NLP and LLMs in the business world
NLP and LLMs are proving themselves to be transformative in the business domain. From improving efficiencies to enabling new business models, NLP’s capabilities have been harnessed to automate mundane tasks, derive insights from data, and provide advanced customer support.
Initially, NLP was mostly restricted to academia and specialized sectors. However, with the rise of digitalization, the explosion of data, and advancements in open source ML, businesses began to recognize its potential. The affordability of computing power and accessibility to vast datasets made the implementation of LLMs feasible for enterprises, allowing for more sophisticated NLP applications. We observed that this transition of NLP into the business world took place from 2018–2019. First, the combination of NLP and traditional ML models for the purpose of limited tasks, such as text classification, began to infiltrate business operations and analytics. In 2019...
