Updated on December 11, 2023
Generative AI has been all the rage ever since OpenAI’s ChatGPT came into the picture more than a year ago. There has been a breakout number of Generative AI tools that have taken the world by storm. It is doing everything from creating images to video editing, writing poems, essays, and even complex computer code.
In this blog post, we are taking a look at 4 companies that are leveraging Generative AI to succeed in their business. Check out these 4 Generative AI case studies.
1. L’Oreal: BrAIn behind the beauty
L’Oreal as a brand needs no introduction. They invest heavily in marketing and make some of the world’s most sought-after beauty products. In the first half of 2023 alone, L’Oreal spent a whopping 6700 million euros on advertising, and around 623 million Euros on Research and innovation.
Looking under the hood, however, you are in for a surprise when you see where L’oReal is pumping its money into. Artificial intelligence and Generative AI may not be terms that you tend to associate with the beauty industry, but then, you are mistaken!!
In 2018, L’Oreal acquired a Canadian augmented reality company called ModiFace. ModiFace’s augmented reality technology allows users to see how they look in various types of makeup or hairstyles.
ModiFace became widely popular in Japan, and, when the pandemic hit, L’oReal took this technology to a whole new level. Expanding this technology to more than 40 brands, L’Oreal further made investments in the generative AI space. This led to the development of TrendSpotter.
TrendSpotter uses AI to analyze millions of comments, images, and videos posted online.
It takes L’Oreal about a year to develop a product from idea to store. If they spot a trend that is popular among online users, even a couple of months before the competition, then it is a huge competitive advantage. TrendSpotter allows the marketing team at L’Oreal to spot a trend as and when there is even a little noise about it in social media.
TrendSpotter also allows the digital marketing team at L’Oreal to incorporate terms that the customers are using on their website product pages and social media posts.
AI will continue to play an important role in L’Oreal’s entire innovation efforts. We can only wonder about the direction in which the minds of the pharmaceutical giants will take this technology.
2. Walmart – Making significant gAIns
Walmart, one of the biggest players in the retail space in the US, has been a progressive company from day 1 when it comes to incorporating technology. It has close to 11,000 stores across the world and employs close to 2.1 million people worldwide.
Walmart has been very aggressive when it comes to adopting Generative AI into its systems. Personalization at scale is something that all retail giants aim for, especially because Walmart has a footfall of over 240 million customers each week.
Walmart has millions of products, and customers worldwide have left their reviews of these products both online and in the store. With Generative AI, Walmart can summarize what the customers are feeling about a particular product.
Walmart is also using GenAI features to give customers product recommendations. Based on customer preferences, AI can wade through millions of products and give specific recommendations as to which product a customer might like.
A key application of Generative AI is in supply chain optimization, where AI is guiding which products need to be put in what part of the supply chain. AI is also helping Walmart simulate unexpected scenarios, such as natural calamities.
People shop a lot more after a weather event, and, to meet the increased demand, AI is playing a critical role. This is done by rerouting shipments and making sure the demand is met.
What we are seeing is the beginning of the AI revolution in the retail space, and soon, we will have other companies following suit.
3. Siemens: AutomatIng Design using AI
Siemens is a German multinational conglomerate that is into everything from digitizing manufacturing to automation to cybersecurity and IoT. Engineering is one of the key areas that Siemens is using Generative AI.
Generative design is the branch of Generative AI where algorithms generate multiple design options based on specific criteria, such as weight and material usage. Using generative design principles, Siemens engineers can create more efficient product designs.
Siemens is also known for its energy management systems, and this is where Generative AI is playing the next crucial step. Generative AI algorithms can accurately predict the energy demand, which will help optimize electricity distribution. Generative AI is thus leading to the development of more sustainable energy infrastructures.
Automation and robotics is another sphere where Generative AI is aiding Siemens engineers. Siemens develops advanced robotics and automation solutions for various companies, and generative AI helps accelerate this process. Generative AI does this by creating robotic structures and algorithms that can adapt to different tasks and environments.
Digital Twin is another concept that Siemens is pioneering, which is creating a virtual replica of a physical product or system. Generative AI helps better create these simulations and predictive models, thus enabling better understanding and optimization of existing physical items.
Siemens is one of the leading engineering multinationals, and, seeing how Generative AI is being used here, we are bound to see more companies adopting this technology.
4. JP Morgan Chase – Putting thAIr money where their mouth is
JP Morgan Chase is one of the leading financial institutions in the world, and the largest bank in terms of market capitalization as of 2023. It is no wonder then that JP Morgan Chase invests heavily in technology, especially Generative AI.
A team of over 50,000 technologists and $12 billion in investment, that’s some serious horsepower for JP Morgan Chase’s AI movement. JP Morgan’s research platform, called JP Morgan Markets, was hitherto unknown to most of its clients. The platform releases over 10,000 research papers a year.
Now, with Machine Learning technology, all of JP Morgan’s clients get access to a customized portal that gives unique research personalized according to different customers.
JP Morgan also built an AI-powered virtual assistant, using which customers can move money easily around the world, or get basic account information such as account balance.
CEO Jamie Dimon says that there are over 300 AI use cases in the bank. This includes areas such as marketing, risk, prospecting, and fraud prevention. In May 2023, JP Morgan Chase announced the launch of IndexGPT, its foray into Generative AI.
IndexGPT will help customers make informed decisions as to when and where to invest their money. Customers will be able to know about the major investment products available in the market easily. They can then choose one according to their risk appetite and current financial health. IndexGPT will go live somewhere in the range of 2026-27, according to officials from JP Morgan Chase.
Parting words
All 4 of the companies in this article have been investing heavily in the Generative AI space. As we move forward, we can expect to see more and more companies and investments coming into this space
One immensely clear aspect is that Generative AI will disrupt traditional industries, the same way search engines and the internet did a few decades ago. We are in for some truly exciting times ahead.
Naveen is an accomplished senior content writer with a flair for crafting compelling and engaging content. With over 8 years of experience in the field, he has honed his skills in creating high-quality content across various industries and platforms.
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