How To Use ChatGPT API in Your Business in 2024

These days, businesses are constantly thinking about how to use the ChatGPT API to the best of their (and its) ability.

The capabilities of the ChatGPT API are extensive. It can be utilized across various domains, including entertainment, business tasks such as analysis, answering queries, providing coding assistance, and even serving as an alternative to traditional search engines.

The fact that OpenAI has steadily been releasing its paid APIs, advancing their accuracy and speed of responses, has also led to the emergence of numerous applications in various industries.

Since 2013, Rubyroid Labs has developed over 300 software development projects, including those that required OpenAI integration. If you are looking for a partner to implement OpenAI into your Ruby on Rails application, contact us right away.

In this article, we share insights on ways to use OpenAI for various business cases.

What is ChatGPT API?

After the launch of the chat bot, which utilizes machine learning algorithms to generate responses to user inquiries, developers one by one tried to figure out, “Does ChatGPT have an API?” And if so, “Is the ChatGPT API free?”

In March 2023, OpenAI made its application programming interface available to developers. The ChatGPT API is a natural language processing tool built on the generative pre-trained transformer (GPT) language model, which has been trained on a huge amount of text data and parameters to produce human-like text.

Recently, the company released its GPT-4 Turbo model, its latest version. Developers can access it by obtaining the OpenAI API key through the official website, while non-technical users can benefit from utilizing the model via a subscription plan, which grants quick response times and priority access to new features.
If comparing ChatGPT vs ChatGPT API, think of it like this: the latter was designed primarily for businesses with specific features in mind that they wish to implement.

ChatGPT is scalable and can handle large amounts of data. The API comes with a variety of SDKs and libraries to help developers build the model into their applications.
What’s more, developers can use Open AI’s API to power their own models and customize the behavior of those models to their unique requirements.

Top 5 Ways to Use The ChatGPT API in Business

Since the question “Does Chat GPT have an API?” has been answered, let’s proceed to ways to use ChatGPT in a business context.

Companies of every vertical are keen on implementing the artificial intelligence tool into their applications, as it proves to be a valuable tool for businesses. This is what we do at Rubyroid Labs — install OpenAI capabilities into customers’ apps, whether it is insurance, education, retail, or any other industry or business sector.

Now here’s how you can use the ChatGPT API in cases.

Education

With the help of user prompts, teachers can automate routine tasks, such as grading assignments and sending reminders to students.

Implementing ChatGPT API in educational apps can provide a range of benefits, such as personalized learning experiences, real-time feedback, and interactive virtual assistants. And students can use ChatGPT as an alternative to standard search engines when it comes to conducting research.

Ever since the artificial intelligence model proved to be a valuable instrument in inquiry-based learning, students can use it as an alternative to standard search engines when it comes to conducting research.

Human Resources

According to Eightfold AI, HR personnel already use 57% of AI-related tools in the management and onboarding process.

Using ChatGPT API prompts in task management can accelerate the execution of their daily tasks, such as:

• Job descriptions. Generate text templates that can be reworked further by HR.
• Job advertisements. Get a general ad description in a predetermined tone of voice.
• Interview questions. ChatGPT can help you determine the applicable questions that recruiters ask candidates.
• Polite job application denial. Generate a rejection email in a sympathetic and considerate tone.

Healthcare

Having Chat GPT implemented in the healthcare business helps assist with remote consultation, medical diagnoses, documentation, care coordination and more.

The ChatGPT API is also a handy tool for doctors. With an API incorporated into their work, doctors can get summaries of notes and Q&A sessions quickly and use them for diagnosis, treatment, insurance and other processes.

Banking and Finance

Since OpenAI offers an API, it can handle customer queries related to transactions or account balances, and offer options when it comes to financial planning. Other use cases include:

• Fraud detection. Since the ChatGPT model analyzes vast amounts of transaction data, it can identify suspicious behavior far faster than humans.
• Loan origination. With the ChatGPT API installed in a virtual assistant, customers can get real-time guidance on loans.
• Compliance. Artificial models can ensure banks comply with all requirements and regulations since the algorithms monitor bank transactions and identify potential violations.
• Financial planning. Once an API for ChatGPT has been implemented, it can help create budgeting, debt management and retirement planning recommendations.

At Rubyroid Labs, we’ve been working with a client who needed to install OpenAI into their insurance database software. Instead of a manual selection of insurance options, their customers can now get suggested insurance options based on the input they put into the chatbot.
We have expertise in implementing OpenAI into any banking & finance area. Сontact us to discuss details about your project.

Sales and Marketing

ChatGPT for marketing has been the subject of many discussions recently. There are several cases where using the virtual assistant will benefit sales and marketing teams.

• Generate copy. Ask ChatGPT to create an entire blog post or help with an article outline.
• Get ideas for content. Ask ChatGPT to brainstorm topics based on your existing content as well as research new ones.
• Facilitate lead generation. Use this tool to interact with your customers and gather their contact information for lead generation.
• Manage social media. Train ChatGPT to help you with scheduling, analyzing and advertising.

Examples of API ChatGPT Integration

There are several large-scale businesses that have implemented the current API into their software products and services. Let’s take a look at API implementation examples.

Quizlet

Quizlet announced a new tool, “Q-chat,” that is built on ChatGPT API usage.

Q-chat is an AI coach that engages students with questions derived from the data analysis of their study materials. The conversation between an AI coach and a student is delivered through a chatbot.

With this tool, students can choose a study they want to be quizzed more on or practice a new language.

Speak

Due to the fact that ChatGPT is available via API, Speak was able to enhance their learning platform. It recently announced the launch of a plug-in that enables users to access learning experiences through OpenAI’s chat product.

Basically, whenever a user has difficulties with the translation or explanation of messages across various languages, the plug-in provides answers. Speak has been testing the plug-in with early users and will incorporate it for public use in the future.

Slack

There is a Chat GPT API installed in Slack too. In fact, they were one of the first software applications to do that.

The ChatGPT app for Slack is able to understand the context of a conversation and generate instant summaries, as well as review research tools to learn about any related topics, and offer writing assistance.

The tool pulls information from Slack’s channel archives and online data that ChatGPT has been trained on.

Some Slack users enrolled in beta testing are convinced that the tool will help them serve their clients better because of the instant and accurate data.

Snapchat

Another ChatGPT API example belongs to Snapchat — they built an AI chatbot, like ChatGPT, called My AI.

Essentially, it is a mobile-friendly version of ChatGPT inside a communication platform.

My AI is a customizable chatbot that makes a bunch of recommendations, such as gift ideas, trip planning, recipes, and others. Unlike other companies, Snapchat treats generative AI more like a persona, inviting My AI to be another friend (and not a search engine).

Instacart

The fact that there is an API for ChatGPT available for organizations has helped Instacart to generate an application where customers can ask questions about food.

The application is a combination of ChatGPT and Instacart’s own AI and product data.

Because of that, when customers ask, “How to make fish tacos?” or “What is considered healthy food to cook for kids?” they get detailed and accurate answers.

While much of the community waits for the most recent Chat GPT API to become available for public use, there are companies that have already integrated the GPT-4 model into their products.

How much does API for ChatGPT cost?

The latest GPT model, known as GPT-4 Turbo, is available at $0.01 for every 1000 tokens, or around 750 words for developers. It is a more powerful tool than GPT-4, with a lower cost and broader capabilities.

To receive GPT-4 Turbo API access, developers need to create an account on the OpenAI platform and obtain it there. Developers can also choose other APIs such as GPT-4, GPT-3.5 Turbo, and their predecessors.

Below is the ChatGPT API pricing comparison.

		Most advanced	Most powerful	Cost-effective	Fast,better quality	Faster, less quality
tokens	words	GPT-4 Turbo model	GPT-4 model	GPT-3.5 Turbo model	Davinci-002model	Babbage model
1,000	750	$0.01	$0.03	$0.0010	$0.0060	$0.0004
10,000	7,500	$0.10	$0.30	$0.010	$0.060	$0.004
100,000	75,000	$1.00	$3.00	$0.10	$0.60	$0.04
1,000,000	750,000	$10.00	$30.00	$1.00	$6.00	$0.40
10,000,000	7,500,000	$100.00	$300.00	$10.000	$60.00	$4.00

The ChatGPT API pricing comparison shows clearly why developers and businesses are excited about obtaining the GPT-4 Turbo model. Compared to GPT-4 pricing, it is more flexible and yet more powerful to build new products.

Let Rubyroid Labs Execute Your ChatGPT API Ideas

In this article, we shared how the ChatGPT API can be used in various industries.

While every company has its own specific business requirements, all agree that ChatGPT can give them more of what they want — better customer service that results in greater customer retention.

While developers wait for the latest Chat GPT API release date, businesses can leverage the GPT-3 API key to build their projects. There are multiple ChatGPT API tutorials available out there, as well as providers who offer their help in building complex and reliable products.

At Rubyroid Labs, we collaborate with companies all over the world to integrate OpenAI into their projects. Reach out to us if you want to transform your chatbot or other conversational interface.

FAQ

What is the ChatGPT API release date?

The API was released to the public in March 2023, while a chatbot was launched in November 2022.

How expensive is the ChatGPT developer API?

The new GPT-4 Turbo is 3x cheaper for input tokens and 2x cheaper for output tokens compared to its predecessor, the GPT-4.

Do I need to pay for the ChatGPT API?

Yes, the ChatGPT API price is $0.002 for every 1000 tokens, which equals around 750 words.

Is the ChatGPT API free?

No, it is not free. OpenAI offers APIs at specific costs, available at https://openai.com/pricing.

However, the public version of ChatGPT is free and available to use via OpenAI’s website.

What is ChatGPT API?

The ChatGPT API is a powerful interface that allows developers to integrate the ChatGPT model into their own software, products, and apps. The API employs ChatGPT’s natural language processing abilities to generate human-like text in a conversational style, making it convenient for chatbots, virtual assistants, and interactive solutions.

Can I use the ChatGPT API for commercial use?

Yes, absolutely. Developers use the API to create applications for customer service, chatbots, virtual assistants and tools for content creation, document searching, and more.

What can the ChatGPT API do?

With the ChatGPT API, applications can generate responses, make recommendations or provide information in a conversational manner.

What is an OpenAI API endpoint?

The OpenAI API offers users two primary text completion endpoints: chat/completions and completions. The chat/completions endpoint enables users to generate text output based on a single prompt or facilitate multi-prompt chat interactions.