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The Impact of Large Language Models on Industry: Case Studies and Applications

Last updated on: 
January 4, 2024
|
by 
Utkarsh Sahu
The fast well prepared banner
About The Author!
Utkarsh Sahu
Utkarsh Sahu
Director Category Management at Interview Kickstart. With a toolbox of P&L expertise, inventive innovations, marketing magic, and strategic relationships, he is an ambitious management consultant having a passion for promoting business growth.

AI, which was not even a concept at the time of the First Industrial Revolution, has now driven humans to the Fourth Industrial Revolution. It has taken over the world, with its presence seen in every nook and corner. The large Language Model is a type of AI industry transformation model striving to match the levels of great, innovative human minds. 

Approximately 34% of non-major tech organizations plan to integrate LLMs in their workspaces. Around 40% of enterprises plan to build customized enterprise language models. From startups to MNCs and FAANG companies, LLMs are becoming everybody’s favorite. There are numerous applications and use cases of LLM. Let us explore some to help you prepare a strategy to shine your career in the domain. 

Here’s what we’ll cover: 

  • Applications of Large Language Model (LLM)
  • Case Studies of Large Language Model (LLM)
  • Dive into Large Language Model with Interview Kickstart
  • Frequently Asked Questions on Large Language Models Impact

Applications of Large Language Model (LLM)

Real-world applications of LLMs can be observed in business and in different industries. Let us have a look at them separately. 

AI in Business

The enterprise AI solutions involving LLMs are as follows: 

Content creation

Businesses require content to reach the audience. Different forms of content would require humans with expertise in each. LLM is capable of creating novel content from mere descriptions meeting the exact brand requirements. It can understand the context and suggest topics based on trends and audience interests. 

Language translation

The widespread presence of any brand is generally limited by language barriers. Eliminating the same, brands can reach the less knowledgeable masses and urban areas with ease. Besides, it can also bridge the gap at the international level, such as in international conferences for idea presentation and funding. 

HR assistance

Hiring for companies is a tedious task, especially for national and global organizations receiving multiple applications a day. LLMs can ease the process by quickly performing steps like resume screening, candidate sourcing and matching, virtual interviews, and employment onboarding. 

Listening to the user

Chatbots and virtual assistants through NLP are an effective substitute for humans. Their  24*7 availability without fatigue makes them a good choice for businesses. However, a lack of positive emotions, such as empathy and understanding, presents several challenges. 

Sales

LLM can positively impact the tasks of sales professionals by easing the work. It is more accurate in lead identification with thorough research of the profile. It can autonomously deliver personalized sales messages and emails and initiate conversations. LLM can also provide effective customer feedback analysis and provide recommendations through analysis of pain points for sales teams.

Fraud detection

Another application of LLM, fraud detection, includes analysis of behavior, messages, pattern identification, and anomaly detection. LLMs trained specially for the action are quick and efficient in identifying and alerting humans to take timely measures. They do so by recognizing suspicious actions such as high-value transactions from unknown sources, sudden spikes in transaction volumes, and unusual communication patterns. 

Applications of LLM in Business

Sector-Specific AI Impact

Large language model use cases specifically in different sectors are enlisted below: 

Publishing sector

Besides content creation and generation, LLM can perform automated summarization while preserving key information. It can also enhance the editorial process through grammar checks, language refinement, and style consistency. The incorporation of AI benefits by easing information retrieval and extracting revelation information from piles of documents. The quick check with accuracy is another beneficial factor in judging or shortlisting numerous documents. 

IT industry

LLMs are capable of generating and automatically completing codes with clarity on intent and requirements. They can generate documents for software projects and extract relevant information from technical documents and research papers. The LLMs can understand user requirements, extract structured information from unstructured documents, contribute to user-friendly interfaces, identify potential vulnerabilities, and aid in threat detection. 

Defense and Strategic Services

These services leverage the LLM due to its data augmentation characteristics. The multilingual NLP, ability to generate dialogues, anomaly detection, and semantic text mining combined benefit the sector to derive fruitful strategies for customers. 

Healthcare

Besides developing rare scenarios for effective treatment through content generation ability, LLMs aid healthcare providers by imparting accurate medical diagnosis with transparency that allows trustworthy results. They can also monitor patient’s vitals and alert on symptoms or the onset of diseases. The same is again beneficial in clinical trial studies to continuously monitor specific symptoms. Their contribution to drug discovery by finding targets and modifying their structures appropriately has not only saved loads of time but also cost. The long period of drug discovery has shortened extremely. 

Cyberlaw

LLMs also find application in this sector by aiding contact analysis, legal research, and compliance assessment. It assists in remaining up to date with modifications in laws and regulations. The summarizing capability further aids the professionals in filtering out the relevant documents quickly. 

Education

They contribute by providing a personalized focus on students. Besides, their contribution also expands to answering student questions, generating questions, practicing problems and quizzes, creating study materials, creating a virtual learning environment, textbook translation, and grading the student work. The essence is in comparative analysis of a student's work and providing insights into a student's weaknesses. 

Media

The prime capability of content generation contributes to the media sector. The personalized and well-researched content based on the trends helps to gain high ratings and engagements. The usage of LLM in media has taken the industry by storm. 

Finance

The finance sector also benefits from the LLMs. The financial analysis of reports, financial data, and news articles helps make informed decisions. Performing risk assessment, fraud detection, trading-based decision-making, and ensuring compliance is an effective task for which humans can safely depend on LLM. 

Sector-specific LLM usage

Case Studies of Large Language Model (LLM)

Let us consider the case studies of LLM in different sectors:

Clinical Pharmacology

The groundbreaking contribution of LLM to healthcare is evident in the applications covered above. However, the concern arises due to the possibility of LLMs being used for the synthesis of harmful substances, such as the development of bioweapons.

A case study performed to understand the negative potential of LLM in healthcare indicated the lack of adequate regulations. LLM is capable of ‘harmful substance synthesis,’ and researchers propose several mitigation measures to curb them. These include incorporating explainable AI, establishing ethical guidelines, and making policy changes to ensure responsible use. 

The case study emphasized the dual-use nature of AI but also emphasized the need to adopt a strategic approach and enhance the measures taken to leverage the positive potential of LLMs. 

Tax Attorney

Researchers here tried to understand the LLMs application in tax law. They explored the effectiveness of different prompts to assess the impact of providing additional legal context to LLMs by retrieving and utilizing relevant legal authorities. The capabilities of LLMs came out to be accurate but lacked proficiency. 

Machine Translation

Next on the list is a case study that dives into the application of prompting strategies to enhance machine translation capabilities. The researchers worked through different strategies to create effective and desired prompts. They utilized monolingual, cross-lingual data and cross-domain transfer learning and template and example selection. Their findings indicate that low-quality examples lead to a decline in translation performance, thus emphasizing quality and quantity. Further, they also concluded that monolingual data improves translation, and transfer learning improves performance. 

Feedback 

LLMs are also promised to be capable of analyzing and subsequently generating feedback. One of the most common applications of LLM in the form of ChatGPT was used to identify its ability to provide feedback for students. Utilizing well-known theoretical frameworks for analysis and comparison of ChatGPT-generated feedback with educators' feedback, the authors came to a positive conclusion. They stated that ChatGPT is capable of providing comprehensive feedback with keen attention to minute details. The feedback on the process was found to be constructive in developing the learning skills of the students. 

Dive into AI ML with Interview Kickstart

Witnessing the applications and impact of large language models in various industries and considering a career in the field is the right choice. Get interview ready with Interview Kickstart, where instructors from FAANG companies guide you at each step to brush up on the concepts and develop your presentable skills. Removing all your self-doubt and hesitation, we welcome you a step ahead to make your dream come true. Enroll now!

FAQs about Large Language Models Impact

Q1. What are the different types of large language models?

Ans. The different types of large language models are GPT-4, PaLM, BERT, LLaMa, and others. 

Q2. What are the limits of LLM? 

Ans. Potential bias, high expenses, lack of transparency, high response time for large input, prompt injection, data privacy, and lack of control are a few limitations posed by LLM. 

Q3. What does a large language model analyze to perform its functions?

Ans. Large Language models are trained on massive datasets to recognize, translate, predict, or generate text.

Q4. Why do large language models make mistakes?

Ans. Bias in input data used for the training of LLM is generally responsible for mistakes in LLM. Moreover, being auto-regressive, the wrong guesses of LLM might also accumulate, further degrading the quality compared to expectations. 

Q5. Is ChatGPT a large language model?

Ans. Yes, ChatGPT is a large language AI model. 

Q6. What is the difference between LLM and GPT?

Ans. LLMS encompasses multiple types of language models, where GPT is a specific type of Large Language model. 

Q7.  Is LLM good for the future?

Ans. Based on its widespread applications in different sectors, expecting jobs with more challenging roles is definite. Thus, it holds a bright future with respect to application and job opportunities.

Posted on 
January 4, 2024
AUTHOR

Utkarsh Sahu

Director, Category Management @ Interview Kickstart || IIM Bangalore || NITW.

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