As artificial intelligence (AI) continues its ascent across industries, companies are increasingly exploring investments to harness its transformative potential. From technology giants to retail chains and financial institutions, discussions around AI adoption are on the rise. These conversations span diverse applications, from process automation and customer experience enhancement to deep learning and generative AI, reflecting a widespread drive for innovation and efficiency gains, reveals the Company Filings Analytics Database of GlobalData, a leading data and analytics company.

Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “From technology to retail, consumer to financial services and pharmaceutical, AI has been garnering significant interest, which is evident from discussions in the filing documents of companies. While some companies are discussing about committing investments in AI tools for process automation and enhanced customer experience, some others are focussing on areas such as deep learning, machine learning algorithms, and generative AI.”

Technology companies are discussing AI investments in areas such as deep learning, individual productivity, better collaboration, and helping customer-facing teams delight their customers. Lenovo Group Ltd is committed to investing $1 billion in AI over the next three years. SAP also plans to invest around EUR1 billion ($1.085 billion) to develop powerful AI use cases for customers in the next two years.

Demand prediction, customer experience, and process automation are some of the areas where retail companies such as Bed Bath & Beyond Inc. and Lulu’s Fashion Lounge are looking at investments in machine learning algorithms and generative AI. Companies are also investing to enhance reorder data models and algorithms.

Companies in the food service industry believe that AI can improve overall store efficiencies. The fast-food restaurant company Yum China Holdings Inc. uses AI and Internet of Things (IoT) technology to improve its sales forecasting accuracy and inventory management. Papa John’s International Inc. is investing in technology and data science to enhance digital capabilities for both customers as well as employees.

Union Bank of Colombo PLC discussed investments in AI and machine learning tools to drive continuous capacity building for customer-facing staff. Companies in the banking & payments industries are discussing innovation utilizing generative AI and investments in digital infrastructure, data science AI, and ML tools. Capital One Financial Corp is looking at investing in building new capabilities that employ new AI technologies such as generative AI.

In the pharmaceutical industry, companies are exploring growth opportunities and investing in AI. They are investing in new products and product features, and additional integration of AI across the platform. Merck & Co Inc is investing in Mamotest, a company in Latin America providing AI-enabled telediagnosis for breast cancer.

Singh concludes: “From enhancing customer experiences to streamlining processes, the transformative power of AI is reshaping business landscapes. As investments in AI technologies soar, organizations are poised to unlock new opportunities for growth and differentiation in an increasingly competitive marketplace.”