LLM: Effective Means of Back Office Manual Labor Automation

It is common for many businesses to deal with many issues that seem invisible to the customers but greatly affect the enterprise’s performance. Luckily, with the introduction of new technologies, many of these back-office manual operations can be automated. Large language models (LLM) are the type of top-notch solutions companies should consider. And since there is a growing need for that type of program, software development departments should also take into account the opportunities provided by the Y Combinator support program. 

So, what is a large language model and why is it considered so useful in modern-day business operations? In a nutshell, this technology can be described as a specific type of AI with the main task of recognising, analysing, and generating pieces of text. To effectively perform and automate certain tasks, an LLM should first be trained on large data sets, which require special preparation and machine learning procedures.

At the end of the day, your LLM system should be able to analyse complex requests made in human language and provide effective responses to each of those requests. So, since human language is not always easy to analyse for the machine, a high-quality LLM model should be trained on a huge number of samples of natural language to be able to reproduce all the gathered data smoothly and effectively.

Capabilities of the LLM Market

The current application of LLMs is huge and the potential of this market is even bigger. Both legacy enterprises and new startups should consider this venue if they are willing to join a yet-developing niche that is projected to reach billions of USD in the next few years. Just take into consideration that the current size of this market is estimated at around 6.64 billion USD. Experts from Polaris Market Research expect it to reach 61.74 billion USD by 2032, while more optimistic forecasts anticipate even bigger growth — up to 260 billion USD.

From the data presented by Streamlit, we can clearly see that at the beginning of the previous year, in April 2023, 427 unique LLM apps were developed, and by the end of the year, the monthly number of solutions surged to 3,469, which contributed to 29,183 total built apps. It is also evident that most of the market is dominated by OpenaAI models, which captured almost 73% of the market. 

However, despite all the optimism, research shows that both current and future LLM developers should pay more attention to the accuracy of their programs if they expect these solutions to be widely incorporated into businesses, especially well-established legacy enterprises. This suggests that more attention should be paid to machine learning and deep learning stages of the development phase. 

Application of LLM in Different Industries

LLM-based solutions have appeared to be extremely efficient in different sectors and industries. They help to boost productivity and automate various manual operations in such industries as e-commerce, marketing, banking, education, and others. Let’s take a closer look at the advantages of LLM application from different perspectives and meet some interesting and promising projects:

E-commerce

One of the most common ways of LLM application in the e-commerce sector is the incorporation of chatbot solutions. These tools are necessary to ensure proper customer and user experience. With such an effect and thanks to the accessibility of relevant information, conversions of the platform can grow significantly. 

Most frequently, we meet chatbots as support managers who can quickly respond to customers’ questions and help them figure out the most urgent issues. Also, as we see from the example of the Cozy App, a chatbot can be a very effective buying assistant. With such products, customers can not only navigate the e-commerce platform but also get some competent pieces of advice.

Marketing

The success of marketing campaigns depends on many important factors. Every experienced marketer will tell you that any campaign requires a lot of analytical effort. This means marketers must collect and process large amounts of data. LLM-powered tools can perfectly cope with this task. GrapeData is a great example of how a software solution based on AI can contribute to targeting personalization. Also, the tool can ensure a better user experience for a brand, which guarantees longer and more productive engagement for both parties.

Banking

Large language models employed in banking and financial services improve precision, efficiency, and clarity. These models significantly enhance various aspects of everyday operations. Financial institutions utilise these models to stay current with evolving regulations. They provide immediate updates on legislative changes, manage compliance-related inquiries, and aid in the preparation of essential documents. Rockwell Trading is a good example of how a financial institution can increase trust using LLM. The company requested the integration of the GPT-based feature to enable users to quickly verify company data.

Insurance

Thanks to the application of LLMs to their digital ecosystem, insurance companies can revolutionize the process of claims processing, customer service, and risk assessment and management. Automated language-based systems can quickly analyze insurance claims and evaluate them based on the information provided. This makes the whole process automated, which allows insurance providers to handle more claims in a shorter time.

It’s also necessary to consider that LLM-based chatbots can handle a multitude of inquiries, providing instant responses and freeing up human agents to tackle more complex issues. Additionally, these models can analyze vast amounts of data to identify potential risks and suggest optimal insurance plans for clients, thus enhancing the overall decision-making process.

Legal

In the legal field, LLMs can streamline numerous tasks, making legal services more efficient and accessible. They can assist in legal research by quickly sifting through vast databases of case law, statutes, and legal literature to find relevant information. Document drafting is another area where LLMs can have a significant impact, generating contracts, briefs, and other legal documents with high accuracy. Moreover, they can help with compliance by keeping track of regulatory changes and ensuring that legal documents adhere to the latest laws and regulations.

Education

One of the most relevant problems of the traditional education system is that educators must deal with a lot of paperwork. Thus, they must dedicate their time to manual labor instead of actual education. LLM solutions can partly solve this issue. They can be quite useful for automated grading in such assignments as tests and quizzes. They can also provide feedback to students on their current learning progress. Alongside automation, such capabilities of LLM also enable personalised tutoring.

Healthcare

LLMs can work as assistants for doctors. They can quickly analyze patients’ symptoms and medical histories. Using that well-compressed data and suggestions from the LLMs, doctors can streamline the process of disease diagnosis, save time, and maybe save the life of a patient.

With LLMs, the healthcare sector can also become more customer-oriented. It can vastly improve interaction between patients and healthcare facilities. Chatbots are quite simple but effective solutions from that perspective as they enable quick search of answers to some of the most urgent questions.

Construction

In the construction industry, LLM solutions can optimize project management, safety compliance, and design processes. By analyzing project data, these models can predict potential delays and cost overruns, helping managers make informed decisions to keep projects on track. LLMs can also be used to ensure safety compliance by reviewing safety protocols and suggesting improvements based on historical data and industry standards. In terms of design, these models can generate architectural plans and blueprints, incorporating client specifications and regulatory requirements, thus speeding up the design phase and ensuring accuracy.

The Bottom Line

Overall, even today it is obvious that LLM solutions play a very significant role for businesses. Without such tools as chatbots, many companies would need to employ extra staff to execute a lot of simple manual operations. Efficient incorporation of large language models into different departments will not only help entrepreneurs cut down expenses but also increase overall productivity, save time and effort, accelerate the process of data collection and processing, and more. Stay tuned to modern trends in AI development and meet new promising projects in interesting niches.