ChatGPT: a promising technology, if you know how to use it properly
30 October 2023
After 'NFT' in 2020/21 and 'metavers' in 2021/22, 'ChatGPT' could undoubtedly be considered the 'buzzword of the year 2022/23'. Acclaimed or declaimed, it is hotly…
In a previous article, we discussed the generative AI hype and its integration challenges for organisations.
To continue our exploration of this technology, we will focus here on a sub-category of generative AI: Large Language Models (LLMs).
LLMs are artificial intelligence models capable of generating text from a query, called a “prompt”. This can be a word, a sentence or a question. Since the release of ChatGPT 3.5, LLMs have attracted a great deal of interest from companies looking to increase their productivity and develop new products or services.
In this article, we’ll explain in more detail what LLMs are, their impact and the challenges for businesses, and look at the use cases eleven has already deployed for its customers.
LLMs offer numerous advantages for businesses, particularly in terms of productivity. According to a study by the US National Bureau of Economic Research, LLMs can increase productivity by up to 34% for tasks like text drafting, performing repetitive and creative tasks. For instance, an LLM can assist in drafting emails, conducting simple data analyses, or generating new ideas during ideation sessions.
Moreover, LLMs serve as strategic levers and technological enablers for companies. They enable the execution of time-consuming or differently feasible tasks, freeing up time for other actions. LLMs foster innovation and provide a source of competitive advantage in business operations, facilitating the development of powerful internal tools like semantic and contextual document searches or external tools like ultra-personalized customer journeys through personalized communication.
For instance, an LLM can help create tailored advertising messages based on each customer’s preferences, needs, and context, using words, images, and sounds that capture their attention and generate interest. Consequently, this can increase customer conversion rates and loyalty.
However, the adoption of LLMs is not without challenges. There are business challenges related to usage costs and data confidentiality, as well as technical challenges concerning model accuracy and customization to company data. Faced with these challenges, companies require specific expertise to effectively integrate LLMs into their operations.
Eleven has designed several innovative tools based on LLMs for clients across diverse sectors. Some examples include:
These showcased use cases provide just a glimpse of the possibilities offered by LLMs, which can be adapted to various sectors. Every organization can leverage LLMs to enhance efficiency or innovation capacity.
At eleven, we stand ready to support you in implementing LLM solutions tailored to your context and objectives. Feel free to contact us for more information.
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