Yahoo Finance

Artificial intelligence (AI) technology has existed for decades, but recent advancements have taken these sophisticated algorithms to the next level. Businesses of all sizes have been captivated by the potential for increased productivity, sparking something of an AI gold rush. Investors recognized the opportunity to cash in on this secular tailwind, buying up shares of companies positioned to profit from the trend.

Palantir Technologies (NYSE: PLTR) is one such company. The company first made a name for itself among government agencies for its ability to ferret out terrorist plots before they could succeed. The company has expanded beyond government contracts to provide data mining and business analytics services for commercial enterprises.

Thanks to its decades of AI experience in the field, Palantir pivoted quickly when generative AI burst onto the scene. The company has developed an intriguing approach to help its customers get the most out of AI, and this strategy is paying off in a big way.

The advent of AI

Businesses are always looking for ways to boost their bottom line, which is why the adoption of generative AI is accelerating. These AI systems can make short work of a growing number of time-consuming tasks, freeing up workers to focus on more important things. For example, these systems can:

• Prioritize and summarize emails and draft responses

• Create tables or charts based on existing data

• Search the internet or internal company systems for data or documents

• Draft original documents and suggest revisions

• Write and debug computer code

• Create presentations with a few prompts.

While these systems are far from perfect -- and still require human review -- it's easy to see how these automation systems can save time. And as the old saying goes, time is money.

A unique approach

The vast diversity of the workforce means different jobs have different priorities. By identifying the most repetitive and time-consuming tasks, generative AI systems can be tailored to meet the needs of a specific job or company. That's what makes Palantir's approach so brilliant.

The company created its Artificial Intelligence Platform (AIP) to develop generative AI solutions that address real-world business problems. Palantir works with businesses to identify mission-critical needs and high-value use cases. They then embark on "immersive, hands-on-keyboard sessions [that] allow new and existing customers to build live alongside Palantir engineers, all working toward the common goal of deploying AI in operations." This reportedly helps businesses "go from zero to use case in just one to five days." Palantir says it has a "growing backlog of AIP Bootcamps due to the overwhelming demand."