What is GPT?
ChatGPT (where GPT stands for Generative Pre-Trained Transformer), often referred to as ChatGPT, is an advanced chatbot that uses GPT technology. GPT is a large AI language model that allows for natural language processing. This means the technology allows computers to read, interpret, and respond to data fed into the system in a human-like way.
ChatGPT was released by Open AI in November 2022, and it has been a viral sensation pretty much ever since. Content creators, entrepreneurs, and large enterprises have been exploring ways to use the technology to be more efficient, effective, and accurate.
While often referred to as ChatGPT, the language processing technology that will be used to power most of the ChatGPT solutions in logistics aren’t really ChatGPT, which refers to the chatbot powered by GPT. They’re simply GPT-powered.
What Does All That Mean?
While the computer being able to read, interpret, and answer like a person maybe doesn’t seem that applicable to real life, this new tech actually has major potential both for personal and business applications. It allows technology to behave more like a person, filling in many of the gaps that we’ve seen in previous iterations of automation.
Despite that the large language model isn’t brand new like ChatGPT, this latest breakthrough in large language models is more accurate, allowing it to perform the tasks it is trained to carry out more effectively and more accurately. This expands use cases for the technology, and we’re seeing new applications in the freight industry regularly.
ChatGPT Use Cases for Businesses in the Freight Industry
There are countless ways GPT can be used in the freight industry, some of them overarching across all segments and others that are specific to certain functions within the freight cycle.
Each load that heads out by truck requires a lot of documentation from all parties involved, from shippers to brokers to carriers. GPT technology allows much of the data entry that goes into preparing that documentation to be cut out, saving time and ultimately money while also improving accuracy.
Another facet of the business in the freight industry that GPT can help with is customer service. GPT-powered chatbots are being utilized across several industries to provide better, faster customer service. The more sophisticated large language model means that more customer questions and problems can be resolved without human intervention. This is helpful for standard queries in the freight industry like tracking information and quotes.
ChatGPT for Freight Brokers
Automation has been a huge focus in the freight industry in recent years, and GPT has the potential to take that to the next level. This technology can help brokers collect and analyze carrier data to find better matches, handle tasks like reaching out for load updates and sifting through emails, aid in the detection of freight fraud, and prepare and send invoices automatically.
Want to learn more about GPT for freight brokers? Check out this webinar hosted by Parade’s Anthony Sutardja. You can also learn about our new digital assistant product, Co-Driver.
ChatGPT for Carriers
Carriers have a lot to gain from ChatGPT, too. They can use the technology to optimize routing and predict delays, potentially saving money on fuel costs and vehicle wear. GPT models are currently in development to help track and anticipate necessary maintenance and repairs to prolong the life of equipment. This tool can work to help carriers simplify the track and trace process, as well, sending automatic updates when combined with other tools like IoT sensors.
Chat GPT for Shippers
Use cases for ChatGPT for shippers are also expanding. These tools can be used during negotiations to help shippers get the best rates possible. It can also be used to help monitor freight conditions to ensure shipments are delivered undamaged by combining GPT tech with AIoT sensors. Downstream, GPT has several potential use cases for shippers including making the procurement process faster and more cost-efficient, improving productivity and efficiency in warehouses, and helping improve overall supply chain management by offering up a rich set of data to draw from.
While it may seem like it sometimes, GPT isn’t magic. It does have limitations that businesses and creators must keep in mind while they’re using the tool. Some of those include:
- It is only as good as the data it takes in; if the data is biased, the output could be, as well.
- GPT may need extra help in specific domains since it’s designed as a general-purpose tool.
- The technology can’t interpret context and may have a difficult time completing complex tasks.
What Affect Will ChatGPT Have on the Freight Industry?
Though the technology is relatively new, innovators in the freight industry are taking the bull by the horns and finding new ways to apply ChatGPT to their operations every day. This tool is sure to encourage a continuation of the technological advancement seen in the industry over the past several years, leading to leaner, more efficient, and more profitable operations the industry over.