Our first "AI Insight Paper" looks at the transformative power of generative AI in general and Large Language Models (LLMs) in particular. By automating many tasks previously performed by humans, generative AI will significantly increase efficiency and productivity across different value chains and business functions. This will not only lead to significant cost reductions, but also open up tremendous growth opportunities.
By leveraging and adapting foundation models, developers can now create AI applications that would have been impossible without recent advances. The particular strength of today's models lies in their ability to be tailored for different use cases. Thus, in certain cases, only minimal fine-tuning with limited data is required to realize a desired use case.
In order to be able to use LLMs in a targeted manner in the company, a functioning ecosystem and basic knowledge of various alternatives (open-source vs. closed-source) are essential. The article discusses these from a non-technical perspective and also explains central factors influencing the "make-or-buy decision" for LLMs. Based on this, six real-world strategies are presented that companies should pursue based on their individual needs and specific use cases.
Recent developments enable (almost) everyone to use and benefit from AI. This "AI Insights" article provides an ideal starting point for this and also contains key recommendations for action to benefit from the disruptive possibilities of using LLMs.
You can download the "AI Insight Paper" here. Currently the AI Insight is only available in English, feel free to reach out to the authors in case of any questions.