Business leaders should prepare now to benefit from the next wave of AI or risk being swept away.
The rapid development of large language models (LLMs), such as the Generative Pre-trained Transformer (GPT) family, has already prompted a significant shift in many industries. With their applications extending far beyond natural language processing, LLMs are poised to reshape the global economic landscape. Think of it as a “technological tsunami” coming your way. Those who are ready will catch the wave, but many will drown. So, you must proactively prepare your business to become an “AI-amplified organization” while anticipating the broader economic and social impacts.
The importance of embracing LLMs
The rapid advancements in AI LLM systems, such as ChatGPT, are set to radically transform the business landscape in the coming years. A recent study co-authored by researchers at OpenAI, the developer of ChatGPT, indicates that the impact of LLMs will be pervasive, with approximately 19% of jobs having at least 50% of their tasks exposed when considering both current LLM capabilities. This share increases to between 47 and 56% of all tasks when software and tooling built on top of LLMs are included in the estimate.
Their widespread impact suggests that Large Language Models and their derivatives are what is known as a “general-purpose technology”, i.e., in the same league as technologies such as the steam engine, electricity generation and distribution, and computers and the Internet that had massive impacts across economies, rapidly improved over time, and generated many significant co-inventions and spillovers.
However, unlike these prior technological revolutions, seismic effects from LLMs will be felt in years, not decades. As the CEO of a $25B healthcare organization, whom I coach, said, “I’ve been really plugging into the space, and it’s accelerating like crazy. There are huge breakthroughs almost every day. The world is about to change faster than anyone is ready for.”