AI Unveiled: The Future of Business Lies in Large Language Models

The Luohan Academy Annual Digital Economy Conference has just concluded, and one thing is clear: large language models (LLMs) are set to revolutionize the way businesses operate. Chinese tech executives from Alibaba Group Holding and Zhipu AI, among others, gathered to discuss the potential of LLMs in shaping the future of commerce.

AI-powered stock portfolio management

Zhang Fan, COO of Zhipu AI, highlighted the company’s Model-as-a-Service platform, which enables companies to fine-tune LLMs according to their business needs. This has led to innovative applications, such as an “AI brain” that can assist customers in choosing the best stock portfolio and answering 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, which focused heavily on AI, demonstrated the growing importance of LLMs in socio-economic development. Chen Long, president of Luohan Academy, emphasized that AI is reshaping the economic landscape and business models, making human life more complex than ever before.

Ant Group’s Shengxinpei service

Huang Hao, senior vice-president of Ant Group, showcased the company’s LLM-based services, which 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 becomes increasingly complex, it is clear that LLMs will play a vital role in shaping the future of business. With their ability to improve efficiency, reduce costs, and enhance decision-making, it’s no wonder that companies are racing to adopt these technologies.

The potential of AI in global trade

The Luohan Academy conference has provided a glimpse into the exciting possibilities that LLMs offer. As we move forward, it will be essential to stay ahead of the curve and harness the power of AI to drive innovation and growth.