The Value Of Data In The Age Of Artificial Intelligence
Don't sit on your most precious resource
Lots of companies are sitting on data and information that OpenAI has no access to. This is now a USP in the age of artificial intelligence.
You can either;
- sell access to it directly to OpenAI, Google or some other behemoth to improve their LLM training and inference
- be bought out by an AI company, retire and have fun, or
- develop your own LLM specifically trained on it and sell a bespoke generative ai service proposition
But don’t sit on it.
Want a prime example?
Every banking and financial institution will be looking into this for themselves. They’re sitting on huge LLM datasets that can be used by a GPT for better risk management, personalised financial products, customer service and more.
Why would you not take advantage of customer data, spending behaviour, debit, and credit patterns and then give this to the customer via a banking app for them to use individually as a personal financial guide (note: guidance, not advice!)
This could be an example of using artificial intelligence for the right reasons — giving power to people for their benefit. Check an example of this released this week — BloombergGPT: A Large Language Model for Finance.
A 50 billion parameter language model that is trained on a wide range of financial data. Construct a 363 billion token dataset based on Bloomberg’s extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general-purpose datasets.
It’s not open-sourced for obvious reasons!
Here’s the full paper to understand how they’ve built it and what they intend to do with it.
Thinking smugly that your proprietary data is special is going to cost you dearly. Someone else will have similar data and they’ll make use of it this way while you’ll continue to think your business model is safe and reassuringly expensive…good luck with that as the robots storm your crumbling castle.
Understanding the value of data in the age of AI is key.
A few years ago people said that data was the new oil, it’s certainly going to grease the wheels for a long time to come.