Intuit Unveils Major Updates to GenOS, Its Generative AI Operating System

Intuit Debuts 'Major' Updates to Generative AI Operating System | PYMNTS.com

TurboTax maker Intuit has released "major" updates to its generative artificial intelligence (AI) operating system, GenOS. The system now includes GenOS AI Workbench, a "dedicated development environment for end-to-end application development," along with enhancements to GenStudio, GenRuntime, and GenUX components, the company said Wednesday (Sept. 4). "Intuit's proprietary GenOS is the key to unlocking new opportunities to fuel consumer and small and mid-market business success with GenAI," Alex Balazs, Intuit's chief technology officer, said in a news release. "Over the past year, we've increased our pace of innovation by enabling product teams to turn new ideas into live customer experiments in just days, and built out our GenOS to speed time-to-market for ideas that rise to the top." According to the release, Intuit introduced GenOS last year and has since continued to invest in the platform, with the company's software developers, product managers, data scientists, machine learning engineers, and data analysts experimenting with new uses. "For example, Intuit's GenOS enabled new capabilities with easy-to-understand explanations of tax calculations, backed by real-time accuracy checks, with Intuit Assist for TurboTax, boosting confidence for millions of individual tax filers this tax season," the release said. Intuit, whose other products include QuickBooks, CreditKarma and MailChimp, announced in July it was cutting 1,800 jobs -- 10% of its workforce. The company also said in a securities filing about the layoffs that it plans to "hire a nearly equivalent number of employees" during the next year to support its growth areas. And in a message to employees included in the company's securities filing, CEO Sasan Goodarzi said the cuts come as Intuit is increasing its investments in AI. "We were early to bet on and invest in AI, building one of the largest AI-driven expert platforms to fuel the success of consumers, small and mid-market businesses, and important partners like accountants, financial institutions and marketing agencies who rely on us daily to prosper," Goodarzi wrote. "With the introduction of GenAI, we are now delivering even more compelling customer experiences, increasing monetization potential and driving efficiencies in how the work gets done within Intuit." Earlier this year, the company unveiled its new AI-powered "revenue intelligence" technology, which employs what it called "always-on" predictive and generative AI models. "Intuit's move is the latest example of a technology company tapping AI to try to make its products more useful and attract customers," PYMNTS wrote at the time. "AI has been one of the hottest areas of technology investment in recent years as startups and big companies alike race to capitalize on its potential to automate tasks and provide new insights from data."

Intuit introduces new AI tools to expedite app development By Investing.com

MOUNTAIN VIEW, Calif. - Intuit Inc. (NASDAQ:INTU), known for its financial technology platforms including TurboTax and QuickBooks, has unveiled significant updates to its Generative AI Operating System (GenOS). The enhancements aim to accelerate the development process for its product teams and improve the financial solutions provided to its nearly 100 million customers. The company's GenOS, which was initially introduced in June 2023, has now expanded to include the GenOS AI Workbench, a dedicated environment for application development. This new addition is designed to streamline the entire development cycle, from ideation to deployment, with the added benefit of built-in governance and safety features. Intuit's GenOS AI Workbench introduces tools such as the LLM Leaderboard, which assists developers in selecting the best large language models (LLMs) for specific applications. This tool is complemented by Prompt Management and Evaluation Service, which facilitate the creation and assessment of prompts used in generative AI development, and Prompt Flow Traceability, which helps in optimizing response times and accuracy. Moreover, the company has made improvements to existing components such as GenStudio, GenRuntime, and GenUX. GenStudio now includes a broader selection of LLMs, including those from Anthropic, Google (NASDAQ:GOOGL) Cloud, Meta (NASDAQ:META) AI, and Mistral AI. GenRuntime has been enhanced to handle more complex business workflows, while GenUX provides an expanded set of user experience components. Intuit's advancements have allowed for the rapid deployment of new capabilities, as seen with Intuit Assist for TurboTax, which has improved tax filing confidence for millions this tax season. The company's commitment to responsible AI and data stewardship is evident in its adherence to privacy and security standards, as well as its participation in the U.S. Artificial Intelligence Safety Institute Consortium. Intuit's latest GenOS release sets a precedent in the industry for the development of sophisticated fintech applications, as noted by Hamit Hamutcu, Senior Advisor at the Institute for Experiential AI at Northeastern University. This information is based on a press release statement by Intuit Inc. In other recent news, Intuit has reported a 13% revenue growth for the fourth quarter and fiscal year 2024, with projections for a similar 12% to 13% revenue growth for fiscal year 2025. The company's fiscal year 2025 guidance was set ahead of consensus estimates, according to Piper Sandler, which raised its price target for Intuit to $768. BMO Capital Markets also increased its price target for Intuit to $760, maintaining an Outperform rating. Both firms highlighted Intuit's strategic focus on an AI-driven expert platform and the expansion into the mid-market segment as key growth drivers. However, changes to the desktop ecosystem are projected to result in a $160 million revenue decrease in Q1 fiscal year 2025. Despite a decrease in cash reserves by 6-7% compared to the previous year, Intuit's cash and investment reserves remain strong, with $4.1 billion reported at the end of Q4. These are among the recent developments for Intuit. In the wake of Intuit Inc.'s (NASDAQ:INTU) latest GenOS enhancements, the company's financial metrics reflect a robust market position and a strong commitment to shareholder returns. With a substantial market capitalization of $174.66 billion, Intuit stands as a formidable player in the financial technology sector. The company's gross profit margin impresses at 79.62%, underscoring its ability to efficiently manage costs and maximize profitability from its revenue, which was reported at $16.29 billion over the last twelve months as of Q1 2024. Intuit's dedication to its shareholders is evident through its consistent dividend payments, having raised its dividend for 14 consecutive years, which aligns with its recent dividend growth of 33.33%. This financial discipline and shareholder-friendly approach are key considerations for investors looking for stable and growing income streams. However, it's important to note that Intuit is trading at a high earnings multiple, with a P/E ratio of 59.91 and a Price/Book ratio of 9.47, signaling that investors are willing to pay a premium for the company's earnings and book value, perhaps due to its innovative strides in AI and its strong market position. For those interested in a deeper dive into Intuit's financial health and future prospects, InvestingPro offers additional insights. There are currently 15 more InvestingPro Tips available, which can provide investors with a comprehensive understanding of the company's valuation, industry standing, and expected profitability. These tips are accessible through the dedicated InvestingPro platform at https://www.investing.com/pro/INTU.