Generative AI (GenAI) continued as a key theme in companies’ discussions in Q2 2024. 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 GlobalData, a data and analytics company.
GlobalData’s latest report, “Company Filings Analytics Trends & Signals – Q2 2024” reveals 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.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Companies are looking at GenAI for better productivity, enhance language models in chatbots, and introduce new chat models. 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 center efficiency. Likewise, Mahindra & Mahindra Ltd is using this technology to assist service center technicians with report summarization and AI-powered search, enhancing efficiency and productivity. It also enables call center 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 Inc., 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 Inc 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 Ltd 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, helps analysts to speed up and reduce dependency on domain expertise.
Furthermore, Hewlett Packard Enterprise Co revealed in its transcript about accelerating GenAI capabilities, such as implementing HPE-specific large language models in chatbots for sales and service representatives. Visa Inc is using GenAI across its suite of risk, and identity services to combat fraud and help the shopping experience be better by increasing authorization rates and decreasing fraud.