Salesforce is investing heavily in generative AI tools3. June 2023
Salesforce is investing heavily in generative AI tools
San Francisco, 6/2/2023
Salesforce released its latest quarterly results on Wednesday. Despite beating analysts’ estimates, the company’s sales have generally declined as orders eased.
CEO Marc Benioff said that customers are solely focused on AI and generative AI in particular, which could be a driver of Salesforce revenue.
Salesforce has already made significant investments in generative AI tools, contributing to a 36% year-over-year increase in capital expenditures. While Salesforce is in a “prudent spending” era, the company is adding AI capabilities to its sales, marketing, and workplace communications software, and recently unveiled Einstein GPT, an enhanced version of its AI assistant for customer relationship management (CRM).
Salesforce’s profitability is increasing and its current revenue outlook doesn’t take into account the potential benefits of AI, according to Mike Spencer, EVP of Investor Relations. Benioff also plans to use data to make Salesforce’s Slack messaging app artificially intelligent, and recently raised a $250 million venture fund to invest in generative AI startups.