Comparing real-world applications of LLMs and traditional analytics

To understand the applications of LLMs in the real world, let’s do a comparative study of the applications of LLMs with traditional analytics systems.

Here are some examples of traditional analytical applications:

• Customer segmentation is the process of dividing customers into groups based on their shared characteristics. This can be done to target marketing campaigns or to develop new products and services.
• Risk assessment is the process of identifying and assessing the potential risks to an organization. This can be done to develop mitigation strategies or to make informed decisions.
• Fraud detection is the process of identifying and preventing fraudulent transactions. This is implemented to protect users and reduce financial losses.

Now, let’s discuss some real-world LLM-based applications:

• Chatbots are computer programs that can simulate conversations with humans....