Advancements and Applications of Generative Artificial Intelligence and Large Language Models on Business Management: A Comprehensive Review

Abstract

This comprehensive review delves into the landscape and recent advancements of Generative Artificial Intelligence (AI) and Large Language Models (LLMs), shedding light on their transformative potential and applications across various sectors. Generative AI, exemplified by models like ChatGPT, DALL-E, and Midjourney, has rapidly evolved and is driven by breakthroughs in deep learning architectures and the availability of vast datasets. Concurrently, LLMs have revolutionized natural language processing tasks, utilizing vast text corpora to generate human-like text. The study explores recent developments, including the introduction of advanced models like GPT-4 and PaLM2 and the emergence of specialized LLMs like small LLMs (sLLMs), aimed at overcoming hardware limitations and cost constraints. Additionally, the expanding applications of generative AI, from healthcare to finance, underscore its transformative potential in addressing real-world challenges. Through a comprehensive analysis, this research contributes to the ongoing discourse on AI ethics, governance, and regulation, emphasizing the importance of responsible innovation for the benefit of humanity.