ChatGPT Can Perform Data Analysis At A Fraction Of The Human Cost: Report
Ever since AI tools like ChatGPT have come on the horizon, concerns about the extinction of jobs have been doing the rounds. A new study has thrown light on the aspect of job security posed by the adoption of artificial intelligence.
The study pegs human analysts against the latest version of ChatGPT-4. After feeding questions and relevant data on the ChatGPT platform, the parameters of performance, time and costs to evaluate human performance with generative AI tech.
The outcome of the study showed that insights and accuracy of the data processed and analysed by ChatGPT were at par with the performance of entry-level data analysts sans the cost and investment of time.
The study suggests that the annual salary of the data analysts considered for the purpose of the research is range around $ 90,000.
In comparison, GPT-4 costs only 0.45% of hiring a senior data analyst with an annual salary of approximately $90,000, or 0.71% of hiring a junior-level employee, the research by Damo Academy and Singapore’s Nanyang Technological University says.
