A new era of chatbots and LLM: how businesses can use them?

As of the beginning of 2024, almost everyone has either heard of or used Bard, Claude, Bing, ChatGPT, or other AI tools. They're pioneering examples of Large Language Models (LLMs) that learn through advanced machine learning algorithms.

Valuates Reports analysts predict that the LLM market will reach a value of $40.8 billion by 2029. Meanwhile, Precedence Research experts predict that the AI segment will grow to $2.57 trillion in 2032.

These figures indicate a demand for these technologies among scientists, developers, and businesses alike.

But exactly are they going to leverage them?

Today, I'll share practical use cases that reveal the value of LLMs, specifically in the context of business-related activities.

AI and LLM at Work Across Different Business Domains

I'm not going to dwell on common business stuff like customer support or personalized sales.

Let's look at AI and LLM case studies from all sorts of fields.

Keep in mind that the segments I'll touch upon mostly deal with sensitive information.

Yet, LLMs are widely used there. This shows how far the tech and the staff using it have come.

Healthcare

AI and LLM in healthcare offer quick emergency assistance or consultation through a voice chatbot.?

For example, if you need immediate medical advice, you can't get to a doctor right away. You talk to the bot and explain what kind of help you need. As the AI-powered LLM understands human language, it can figure out what you're saying and what your problem might be. Then, using all the information it has learned from medical data and guidelines, it gives you advice on what to do next.

But that's not all they can do.

Tools based on AI and LLM are also of great help in inpatient care and disease research. A bot can absorb much medical data from professional literature and patient information, analyze, and correlate it. The result is a more accurate diagnosis and prescription of appropriate treatment.

Finance

Banks and credit organizations need to anticipate market developments to stay ahead of the curve. LLMs offer the opportunity to do just that. Powered by this technology, one can collect and process large amounts of data (statistics and historical data) to model various scenarios and craft algorithms to respond to them.

This works not only in a general sense but also in more focused areas. For example, when calculating credit risk or dealing with problematic debts.

Let's say the bank wants to decide whether to lend money to someone who wants to buy a house. The organization needs to know if this person will be able to pay back the loan.

Using LLMs, the company can go through tons of information and learn how people with similar jobs, incomes, and spending habits have managed their loans in the past and how current economic conditions might affect the person's ability to pay back in the future.

Education

Educational platforms have long changed their format compared to traditional school and university programs. LLMs and AI further widen the gap between modern and old-school education.

Students now get relevant and personalized content for learning. But it doesn't end there. They also use AI to generate examples and visualizations that make the learning process quicker, easier, and a lot more interactive.

Marketing

Marketing is a clear field. Using LLM-based chatbots is a cost-effective hack instead of hiring a team of experts. They can quickly generate relevant content, enrich it with semantics, and optimize it for the target audience. But let's be real. As of 2024, it is risky to totally rely on AI due to issues with bot uniqueness, language authenticity, and information accuracy.

That said, you can use AI to form advertising strategies, analyze their effectiveness, perform A/B testing, etc. But it still needs human control and accurate input.

Legal

The advent of artificial intelligence has transformed how legal documents come to life. Now, one can rapidly generate acts, norms, and rules, skipping tedious hours of their manual creation. Sure, there's still a bit of tweaking needed. But you won't deny that, in general, the process has become more efficient.

Similarly, the perception of documentation by ordinary citizens has improved, too. Thanks to bots, those often complex and jargon-filled documents are being translated into plain language. And, thus, they are way easier to understand.

Journalism

Access to thousands of open sources of information transforms the traditional news industry. A chatbot now can generate entire articles with detailed descriptions of events, perform fact-checking, and so on.

Besides, during the interview, AI could recognize speech and take notes in real-time. It can even suggest follow-up questions on the fly based on the interviewee's responses.

Customer service

Stores and marketplaces currently provide AI-based support services to users, but they're mainly sticking to messaging.

With the development of NLP, LLM, and AI, we're going to see more voice assistants that will help consumers solve their problems and personalize the overall commercial experience.

Translation Services

Things in this segment are pretty much the same as in the previous one. As of 2024, translation services are still running on the algorithms we've gotten used to.

But as new AI-powered solutions are getting better at understanding context, slang, idioms, and cultural nuances, translations will capture the true meaning of the original text more accurately. They are also learning to suit the tone you prefer to offer translation options that match your style.

Besides, as new mechanisms evolve, they will enable real-time communication between users and the audio translation streaming.

Entertainment and Content Creation

AI paired with LLM can spice up the entertainment industry: movies, games, social media, etc.

For example, with LLM technology, the game can generate unique, on-the-fly dialogue based on the choices you make. Say you decide to befriend a character instead of competing with them. The LLM can create a new conversation path that feels natural within your game's storyline. This means no two players will have the same experience.

Sam Altman made a thought-provoking point at the forum in Davos:

"It will change the world much less than we all think, and it will change jobs much less than we all think."?

The same goes for LLMs.

Remember the buzz the launch of the ChatGPT caused in November 2022?

Fast forward to the beginning of 2024, AI has already tightly integrated into almost every business process and industry.

I hope this piece has given you fresh insights and inspired you to innovate. And I'll be happy to hear about your experiences and thoughts about LLM and AI in the comments.