SAP to leverage ChatGPT to provide innovative customer solutions after exceeding revenue forecast
SAP, the German business software company, has reported a 10% increase in revenue for Q1 2023, reaching 7.44 billion euros, exceeding the company's consensus estimate. This growth has been largely driven by the company's cloud business, which grew 24% YoY, thanks to its ability to provide innovative solutions that meet customer needs. Although the company lowered its outlook for the year due to the divestment of its Qualtrics unit, it still foresees a strong year ahead.
SAP is planning to leverage artificial intelligence technologies, such as generative AI, to continue providing innovative solutions that meet customer needs. The company has already developed over 50 AI use cases, and they will be available to customers next month after its annual Sapphire conference. SAP is also working with Microsoft Corp-backed OpenAI's chatbot, ChatGPT, which can provide human-like responses to questions.
To ensure the responsible development and implementation of its AI solutions, SAP has established an internal committee comprising customers, researchers, and analysts. The committee's objective is to identify and prevent biases in AI use cases and safeguard against possible misuse of the technology.
Despite announcing plans in January to cut 3,000 jobs as part of its cost-cutting strategy, the company has said that it is not planning any further restructuring this year.
