Six Industries That Can Benefit From Using Large Language Models
Large language models (LLMs) – aka the models that power AI like chatbots – aren’t just confined to uses in academia anymore. LLMs are trained using deep learning models on vast amounts of natural language data, making them ideal for text-based AI assistants. Because of the broad training data, LLMs can find practical uses in a variety of industries from retail to healthcare and more. Here are six industries that benefit from using large language models and some use cases to give you some inspiration for your own consideration.
Retail and eCommerce
Large language models can be used to improve the customer experience by providing personalized recommendations, answering customer inquiries, and assisting with purchases. Companies can use chatbots to interact with customers in a natural setting, providing customer support, answering questions, and guiding customers through the purchase process. LLMs can even be used to analyze customer data to provide personalized recommendations, such as by analyzing past purchases and suggesting new products that they may be interested in.
There are plenty of ways that you can use large language models in finance. LLMs can be great for analyzing financial reports, news articles, and other financial data to help financial analysts make informed decisions. With risk assessment, LLMs can analyze customer data and assess credit risk, such as to help predict the likelihood of defaulting on a loan. LLMs are great for trading as well, such as by analyzing market data to help make improved trading decisions.
Healthcare has proven time and time again to be one of the biggest industries for using and benefiting from artificial intelligence, including LLMs. One of the more common uses for large language models in healthcare has been with medical diagnosis, using LLMs to analyze medical records and to help diagnose illnesses. LLMs can also be used to monitor patients and provide real-time alerts, analyze scientific research to help identify new drugs, analyze electronic health records to improve patient care, and to provide interactive simulations and virtual patient interactions to help with education.
Marketing and Advertising
While large language models and AI in general tend to be quite controversial when it comes to marketing and writing, there are some practical uses that won’t take away any jobs. One of the best ways to use LLMs in marketing is by doing research. Tools like ChatGPT can summarize ideas in a concise way so you don’t have to search through dozens of websites to get the answer or idea you’re looking for. If your marketing team uses a chatbot, then an LLM can be used to provide customer service with natural language. LLMs are also helpful with personalization by working with customer data to provide personalized recommendations.
Ignoring the recent cases of plagiarism, AI-generated books, and issues in schools, LLMs can be a huge boon to the world of education. Similar to marketing and advertising, students can use LLMs to research topics and get quick summaries, think modern-day SparkNotes. From the educator’s perspective, a teacher can use an LLM to analyze student data to provide personalized recommendations, all to suggest areas where a student may require some extra help.
Government and Public Services
Lastly, large language models can be used in government institutions. A common use for AI/LLMs in government is with policy analysis, where one can analyze policy documents and make recommendations. You can also use LLMs to improve citizen engagement by analyzing public sentiment, analyzing social media data for emergency response, translating government documents to other languages, and detecting fraudulent activity, among other uses.