A Comprehensive Survey of Large Language Models in Management: Applications, Challenges, and Opportunities

Abstract

This survey examines the transformative impact of Large Language Models (LLMs) and AI-driven systems across three critical and interconnected business domains: Finance, Marketing, and Supply Chain Management (SCM). As these technologies reshape business management, our analysis explores their roles in enhancing operational efficiency, fostering strategic insights, and driving economic growth. Unlike previous studies that only focus on an isolated and micro application aspect, this research integrates insights across finance, marketing, and SCM, highlighting individual advancements and these technologies' synergistic effects. In finance, LLMs revolutionize market predictions, risk assessments, regulatory compliance, fraud detection, etc. For marketing-related businesses, it enables hyper-personalized consumer engagements, optimizes resource allocation, and boosts conversion rates. SCM benefits from improved demand forecasting and more intelligent logistics optimization, ensuring agility and resilience in the LLM-driven system. This integrative approach provides a comprehensive understanding of LLM's impact and offers a robust framework for leveraging these technologies in the complex dynamics of modern business ecosystems.

Keywords: Large Language Models, Business Management, Finance, Marketing, Supply Chain Management