Companies across various sectors are incorporating next-generation AI capabilities into their solutions, with GenAI standing out as a primary focus of technological innovation, reveals the Company Filings Analytics Database of research group GlobalData.
The company’s latest report – Company Filings Analytics Trends & Signals – Q2 2024 – states that GenAI mentions by filer companies experienced an increase in Q2 2024 compared to the same quarter in the previous year. As GenAI presents immense opportunities, companies are applying this technology to create operational plans, process data, and develop solutions.
“Companies are looking at GenAI for better productivity, to enhance language models in chatbots, and introduce new chat models,” says Misa Singh, business fundamentals analyst at GlobalData. “The GenAI tools are helping companies to work efficiently and accelerate innovation.”
To make office activities easier and faster to perform, the Canadian Imperial Bank of Commerce discussed using GenAI to enhance its frontline experience and improve contact centre efficiency. Likewise, Mahindra & Mahindra is using this technology to assist service centre technicians with report summarisation and AI-powered search, enhancing efficiency and productivity. It also enables call centre agents to handle additional emails/day more effectively, trimming team size and person-hours.
Companies are also introducing new solutions and tools like Amazon.com which launched a new GenAI tool that enables sellers to provide a URL to their website and automatically create high-quality product detail pages on Amazon. As per the company’s latest transcript, over 100 000 selling partners have used one or more of the company’s GenAI tools.
Adobe introduced Acrobat AI Assistant, a GenAI-powered product designed to deliver insights and enhance productivity through interactive document experiences, which is available as an add-on subscription to Adobe Acrobat and Adobe Acrobat Reader products.
Infosys mentioned developing a GenAI -based solution that can extract information from ESG reports and provide a summary to allow the user to ask contextual questions about the document. It helps reduce onboarding time for new analysts and helps analysts to speed up and reduce dependency on domain expertise.
Additionally, Hewlett Packard Enterprise (HPE) revealed in its transcript about accelerating GenAI capabilities such as implementing HPE-specific large language models in chatbots for sales and service representatives. Visa is also using GenAI across its suite of risk and identity services to combat fraud and help the shopping experience be better by increasing authorisation rates and decreasing fraud.