AI Revolution: How Large Language Models Are Reshaping Businesses
The annual conference held by Luohan Academy, an open research institute initiated by Alibaba, brought together Chinese tech executives to discuss the impact of large language models (LLMs) on businesses. The event highlighted the potential of LLMs to transform industries and create new opportunities.
AI-powered stock portfolio management
Zhang Fan, chief operating officer of Zhipu AI, one of China’s “four artificial intelligence (AI) tigers,” shared how the company’s Model-as-a-Service platform enables businesses to fine-tune LLMs according to their needs. This has led to innovative applications, such as an “AI brain” that helps customers choose the best stock portfolio and answers questions.
“There is a forecast that more than 80 per cent of companies will be using LLMs by 2026, while we have higher expectations than this.” - Zhang Fan
The conference emphasized the importance of AI in reshaping the economic landscape and business models. Chen Long, president of Luohan Academy, noted that the wave of AI development is making human life more complex than ever before.
AI-powered insurance planning
Huang Hao, senior vice-president of fintech giant Ant Group, demonstrated how the company’s LLM-based services can improve efficiency in the insurance industry. Ant’s Shengxinpei service, launched in 2023, assists buyers in decision-making by helping them understand various types of insurance services and find the right ones.
Zhang Kaifu, vice-president of Alibaba International Digital Commerce Group, shared the unit’s experience of using self-developed generative AI tools to help small and medium-sized companies expand in overseas e-commerce markets.
“In the past year or so, we started to apply AI to global commerce … We are very excited by what we see - there’s a lot of potential for AI to bring down the barriers of global trade and especially in smaller and medium-sized enterprises, to really develop their competitiveness globally.” - Zhang Kaifu
As the world moves towards an AI-driven future, it is essential for businesses to adapt and leverage the potential of LLMs. The conference highlighted the opportunities and challenges that come with this transformation, and the need for companies to stay ahead of the curve.
AI-driven global commerce
The future of business is being rewritten, and AI is at the forefront of this revolution. As we move forward, it will be exciting to see how LLMs continue to shape industries and create new opportunities for growth and innovation.
