Large language models (LLMs), a form of generative AI, have redefined the way we interact with and process the human language. These sophisticated AI models, trained on massive datasets of text and code, can perform a wide range of tasks, including – generating human-quality text, translating text between languages, answering questions in a comprehensive and informative way, even if they are open ended, and summarize long pieces of text into shorter, more concise versions.
McKinsey estimates that applying generative AI to customer care functions could increase productivity at a value ranging from 30 to 45 percent of current function costs.
While commercial LLMs like GPT and BARD offer impressive performance, their proprietary nature and associated costs can pose challenges for IT companies. Fortunately, the emergence of open source LLMs like LLaMA, Falcon, and MPT has opened new possibilities for organizations seeking greater control and affordability in their LLM deployments.
Open source LLMs offer several compelling advantages over their commercial counterparts:
These advantages translate into tangible benefits for IT companies – including significant cost savings due to eliminated licensing fees and local hosting, enhanced data security and privacy through control over data usage, and increased flexibility to tailor models to specific needs and optimize performance.
Research shows, "At one company with 5,000 customer service agents, the application of generative AI increased issue resolution by 14 percent an hour and reduced the time spent handling an issue by 9 percent".
LLMs, with their remarkable ability to comprehend and generate human language, are empowering contact centers to deliver personalized, efficient, and empathetic interactions at scale. By automating routine tasks, providing real-time support, and enabling multilingual communication, LLMs are freeing up human agents to focus on more complex and strategic interactions, fostering deeper customer relationships and driving business growth
As businesses continue to expand their reach across multiple channels, there is a growing emphasis on centralizing interactions and providing personalized support to stay competitive and sustain growth. With LLMs empowering human agents, automating routine tasks, and optimizing customer interactions, businesses can deliver personalized, efficient, and empathetic interactions at scale, building positive brand reputation. The transformative potential of LLMs in contact centers is immense, and we can expect to see an even greater impact in the future.