Salesforce AI CEO speaks about the company's generative AI push

CNBC Television
2 Apr 202403:34

TLDRThe video script discusses the impact of AI on businesses, highlighting Salesforce's Einstein AI and generative AI tools. It emphasizes the significant customer response and productivity gains across various industries, from financial services to public sector. The conversation also touches on monetization strategies and the potential for AI to improve efficiency and profitability within Salesforce itself, as well as the broader market trend of increasing investment in AI technologies.

Takeaways

  • 📉 The tech and AI sectors are currently experiencing a pullback in market valuations.
  • 🚀 Customer response to AI products and platforms, such as Slack AI and Einstein, has been tremendous, leading to significant productivity gains.
  • 📈 There is a strong belief that spending on AI products will continue to increase in the upcoming year.
  • 🛠️ AI tools are being utilized across a wide range of industries, from financial services to health and public sector, demonstrating their versatility and demand.
  • 💡 AI's role in enhancing efficiency is highlighted by its ability to unlock silos and trapped data within organizations, leading to faster resolution times and improved customer satisfaction.
  • 💼 The implementation of AI within Salesforce has allowed its own teams to adapt and improve their sales, customer support, and success processes.
  • 💡️ AI's impact on efficiency and productivity is evident as service representatives can now answer questions more quickly, reducing the mundane tasks of searching for information.
  • 📈 The potential for generative AI to improve margins is recognized, as seen by the adaptability of Salesforce's own products and the feedback from their teams.
  • 💰 There are different monetization strategies for Einstein, including a new edition for sales and service, and add-on seats for specific AI functionalities.
  • 📊 The earnings season is anticipated to show better earnings from companies utilizing AI, potentially broadening the trend of positive earnings and market performance.

Q & A

  • What is the current trend in the tech industry regarding AI adoption?

    -There is a pullback in some tech names, but generative AI is seeing increased adoption and interest, particularly among customers and service users.

  • How has the customer response to Salesforce's AI products and platform been?

    -The customer response has been tremendous, with users from sales teams, marketers, and commerce managers experiencing significant productivity gains due to AI integration.

  • What does the future hold for spending on Einstein Co-Pilot and generative AI tools?

    -Spending on these products is expected to increase as customers see a return on their investment and are inspired to move from pilot to production.

  • How is Salesforce monetizing Einstein Co-Pilot and its AI offerings?

    -Salesforce offers a new Einstein 1 Edition for sales and service, which includes AI, data cloud, and Slack among other features. Additionally, they provide add-on seats for specific AI components that customers can purchase.

  • Which industries are quick to adopt generative AI tools according to Salesforce?

    -The adoption is broad and not limited to specific sectors. It spans financial services, health and life sciences, pharma, and public sector organizations.

  • How does AI impact efficiency in customer service?

    -AI tools help service representatives answer questions more quickly by automating the mundane task of looking up knowledge articles, leading to faster resolution times and increased customer satisfaction.

  • How has the use of generative AI within Salesforce improved its own efficiency and profitability?

    -Salesforce's own teams use their products, and the feedback from these internal users has been crucial in refining AI tools like Einstein GPT. This internal adaptation has contributed to improved margins and profitability.

  • What is the role of data in unlocking possibilities with AI?

    -Bringing data into every organization and breaking down silos allows for tremendous potential. It enables faster and more informed decision-making and enhances overall productivity.

  • How does Einstein GPT assist sales representatives?

    -Einstein GPT assists sales representatives by summarizing account information, preparing for meetings, drafting contract clauses, and generating personalized emails, thus improving their efficiency and effectiveness.

  • What are some specific features of the Einstein 1 Edition for sales and service?

    -The Einstein 1 Edition for sales and service includes AI capabilities, data cloud, Slack integration, and other features and functions that are essential for sales and service operations.

  • How does Salesforce ensure the security and privacy of customer data when using generative AI?

    -Salesforce uses an AI Trust Layer that ensures customer data does not leave the Salesforce cloud, maintaining data governance controls while leveraging the power of generative AI.

Outlines

00:00

🤖 AI and Productivity in Tech Industry

The paragraph discusses the current trends in the technology sector, particularly focusing on the pullback in some AI companies and the impact of generative AI tools like Einstein Co-Pilot. It highlights the customer response to AI products and platforms, emphasizing the significant productivity gains observed across various user groups such as marketers, sales teams, and commerce managers. The conversation underscores the willingness of customers to invest in AI solutions that yield tangible business outcomes. Additionally, it touches on the monetization strategies of these AI tools, including new editions and add-on seats tailored to customer needs.

Mindmap

Keywords

💡Tech industry

The tech industry refers to the segment of the economy that encompasses all companies related to the production and use of electronic technology, often focusing on computers, internet services, and telecommunications. In the context of the video, the tech industry is experiencing a pullback in some of its AI winners, indicating a temporary decrease in the performance or popularity of certain AI-focused tech stocks.

💡Einstein Co-Pilot

Einstein Co-Pilot is a term used in the script to refer to a specific AI product or platform. It is likely a service that assists users in various tasks, improving productivity and efficiency. The name 'Einstein' suggests a connection to intelligence and innovation, while 'Co-Pilot' implies an辅助 or supportive role in tasks.

💡Generative AI tools

Generative AI tools refer to artificial intelligence systems that can create new content or data based on patterns and inputs they have learned from. These tools can be used for a variety of purposes, such as generating text, images, or even music. In the video, generative AI tools are mentioned as being of interest to customers and are contributing to increased spending in the tech sector.

💡Productivity gains

Productivity gains refer to improvements in the efficiency and output of a business or organization. This can be achieved through various means, such as the implementation of new technologies, better processes, or improved employee skills. In the context of the video, productivity gains are linked to the use of AI products and platforms, which are helping employees to perform tasks more quickly and effectively.

💡Customer response

Customer response refers to the feedback, reactions, and behaviors of customers towards a company's products or services. It is a crucial aspect of business performance and can influence decisions about product development, marketing strategies, and customer service. In the video, the customer response is positive towards the AI products, indicating high satisfaction and a willingness to adopt these technologies further.

💡Monetizing

Monetizing refers to the process of generating revenue from a product, service, or asset. In the context of the video, the company is discussing strategies for monetizing their AI tools, such as offering new editions and add-on seats for specific AI services. This is important for the company's financial health and growth, as it allows them to capitalize on the demand for their AI products.

💡Salesforce

Salesforce is a global cloud computing company best known for its customer relationship management (CRM) software. The platform helps businesses manage their interactions with customers and partners. In the video, Salesforce is mentioned as the provider of the Einstein AI platform and other services, indicating that the company is leveraging its technology to offer comprehensive solutions to its customers.

💡Cross-industry adoption

Cross-industry adoption refers to the implementation and use of a particular technology or innovation across various industries. In the context of the video, generative AI tools are being adopted by a wide range of industries, from financial services to healthcare, indicating the broad applicability and versatility of these AI systems.

💡Efficiency

Efficiency refers to the ability to do or produce something without wasting materials, time, or energy. In a business context, it often relates to how well a company can produce its products or services with minimal input and maximum output. The video discusses how AI can improve efficiency by automating routine tasks and providing insights that were previously difficult to obtain, leading to better use of resources and time.

💡Margins

Margins in a business context refer to the difference between the cost of goods sold and the revenue generated from selling those goods, essentially the profit a company makes. Improving margins is a key goal for businesses as it indicates better financial health and profitability. In the video, the discussion around generative AI and its potential to improve margins suggests that the technology can help companies become more cost-effective and profitable.

💡Data integration

Data integration is the process of combining data from different sources and making it available as a unified view. It is essential for businesses to gain a comprehensive understanding of their operations, customers, and market trends. In the video, data integration is highlighted as a key benefit of using AI, as it helps to unlock insights and improve decision-making across the organization.

Highlights

The current tech market is experiencing a pullback in some technology and AI stocks.

Einstein Co-Pilot and generative AI tools are seeing increased usage among customers.

There is a strong customer response to AI products and platforms, especially in service and sales teams.

Productivity gains are a key factor inspiring customers to transition from pilot to production with AI tools.

Customers are willing to spend on products where they see a return, indicating a performance-based investment approach.

Salesforce offers a new Einstein 1 Edition that bundles AI, Data Cloud, Slack, and other features for sales and service.

For customers specifically interested in AI, Salesforce provides add-on seats for various Einstein functionalities.

Generative AI tools are being adopted rapidly across all industries, not limited to specific sectors.

AI and data integration is transforming organizations by unlocking previously siloed information.

Service representatives can now answer questions more quickly, thanks to AI handling repetitive tasks.

Customers are experiencing faster resolution times and improved satisfaction scores due to AI enhancements.

Salesforce itself has adapted by integrating AI to improve efficiency and productivity within the company.

Activist investors previously demanded profitability from Salesforce, leading to various measures for improvement.

Generative AI presents an opportunity to further improve margins and profitability within Salesforce.

Salesforce's sellers, support, and success teams are the first to test and provide feedback on their own AI products.

Einstein GPT for Sales is being utilized to generate account summaries and automate email generation.

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