ChatGPT Can Do Human-Like Data Analysis At A Fraction Of The Cost: What It Means

With the rise of generative artificial intelligence,  the debate about if it will eventually replace human jobs has been discussed time and again—and rightly so. Some companies, including IBM, have already hinted that they will stop hiring for certain job roles that are to be filled by LLM-powered AI bots.

Now, a recent study has revealed that using ChatGPT costs just 0.45 per cent of hiring a senior data analyst who earns around $90,000 annually—or 0.71 per cent of a junior-level employee.

Researchers from Damo Academy, the research wing of Chinese e-commerce giant Alibaba, and Singapore’s Nanyang Technological University have revealed that using Large Language Models (LLMs)—like GPT-4, which powers OpenAI’s ChatGPT—costs less than 1% of hiring a human analyst for data analysis while “turning in comparable performances."

As reported in the South China Morning Post, the rise of generative AI can cause serious threats to job security across the world, and eventually holds the power to replace manpower.

Moreover, with humans being humans—and generative AI being much more efficient—the study notes that AI takes a fraction of the time that a human takes to complete tasks.

“GPT-4 can also beat an entry-level human analyst in terms of performance, which was evaluated through a range of metrics including the correctness and fluency in charts and the insights they produced," the report said.

“However, GPT-4 fell behind humans in terms of showing correct data in graphs, as well as presentation and formatting in some cases," the report added.

Goldman Sachs predicts that over 300 million jobs could be lost to AI in the near future.

The risk to jobs and then eventually, livelihood of humans isn’t the only fear that generative AI has introduced. Top AI researchers, including the godfather of AI, Geoffery Hinton, have hinted that AI could be dangerous in the long term, and far-fetched realities only shown in movies like killer robots could become a reality one day if generative AI keeps on advancing. Moreover, OpenAI CEO Sam Altman himself joined the experts in raising the “risk of extinction from AI."

(With inputs from IANS)