August 28, 2023
by Paul O’Dell, Principal, CPP Associates
Last month, I wrote a blog about Large Language Models (LLM), a type of machine learning that is designed to understand and generate human language. You can think of LLMs as a type of algorithm where an intelligent agent is able to formulate a statement, response, answer, etc., by processing natural language inputs and predicting the next word (and the next and the next) based on what it’s already seen. ChatGPT is an application of this technology that applies a generative pre-trained transformer to a specific pool of data to generate automatic responses to chat inquiries without human intervention. To understand the markets’ perceived value of this new technology – which was introduced by OpenAI on November 30, 2022 – consider the fact that by January 2023, it had become what was then the fastest-growing consumer software application in history, gaining over 100 million users and contributing to OpenAI’s valuation growing to $29 billion (source: Wikipedia).
At that point, the floodgates were open and developers across the globe began utilizing generative AI in seemingly infinite applications in everyday life. Businesses quickly began to incorporate it to streamline operations, accelerate customer service response times, and significantly reduce processing timeframes (for such things as mortgage and credit card application, support requests, etc.). Beyond these more straightforward functions, this technology can provide countless other benefits to help businesses improve their bottom line based on its ability to create content that is indistinguishable from that created by humans.
Generative AI for Content Creation
First and foremost, generative AI can save businesses time and money. With AI-powered content creation, businesses can generate a large amount of high-quality content in a short amount of time, reducing the need for human labor. This can be especially useful for businesses that must provide any form of written text to its customers, or those that regularly rely on content marketing or other forms of digital marketing to reach their audience.
Another benefit of generative AI is that it can help businesses improve their customer experience. By using AI to create personalized content for customers, businesses can provide a more tailored experience that is more likely to resonate with their audience. This can lead to increased customer satisfaction and loyalty, which can ultimately drive sales and revenue.
Generative AI can also help businesses improve their decision-making processes. By analyzing large amounts of data and identifying patterns, AI can help businesses make more informed decisions about everything from product development to marketing strategies. This can lead to more effective business practices and better outcomes overall.
Finally, generative AI can help businesses stay ahead of the competition. By using AI to create content and make data-driven decisions, businesses can gain a competitive edge that can help them stand out in their industry. This can lead to increased brand awareness and customer loyalty, which can ultimately translate into increased revenue and profitability.
Consider Partnering with CPP Associates to Bring Generative AI to Your Business
Our July 31 blog article featured HPE GreenLake for Large Language Models (LLM) as an exciting opportunity for organizations of all sizes to tap into the tremendous advantages of generative AI without the heavy price tag normally associated with it. As you begin to better absorb the potential value for your company, know that you have an experienced partner in CPP Associates to guide you on this journey. We can help you apply generative AI to save time and money, improve your customer experience, enhance your decision-making processes, and gain (and maintain) a competitive edge. The tools and expertise are at your disposal. The next step is yours.