Generative artificial intelligence, commonly known as GenAI has emerged as a key theme in companies' discussions in the first quarter (Q1) of this year (2024), a new report surfaced on Monday.
According to the data analytics and consulting company GlobalData, S&P 500 companies in their Q1 2024 earnings call transcripts had discussions about GenAI adoption, strategic partnerships, products/solutions on offer, investments, and application areas.
Misa Singh, Business Fundamentals Analyst at GlobalData said, "Companies are looking at GenAI tools for better productivity, increased sales, brand awareness, and an enhanced customer experience. They are investing, collaborating, and leveraging to make use of this new and emerging opportunity.”
According to the report, companies are applying GenAI to help customers and increase the productivity of the firm.
Biotech firm Thermo Fisher Scientific is leveraging GenAI as part of its PPI (Practical Process Improvement) business system toolkit to help customers, on the other hand, management services company 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, the report mentioned.
Moreover, the report showed that companies are also teaming up to improve their AI capabilities.
Cognizant Technology Solutions is collaborating with ServiceNow to enhance its Work NEXT modern workplace services solution with GenAI capabilities.
Cognizant also discussed its plan to invest approximately $1 billion in GenAI capabilities over the next three years.
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Inputs from IANS
