Generative AI (GenAI) has emerged as a hot topic in the last year, with more companies discussing the impact of this technology. Records from the S&P 500 company's Q1 2024 earnings report show the data and analytics giant discussed GenAI adoption, product/solution offerings, strategic partnerships, investments, and application areas. This was revealed in GlobalData's corporate report analysis database.
Mitha Singh, Business Fundamentals Analyst at GlobalData commented: They are investing, collaborating and leveraging to take advantage of this new opportunity. ”
Businesses are applying generative AI to assist customers and improve productivity. Thermo Fisher Scientific Inc leverages his GenAI as part of its PPI (Practical Process Improvement) business systems toolkit to support its customers. Automatic Data Processing Inc uses GenAI to proactively deliver actionable insights in plain language to improve HR productivity, support decision-making, and streamline daily operations for clients and their employees. doing.
Similarly, retail company Target Corp uses GenAI to enhance its product detail pages to provide guests with friendlier and better descriptions of its assortment, creating a better customer experience. Companies are also expanding their operations by developing and investing in new products powered by AI. Amazon has built a generative AI application for its fulfillment centers that predicts the inventory needed at each fulfillment center.
Verisk Analytics Inc invests in businesses using emerging technologies such as generative AI and low/no-code applications. Moody's cited the acceleration and 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 Corp. is collaborating with ServiceNow to power Cognizant's Work NEXT modern workplace services solution with generative AI capabilities. Cognizant also outlined plans to invest approximately $1 billion in generative AI capabilities over the next three years.
Service Now Inc. has expanded its strategic partnership with EY to co-develop solutions for generative AI governance. EY will also use ServiceNow's generative AI capabilities to improve the experience for all employees (Gen AI Adoption). Accenture has partnered with Google Cloud to establish a joint Generative AI Center of Excellence.
