Large Language Models (LLMs) have the potential to impact any process that uses…language. The reason LLMs are so appealing is that in a world with limitless applications for words, LLMs unlock new capabilities for organizations to structure, manage, and gain insight into any process that involves language.
Implementing generative AI and in turn LLMs into your business will empower employees, unlock new insights, and result in significant business impact. Let’s break down why:
LLMs Empower Individual Employees
Why are LLMs great for individual employees? LLMs shift employee time from the tactical to the strategic. LLMs put the ability to search the history of human knowledge at the tip of a finger. Such a powerful resource empowers employees to make more decisions, better, and in a fraction of the time.
For business, LLMs shift employee time from lower-value tactical activities to more creative, more strategic, and higher-value activities. For example, using LLMs, customer service representatives can reduce wait time for customer inquiries by leveraging LLMs to generate personalized answers based on existing knowledge-based ingestion. This helps reps be more efficient in their roles and assist more customers than would be possible without automation.
Not only do LLMs make employees more valuable in their current roles, but they can also help in the process of upskilling, cross-training, and even onboarding.
LLMs Provide New Insight
LLMs represent a new way to structure, organize, and extract insight from your business systems. But why? LLMs are the engine of a new business operating system that structure and organize information. LLMs unlock insight and action from previously unusable data through:
- Automatically analyzing large volumes of data and generate concise and coherent summaries
- Analyzing customer interactions, feedback, and browsing behavior to provide businesses with deep insights into customer preferences and sentiment
- Scanning vast amounts of online content, including news articles, social media posts, and industry reports, to extract valuable insights about market trends and competitor activities
Once structured and organized, LLMs possess the unique ability to automate additional business objectives. For example, LLMs can answer questions like, “Which content do we post about most on social media?”, “Which machine has the lowest Overall Equipment Effectiveness (OEE)?”, “What is the best ad copy for this customer if I want to maximize conversion?” or “Please extract relevant information from this document.”. You don’t have to say “please,” but we like to think LLMs appreciate occasional manners.
How to Benefit from the Business Impact of LLMs
Get comfortable with generative AI (genAI) opportunities within your business and the value it can bring. Don’t get hung up on the “how it works” of genAI, focus on identifying new capabilities and how they impact the business.
Once attractive value propositions are identified, focus on education through the lens of business, technical, and security requirements. Finally, combine your discovery and requirements analyses into a strategic plan. Gather feedback on the plan and present it to internal stakeholders for feedback and prioritization.
At Stellar, we help organizations develop their AI strategy in four steps:
- Step 1: Discover—Assess your technology environment, stack, and evaluate how genAI and LLMs can better power your business
- Step 2: Deploy—Implement solutions and mobilize AI opportunities for improved customer and employee experiences
- Step 3: Validate—Integrate LLMs and genAI capabilities into your existing applications and workflows
- Step 4: Scale—Incorporate validated LLMs and genAI strategies into all facets of business and applications