A new study has revealed that using large language models like GPT-4 in data analysis costs less than 1% of hiring a human analyst while producing comparable performances. The study conducted by Chinese e-commerce giant Alibaba Group’s research arm, Damo Academy, and Singapore’s Nanyang Technological University showed that OpenAI’s GPT-4 costs just 0.45% of hiring a senior data analyst who earns around $90,000 annually or 0.71% of a junior-level employee. Furthermore, in terms of performance, the AI model can compete with and even beat an entry-level human analyst in producing charts and insights. However, it fell behind when it came to presenting and formatting. The study highlights the potential threat to job security amid increased adoption of generative AI, as AI could automate a significant portion of the labour market in the future.
Chinese e-commerce giant Alibaba Group’s research arm is called Damo Academy. The research lab focuses on machine intelligence and technology innovation.Alibaba Group Holding Limited is a Chinese multinational conglomerate headquartered in Hangzhou, Zhejiang. The company provides consumer-to-consumer, business-to-consumer, and business-to-business sales services via web portals, as well as electronic payment services, shopping search engines, and cloud computing services.
The study did not mention any specific person but rather focused on the potential threat to job security with the growing adoption of AI.
