Large Language Models (LLMs) and in-context learning have introduced a new paradigm for developing natural language understanding systems: prompts are all you need! Prototyping has never been easier, but not all prototypes give a smooth path to production. In this talk, titled "Reality is Not an End-to-End Prediction Problem: Applied NLP in the Age of Generative AI," I'll share the most important lessons we've learned from solving real-world information extraction problems in industry and show you a new approach and mindset for designing robust and modular NLP pipelines in the age of Generative AI.