A recent study has revealed that the cost of OpenAI’s GPT-4, the model powering ChatGPT, is only 0.45 percent of hiring a senior data analyst earning around $90,000 per year, or 0.71 percent of hiring a junior-level employee.
The study, conducted by researchers from Alibaba Group’s Damo Academy and Singapore’s Nanyang Technological University, demonstrates that using large language models like GPT-4 in data analysis is significantly cheaper than employing human analysts while delivering comparable performance.
This finding raises concerns about job security as generative artificial intelligence (AI) gains more popularity. The study also showed that GPT-4 outperforms humans in terms of speed in completing tasks. It can even outperform entry-level human analysts in various metrics, such as producing accurate and fluent charts and insights.
However, GPT-4 does lag behind humans in terms of presenting correct data in graphs, as well as in aspects of presentation and formatting in some cases.
Despite these limitations, GPT-4 is still capable of generating accurate analyses. Goldman Sachs, a global investment bank, predicts that AI could potentially eliminate around 25 percent of jobs worldwide, with administrative, legal, and architecture/engineering professions being particularly susceptible to automation.
