Not that big data is dead, more like real time data is coming to life, but you need the old stuff around to make a buck or two… Well, that my view. LLMs are transformer model technique are making data more relevant than ever. If you are a business, well you are in for a “now real” digital transformation.<p>Making data the centerpiece of your business business could mean that your effectiveness of business process could increase several order of magnitudes. Funny thing is, you will not use some else’s model, unless you are building a ChatBox to infer, but you will need to build your own model and be trained in your own business process to be successful.<p>Consider a bank, here is my prediction of expected outcomes:<p>Enhanced Customer Experience: The system can act as a virtual banking assistant, providing customers with instant access to their account information, real-time transactions, and balance updates. The system can also answer customer inquiries and provide relevant information, improving the overall customer experience.
Improved Fraud Detection: The system can monitor the bank's financial transactions in real-time and identify any potential fraud, helping the bank reduce its exposure to financial losses.<p>Automated Loan Processing: The system can analyze loan applications, credit scores, and other relevant data to approve or reject loan applications in real-time, reducing the time and effort required for manual loan processing.
Personalized Marketing: The system can analyze customer behavior, transaction history, and demographic information to provide personalized marketing and cross-selling opportunities, increasing the bank's revenue and customer loyalty.<p>Real-Time Insights: The system can provide real-time insights into the bank's financial performance, customer behavior, and market trends, enabling the bank to make informed decisions and respond to market changes quickly.<p>What is interesting to me is, this is just the beginning of what could be…