Amazon Leverages AI To Aid In Finance Operations And Improve Analyses

Amazon.com Inc AMZN is advancing its use of generative artificial intelligence across its finance teams.

The e-commerce giant initially adopted rules-based systems, one of the earliest forms of AI, in its finance organization, which it then augmented with machine learning.

Now, generative AI aids finance employees with more complex analyses, the Wall Street Journal reports.

Also Read: Amazon Plans Major Alexa Overhaul With AI-Powered Features: Report

Amazon’s finance teams are using generative AI for tasks such as fraud detection, contract review, financial forecasting, personal productivity, rule and regulation interpretation, and tax-related work.

Amazon is shifting its focus to AI innovations, driven by its cloud-computing unit Amazon Web Services (AWS) capabilities.

The shift has contributed to a surge in companywide sales for the most recent quarter.

Amazon expects cash capital expenditures to increase significantly this year due to investments in technology infrastructure, specifically generative AI efforts.

Recent reports indicated Amazon is working on a new AI chatbot, codenamed “Metis,” to compete with OpenAI’s ChatGPT. It can provide real-time information and automate tasks via the retrieval-augmented generation technique.

Price Action: AMZN shares are trading higher by 1.13% at $195.76 at last check Thursday.

Also Read: Amazon’s AI Goals Could Hit Workforce As Broader Tech Sector Layoffs Recede

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Company