesses all over the globe.

According to OpenAI's CEO Sam Altman, 92% of Fortune 500 companies use its solutions, 2 million developers build on top of its technologies via its API, and ChatGPT has 100 million weekly users — and these numbers are constantly growing.