Just another day, just another ChatGPT study | (Pic: EdexLive)
Just another day, just another ChatGPT study | (Pic: EdexLive)

ChatGPT can do what data analysts do at fraction of cost: Study

ChatGPT has been creating quite the furore in all circles, including academics and the job market  

Nanyang Technological University, Singapore and Alibaba Group's Damo Academy conducted research which revealed another job that OpenAI's ChatGPT can make easy. The study showed the cost of AI bot ChatGPT-4 is just 0.45% of what it takes to bring on board a senior data analyst who might draw a salary of about $90,000 (over Rs 73 lakh approximately) or 0.71% of what a junior employee might be earning. This was started in a report by IANS.

As per the researchers, using LLM or large language models like GPT-4, which runs ChatGPT, for data analysis will cost less than 1% of what it would if a person with analytical skills is hired. 

As per the report in South China Morning Post, the study also brings to the fore the fact that certain jobs are under threat owing to organisations opting for generative artificial intelligence (AI). 

What it can and cannot do
"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 elaborated.

In a few instances, the AI model was able to leave human data analysts behind when it comes to accuracy. So, did it lag behind at any point? Apparently, when it came to depicting accurate data in graphs, the AI model fell short. Also, when it came to presentation and formatting, it wasn't always correct. 

Another report
As per Goldman Sachs, a global investment bank, over 300 million jobs could be taken over by Artificial Intelligence in the near future. As per a global economics research report it had put out, this is what AI is capable of automating:

1) 25% labour market

2) 46% administrative tasks 

3) 44% legal jobs

4) 37% architecture and engineering professions 

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