The rise of generative artificial intelligence (GenAI) has spurred a debate on its risks and benefits among companies. Simultaneously, a wave of adoption is observed, with companies delving into advanced language models like ChatGPT. As discussions around transformative technologies intensify, businesses navigate the potential and challenges GenAI presents, marking a pivotal moment in integrating cutting-edge AI solutions, according to GlobalData, a leading data and analytics company.
Analysing GlobalData’s Company Filings Analytics Database reveals that companies are centering their discussions on GenAI-driven product development. While some are investing in and enhancing existing products, others are introducing entirely new offerings powered by GenAI.
Misa Singh, Business Fundamentals Analyst at GlobalData, said companies are embedding Gen AI technologies into their platform. Meanwhile, they consider ChatGPT useful in various applications such as chatbots, virtual assistants, customer service, and content creation.
For instance, Samsung unveiled its Generative AI model ‘Samsung Gauss’, which it plans to launch in the coming months. Thomson Reuters Corp is implementing GenAI into legal research products. It will create a single AI capacity for legal research. Alphabet Inc’s new product studio uses GenAI to create tailored, eye-catching imagery for free. This product can be beneficial for medium-sized businesses to create high-quality images.
Accenture Plc announced a $3 billion investment in AI. It has GenAI technology-related projects across all industries, with banking, public service, consumer goods, and utilities leading the activity. Additionally, it is collaborating with Telefonica Brazil, popularly known as Vivo, to provide GenAI solutions.
NVIDIA invests billions in R&D to optimise generative AI for training and inference scale. Microsoft is investing in AI across the entire company and integrating GenAI capabilities into its consumer and commercial offerings. The tech giant is also increasing the use of GenAI models in its internal systems to create a new attack method for adversaries.
Meta is making significant investments in AI initiatives, including GenAI. It has introduced AI Sandbox, a testing playground for GenAI-powered tools like automatic text variation, background generation, and image outcropping.
Singh continued that companies were investing in and enhancing existing products and venturing into uncharted territories with new GenAI-powered offerings. This era signifies a transformative shift where businesses, fueled by adaptability and innovation, navigate the uncharted waters of advanced AI solutions.
