From the course: Introduction to NLP and LLMs: Principles and Practical Applications
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Quantifying the potential ROI of NLP and LLM projects
From the course: Introduction to NLP and LLMs: Principles and Practical Applications
Quantifying the potential ROI of NLP and LLM projects
- [Narrator] It is important to establish clear objectives and key performance indicators for your NLP and LLM projects. A major key metric is ROI or Return on Investment, which can be used to demonstrate the value and justify investment for NLP and LLM projects. ROI in terms of NLP and LLM is the measure of how effectively these technologies contribute to achieving objectives such as cost reduction, revenue growth, or productivity gains. The key is to establish clear objectives and KPIs where you define specific, measurable, achievable, relevant, and time-bound goals for your NLP and LLM projects. Here are tips to measure ROI. First, collect baseline data where you gather data on your current performance before implementing NLP/LLM solutions, you then track relevant metrics where you monitor key performance indicators that align with your objectives. Then analyze quantitative data where you gather customer feedback and employee surveys, for example, to understand the impact of…
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