Published -June 13th, 2023 @ 4:30 PM (GMT+2 )

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Salesforce's AI Cloud Boosts CRM Stock

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Salesforce (NYSE:CRM), the leading customer relationship management (CRM) company, has seen its stock rise following the announcement of its innovative AI Cloud service. This bundle of artificial intelligence (AI) services is set to revolutionize the way enterprise customers interact with AI technologies.

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Salesforce's new AI Cloud amalgamates several of its popular products, including the Einstein service and Slack, providing an efficient and comprehensive suite for businesses. It also incorporates large language models from other sources, broadening the range of AI capabilities at users' disposal. According to Salesforce's CEO, Marc Benioff, AI is transforming businesses in ways previously unimagined, prompting a need for companies to become "AI-first". The AI Cloud, with trust being a central factor driven by the new Einstein Trust Layer, is a fast and easy way for customers to harness the tremendous potential of AI.

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Alongside the launch of AI Cloud, Salesforce has also expanded its venture capital fund for generative AI startups, doubling it to $500 million. This growth opens doors for more companies to concentrate on AI that could potentially be utilized by Salesforce.

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Introduction of Einstein GPT: The First Generative AI for CRM

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A noteworthy component of Salesforce's AI endeavor is the introduction of Einstein GPT, the world's first generative AI for CRM. Einstein GPT brings personalization to content across every Salesforce cloud, making every employee more productive and enhancing customer experience. It integrates with OpenAI, providing Salesforce customers with ready-to-use generative AI capabilities.

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Einstein GPT offers various applications for different sectors of a business:
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For Sales, it auto-generates tasks such as composing emails, scheduling meetings, and preparing for the next interaction.

For Service, it generates knowledge articles from past case notes and auto-generates personalized agent chat replies to boost customer satisfaction.

For Marketing, it dynamically generates personalized content to engage customers and prospects across email, mobile, web, and advertising.

For Slack Customer 360 apps, it delivers AI-powered customer insights in Slack like smart summaries of sales opportunities.

For Developers, it improves productivity by using an AI chat assistant to generate code and ask questions for languages like Apex.

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The new ChatGPT app for Slack, developed by OpenAI, provides new AI-powered conversation summaries, research tools, and writing assistance to quickly draft messages.

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Customer Responses to Salesforce's Generative AI

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Customers including HPE, L’Oréal, RBC US Wealth Management, and S&P Global Ratings have expressed excitement for the potential of generative AI in improving customer engagement. Greg Beltzer, Head of Tech for RBC US Wealth Management, stated that embedding AI into their CRM has delivered significant operational efficiencies and believes that this technology has the potential to transform how businesses interact with their customers, deliver personalized experiences, and drive customer loyalty.

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The Einstein GPT is currently in closed pilot, marking an exciting phase in Salesforce's journey to becoming an AI-first company.

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Disclaimer

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The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions.

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