As we near the end of 2023, many companies are heading into a code freeze, especially during the holiday season. This has prompted numerous questions from clients and colleagues about what strategic focus areas to prioritise to gear up for 2024. Here are two critical topics you should be paying attention to: ROI in tech investments and the potential of Large Language Models.
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ROI in Tech Investments: Maximising Business Outcomes
In today’s evolving data industry, calculating the ROI (Return on Investment) on tech investments has become increasingly important. To ensure a positive ROI, businesses should aim to create platforms designed for specific business outcomes rather than constructing platforms and figuring out their usefulness later.
Real-World Example: The CEO of Your Life
Think about your personal choices. Have you ever purchased something you didn’t actually need? Like acquiring tech gadgets that go unused?
This also happens in our data-driven industry. For instance, investing in data analytics solutions just to enable new capabilities without a clear business objective is counterproductive.
To successfully optimise ROI in tech, a shift towards a needs-based and value-focused data strategy is essential.
Embracing Large Language Models: A Game Changer in Tech
OpenAI’s Large Language Models, often experienced through chatbots like GPT, are becoming indispensable tools for businesses. Now is the time to dive deep into understanding how they can benefit your organisation. If you don’t, your competitors will.
How to Leverage OpenAI and Azure for Business
Azure’s OpenAI API allows you to merge these powerful language models with your data to enhance customer experience.
While implementing Large Language Models may not have been on your roadmap for this year, adapting to such groundbreaking technologies is crucial for staying competitive.
Industry Insights: Legal Sector Focus on Language Models
I was recently part of a panel at a conference in the legal industry where a majority of the sessions were dedicated to the practical applications and implications of Large Language Models. The technology holds promising business value and is not confined to any single sector.
Planning for Adoption: Proof of Concept
Once you’ve created a prioritised list of potential applications based on business requirements and ROI, the next step is securing funding for a proof of concept. This will help uncover the limitations and advantages of Large Language Models in a real-world setting, enabling you to fine-tune your strategies for a production-ready implementation.
Key Takeaways
- Focusing on ROI and aligning tech investments with business outcomes is vital.
- Large Language Models like OpenAI’s GPT series are emerging as indispensable business tools.
- Adapting to groundbreaking technologies is essential for staying competitive in today’s fast-paced industry landscape.
Ready to Future-Proof Your Business for 2024 and Beyond?
Don’t let another quarter pass without maximising your ROI or leveraging the incredible potential of Large Language Models. If you’re looking for expert guidance to navigate these critical areas, I’m here to help.
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