Artificial Intelligence: Use, applications and impact in the services sector

  • By Domenico Serpella
    • Jun 13, 2023
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Artificial Intelligence algorithms based on LLM (Large Language Models) are among the most promising and at the same time most discussed technologies of the moment. The well-known AI deals with deep learning models, which use huge amounts of textual data. It uses this data to learn and generate natural language, with applications ranging from translation and creative writing to conversation and virtual assistance. 

Have you ever wondered what potential uses Artificial Intelligence algorithms based on this LLM have for the service sector? In this article, we will focus on activities that provide intangible goods to consumers or businesses. Within these activities, we highlight consulting, finance, software, communication, education and health. 

It is important to note that one of the main advantages of LLM-based algorithms is their ability to adapt to different domains and linguistic tasks . It achieves this thanks to its transformational data architecture and its pre-training (hence the acronym GPT for Generative Pre-trained Transformer) of huge amounts of textual data from various sources. This means that LLMs can be tailored to meet the specific needs of a certain industry or client, providing tailor-made solutions and optimizing performance. With this clear, what is the use, application and impact of Artificial Intelligence?

🔷 Applications of the new Artificial Intelligence algorithms

Given the versatility of this advanced technology, Artificial Intelligence is being used as a tool to generate maximum benefit in different applications. Some examples of these algorithms are the following:

  • smart chatbots 

As we all know, a chatbot is a conversational agent that interacts with users in chat rooms, providing them with information, assistance, and support. LLMs can improve the quality and effectiveness of chatbots by making them more natural, flexible, and capable of handling complex, contextualized questions. For example, ChatGPT, which has been making such a splash in the media lately (not only in Italy, where its access has recently been banned, but in other countries, where it is quickly establishing itself as a business tool), is a chatbot based on the architecture GPT powered by OpenAI , which can respond to various topics and even write poetry, articles, and code. 

  • content generation 

Do you work in advertising or content creation? You probably know what we’re talking about. One of the most amazing capabilities of LLMs is the automatic creation of original and relevant texts for purposes as diverse as marketing, advertising, journalism, or entertainment. LLMs can produce high quality content and creativity, adapting to the desired style, tone and audience. For example, in addition to the aforementioned ChatGPT used for text generation, there are AIs that can be used for image generation, such as DallE and Midjourney. 

  • Automatic translation 

Another activity in which the GPTs offer an excellent service is the automatic conversion of a text from one language to another. GPT-based models can improve the accuracy and fluency of translations, taking into account the semantic and cultural context of words. 

  • automatic summary 

It is the automatic synthesis of the main information included in a long or complex text. LLMs can produce short, essential summaries, keeping the original meaning of the text and highlighting key points. In this context, in addition to ChatGPT, there are already services such as TLDR (Too Long Didn’t Read), which uses LLM to summarize online news. 

As can be seen from the capabilities just mentioned, these algorithms can have a major impact in the service sector, as they directly influence the ability of companies to respond to market demands quickly and effectively. Next, we examine the most significant cases in some specific sectors. 

artificial intelligence chat bots

🔷 Areas of application of the New AI models 

Innovation according to the uses and applications of Artificial Intelligence is in continuous development. If we examine the direction and the needs a bit, we conclude that the new models will be directed towards: 

  • Software development 

The introduction of GPT and LLM has had a huge impact on the software industry, especially when it comes to automation and customization. Thanks to these technologies, it is now possible to generate code automatically, speeding up processes and thus reducing the hours developers need to create code. 

Additionally, AI can be used to create custom software solutions based on specific customer needs, without the need for manual intervention, or to increase process automation. 

This increase in productivity has translated into greater efficiency and lower costs, but has also raised concerns for the future of workers in the sector. However, it is important to note that AI does not completely replace humans, but complements them, supporting and improving their work. 

  • Customer Support 

One of the most important applications of the LLM in the service sector is the use of the aforementioned chatbots for customer service. The chatbot is capable of handling the most frequent requests and routine complaints, thus reducing the workload on human operators and providing faster response times. 

Additionally, advanced chatbots are able to escalate complex issues to support staff when needed, ensuring customers receive proper assistance. 

  • Health 

The healthcare industry is also benefiting from advances in LLM. These models can assist medical professionals in diagnosis, treatment planning, and medical research by analyzing vast amounts of data to identify trends, patterns, and potential new treatments. For example, LLM models can process medical records, laboratory results, and scientific literature to assist physicians in the diagnostic and treatment processes, or in the recommendation of patient-relevant clinical trials. 

Additionally, LLMs can be used in the development of healthcare chatbots that provide general healthcare information and guidance to users, facilitating better healthcare literacy and patient engagement. 

  • Finance 

In the financial industry, LLMs are used to analyze financial data and generate reports, forecasts, and insights that help business leaders make decisions. They can assist with tasks such as risk analysis, credit reporting, fraud detection, and investment recommendations. In addition, LLMs can be used to create intelligent assistants that help clients manage their finances and make informed financial decisions, leading to better outcomes for individuals and businesses alike. 

  • Education 

Educational institutions can take advantage of the LLM to develop personalized learning experiences for students. In this way, more effective learning itineraries can be created, with content and difficulty levels adapted to the individual characteristics of the students, thus promoting the integration of disadvantaged people or those with special needs. In addition, they can help assess assignments and answer student questions, as well as generate study materials such as summaries and quizzes, making the learning process more interactive and effective. 

  • Marketing 

LLM models are also rapidly transforming the marketing industry, enabling the creation of content like social media posts and ad campaigns. An example of the use of this technology is the Bing Chat tool (Microsoft’s search engine, enhanced with the integration of the LLM GPT4 engine). 

In addition, automated data analysis enables marketers to identify market trends and customer preferences, allowing them to highly personalize content to drive engagement with the target audience. 

  • Management and legal consultancy 

Generative and natural language models are also transforming the field of legal and management consulting by providing decision support and facilitating research. These technologies allow consultants and lawyers to rapidly analyze large amounts of documents and data, identifying relevant information and providing useful insights. 

An example of practical application is the use of artificial intelligence in the review of contracts and the search for legal precedents. Generative and linguistic models can analyze legal texts and identify clauses, risks and opportunities, reducing the time required for these tasks and improving the accuracy of the analyses. 

Also in this area, artificial intelligence and human experts work in synergy, with generative and linguistic models supporting consultants and lawyers in their day-to-day activities, allowing them to focus on more strategic and high value-added tasks. 

  • Human resources (HR) 

In the field of human resources, LLM models can be used for the automated analysis of job applications and to identify the best correspondence with the profiles to be selected, thus helping HR professionals in their recruitment processes. In addition, they can be used to carry out activities such as onboarding and periodic reviews, as well as to answer frequently asked questions such as those related to payroll and internal procedures, facilitating the dissemination of knowledge and better talent management. 

🔷 Future Evolution 

In short, these are just some of the possible applications of LLM-based algorithms for the service sector, showing how this technology can benefit both providers and users of said services, facilitating communication and access to information.

The opening of APIs, for access to the use of engines such as GPT4, will allow an increasingly rapid development of the technology, and its application paradigms, oriented towards the efficiency of the processes, the effectiveness and the quality of the content produced. A process where the tool makes the worker more productive and efficient and where the training of operators for its conscious use will be increasingly important. 

If your company belongs to any sector, not only those mentioned above, and you have developed a new process, service or product in the last 5 years, this is considered innovation and an investment in R&D, and therefore you could be eligible for tax credits and other cashflow opportunities.

This could be the acquisition of an ERP or software, with new, customized or developed modules, including AI as a tool, and activities of your employees such as development, integration of the different internal management systems.

If you want to receive more information about our services, or how to identify R&D in your company’s activities, do not hesitate to contact us.

Author

Domenico Serpella

Innovation Consultant Coordinator

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