Generative AI (GenAI) has emerged as a key theme during the last year with more companies discussing the impacts of this technology, according to GlobalData, which says that S&P 500 companies in their Q1 2024 earnings call transcripts had discussions around GenAI adoption, products/solutions on offer, strategic partnerships, investments, and application areas.
“Companies are looking at GenAI tools for better productivity, increased sales, brand awareness, and an enhanced customer experience,” says Misa Singh, business fundamentals analyst at GlobalData. “They are investing, collaborating, and leveraging to make use of this new and emerging opportunity.”
Companies are applying generative AI to help customers and increase productivity.
Thermo Fisher Scientific, for example, is leveraging GenAI as part of its PPI (Practical Process Improvement) business system toolkit to help customers. Another organisation, Automatic Data Processing, is using GenAI to proactively deliver actionable insights in plain language to enhance HR productivity, aid decision-making, and streamline day-to-day tasks for clients and their employees.
Likewise, retailing company Target Group is using GenAI to power product detail pages to provide more friendly and relevant explanations about the company’s assortment to guests, creating a better customer experience.
Companies are also expanding by building and investing in AI-driven new products. Amazon built a generative AI application for fulfillment centres that forecasts the inventory needed in each fulfillment centre.
Verisk Analytics is investing in businesses with emerging technologies including generative AI and low/no-code applications. Moody’s mentioned accelerating and increasing the level of organic investment in three areas – GenAI, new product development and platforming, and technology.
Companies are also collaborating to enhance their AI capabilities.
Cognizant Technology Solutions is collaborating with ServiceNow to enhance Cognizant’s Work NEXT modern workplace services solution with generative AI capabilities. Cognizant also discussed its plan to invest approximately $1-billion in generative AI capabilities over the next three years.
Service Now expanded its strategic alliance with EY to co-create solutions for generative AI governance. EY will also be using ServiceNow’s generative AI capabilities to enhance experiences for all their employees/Gen AI adoption.
And Accenture has teamed up with Google Cloud to create a joint generative AI centre of excellence.