On the creation of value achieved by harnessing large language models

Abstract

With the emergence of ChatGPT, large language models (LLMs) have gotten considerable attention from industry and academia alike. While there are numerous publications that describe the use of LLMs in different scenarios, the discussion regarding its actual utility from an organizational perspective is currently rather limited. Yet, for a technology to strive long-term and justify its utilization, it needs to provide tangible benefits to its users or their organizations. To bridge this gap, the publication at hand discusses how the harnessing of LLMs can create value for organizations and what is necessary to better support decision makers in assessing whether they want to integrate LLMs into their organization's processes and, if so, in which capacity and to which extent. Further, a case study approach to analyze the economic impact of LLMs is suggested.