Are you leveraging the power of large language models (LLMs) for your business yet? If you’re not already, you should soon.
That’s because AI tools like ChatGPT and other LLMs are already changing the world of work—especially when it comes to automating numerous tasks.
In this post, we’ll take a look at the general impact these new tools are having, as well as how they’re affecting the software and AI industries specifically. Let’s dive in.
The Impact of LLMs
This may be hard to believe, but studies have found that around 80% of the U.S. workforce could have at least 10% of their work tasks affected by the introduction of LLMs. How will this play out?
19% of workers may see at least 50% of their tasks impacted, with about 15% of all worker tasks in the US being completed significantly faster and at the same level of quality. Remarkably, this number shoots up to between 47 and 56% of all tasks when incorporating software and tooling built on top of LLMs.
In order to better understand what this means, let’s take a closer look at how exactly this will affect—and is already affecting—worker productivity.
There exists a great potential for LLMs to create a huge workplace productivity boost, especially since we’re already seeing a significant increase in productivity during their early adoption phase.
In fact, studies show productivity gains of up to 50% on certain knowledge-based tasks today, with much more gains expected in the future as these models mature and have full read/write access to enterprise data and applications.
So how can businesses start to leverage the incredible productivity power of LLMs? By investing in AI education and training today.
Education & Training
To get value from AI, every organization must work to actively foster an AI-powered culture. As the Institute for Management Development proposes, this can be done by assigning an “AI Evangelist-in-Chief” for your business, assessing your AI readiness, investing in AI education and training, and developing and implementing an AI adoption strategy.
How LLMs are Affecting the Software and AI Industries
When it comes to the software and AI industries specifically, the impact of LLMs is huge. That’s because they boost the productivity of software and machine learning solutions by enabling multiple applications, including:
- Synthetic data generation: Synthetic data generation and data augmentation can be used to train other AI models.
- Prompting and instruction fine-tuning: Prompting and instruction fine-tuning can be used to develop domain-specific models and AI assistants.
- Data labeling: Data labeling can be used to train simpler legacy NLP models, making it more portable and faster.
- Prototype creation: ChatGPT has demonstrated that LLMs enable the faster creation of prototypes.
This isn’t to mention that LLMs also provide new opportunities to organizations related to the AI industry, offering more choices that balance size, transparency, performance, and versatility.
Put simply, LLMs enable the implementation of more simple AI applications and bring new use cases for the AI industry. However, it’s important to note that—according to Accenture—in order to use and develop LLMs, the data cycle must be mature. Additionally, chipset architectures, hardware innovations, efficient algorithms, and resources related with cloud infrastructure must be continuously updated.
Not only are we already seeing the impact they’re having in their current iteration, but LLMs are going to improve very quickly. This means they’ll be able to perform tasks even more accurately and be even more effective in helping teams solve problems and complete tasks quickly and efficiently.
While LLMs can help to produce software components, it doesn’t mean they’ll completely replace the human workforce in these fields, as there will still be a need for people who understand how to build products, services, and solutions with these components.
In other words, while we’re not facing the destruction of the workforce, a radical change is being driven by the increase in the productivity brought on by LLMs. Furthermore, if we are to reject this revolution, being and staying competitive in the market will prove even more difficult.
Ultimately, the time is now to adopt LLMs—specifically ChatGPT—to develop new applications and discover how to use them in order to increase productivity in different business processes—and that’s where Factored comes in.
At Factored, we’re well aware of the impact and challenges of LLMs, which is why we’re constantly investing resources in AI training. We have the talent required to help your business use ChatGPT and other LLMs for the benefit of your organization, and can assist with your entire adoption process—from investigation to implementation and beyond.