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Do you know that there are a lot of Canadian corporations claiming a chunk of the generative synthetic intelligence (AI) pie?
From provide chains and logistics to e-commerce and textual evaluation, Canadian corporations are shifting the needle in AI analysis. Not all Canadian AI corporations are family names, however a lot of them are rising quickly. Doubtlessly, one among them may sometime be part of the “Magnificent Seven” membership of trillion-dollar tech shares.
On this article, I’ll discover three Canadian AI corporations which might be altering the sport in 2024.
Kinaxis
Kinaxis (TSX:KXS) is an industry-leading provide chain analytics firm. It makes use of generative AI to ship wealthy provide chain insights. With Kinaxis RapidResponse, you may rapidly acquire key provide chain tendencies and use them to forecast (for instance) how a lot stock shall be wanted on what date. RapidResponse’s software program can determine this type of factor out utilizing AI alone. Previously, you’d have needed to rent a statistician to crunch all of this knowledge for you.
Kinaxis’s RapidResponse platform has seen elevated adoption lately as a consequence of its use of generative AI. In the newest 12-month interval, the corporate’s income grew 20.5%, and its diluted earnings per share (EPS) grew 72%. General, it was a formidable displaying.
OpenText
OpenText (TSX:OTEX) is an organization that makes a speciality of textual content evaluation and content material administration. Its AI cloud has various highly effective AI options:
- Textual content analytics
- Predictive insights
- Textual content mining (extracting usable data from textual content)
- Video classification evaluation
- Automated enterprise stories (e.g., updates on gross sales and earnings for a given quarter)
- Pure language chatbots
- And extra
It is a fairly complete set of enterprise AI options, and OTEX’s AI Cloud lets customers entry all of it with one subscription. It’s positively promising, and OTEX’s income development lately exploded to 51% because of the elevated adoption of the AI cloud. I’d say there’s some danger of those merchandise dropping shoppers as soon as the “wow” issue of AI wears off, however buying and selling at 7.5 occasions earnings, OTEX isn’t precisely priced for continued development.
Shopify
Shopify (TSX:SHOP) is a Canadian e-commerce firm. It gives a platform for self-hosted on-line shops, it consists of each a web site builder and a cost platform. The corporate additionally lately branched out into level of sale (POS) terminals, that are much like e-commerce cost platforms just for use in bodily shops. For those who’ve ever labored meals service or retail: they’re the touch-screen functions you utilize to take orders and hold monitor of what’s within the money register.
Shopify’s essential use of AI is way simpler to know than Shopify’s or Kinaxis’s: it makes use of giant language fashions (LLMs) to assist distributors write product descriptions. Principally, when you personal a enterprise, you may write a number of easy bullet factors about one among its merchandise in Shopify Sidekick and have your purely factual description changed into a compelling product description that converts guests into clients. Shopify can also be utilizing AI to assist distributors construct customer support chatbots. It’s a reasonably thrilling set of AI options, and it bodes nicely for Shopify’s future.
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