Conduent's (NASDAQ:CNDT) saw its shares pop more than 7% at the market open on Monday after the company announced a collaboration with Microsoft (NASDAQ:MSFT) to integrate generative AI into business process solutions using Microsoft Azure OpenAI Service.
According to the statement, the partnership aims to enhance quality, productivity, and reduce cycle times for Conduent's global clients.
Initial projects under this initiative include the application of generative AI in healthcare claims management, customer service platforms, and fraud detection, with three pilot programs already in progress.
“With a heritage built on helping our clients improve their business performance through technologies such as automation, machine learning, and digitalization, we are excited to collaborate with Microsoft to develop the next generation of business solutions that will be powered by generative AI,” said Cliff Skelton, Conduent President and CEO.
“We are focused on harnessing the potential of generative AI to further advance our solutions and capabilities leading to improved quality, efficiency and productivity for our clients and in our own operations.”
The generative AI pilots include intelligent data extraction from healthcare claims for quicker adjudication using Azure AI Document Intelligence; boosting fraud detection in payments with Azure Data Factory; and enhancing customer service response times through Azure AI Language and Speech Services, Conduent said in the statement.