In a recent study conducted by researchers from Alibaba Group's Damo Academy and Singapore's Nanyang Technological University, it has been discovered that employing OpenAI's GPT-4 for data analysis costs significantly less than hiring human analysts while delivering comparable performance. The research sheds light on the growing concern of job security as generative artificial intelligence (AI) gains widespread adoption. GPT-4 is a sophisticated large language model (LLM) that powers ChatGPT.
According to IANS, The study highlighted that the cost of utilizing GPT-4 amounted to a mere 0.45 per cent of hiring a senior data analyst with an annual salary of approximately $90,000. Even in comparison to junior-level employees, GPT-4 represented just 0.71 per cent of the associated costs.
Furthermore, the experiments revealed that GPT-4 demonstrated remarkable speed, outperforming human analysts in completing tasks. Notably, the AI model surpassed entry-level human analysts in terms of performance across various metrics, including chart accuracy, fluency, and the insights produced. In certain cases, GPT-4 even exceeded human analysts in terms of correct data analysis.
However, the study also indicated areas where GPT-4 lagged behind human analysts, such as the ability to accurately present data in graphs, as well as aspects of formatting and overall presentation. Despite these limitations, the AI model remained capable of generating accurate analyses.
These findings come at a time when the widespread implementation of AI poses a potential threat to job security. According to a report by global investment bank Goldman Sachs, as many as 300 million jobs could be at risk due to AI in the future.
The report predicts that AI has the potential to automate 25 per cent of the entire labour market, with administrative jobs, legal professions, and architecture and engineering roles facing the highest automation rates at 46 per cent, 44 per cent, and 37 per cent, respectively.
Inputs from IANS