Summit 2023: A Recap of the Best Industry Updates From AI, LLMs, Snowflake Native Apps, and More

Welcome to our recap of all of the great industry sessions presented at Snowflake Summit 2023, which just wrapped up in Las Vegas. As we continue to revolutionize the way businesses operate, allowing them to solve their most pressing problems and drive revenue through the Data Cloud, the insights, expertise, and experiences we offer at Summit have continued to grow. And this year was no different! Powered by our latest product offerings and the ways in which we’re enabling companies to leverage AI as a competitive advantage, this year’s event was electrifying, with tons of fantastic product demos, customer sessions, keynotes, and more.

In this blog post, we delve into the event highlights across our industries as well as key takeaways from Snowflake’s industry leaders. Whether you missed the event this year (there’s always Summit 2024!) or attended but didn’t catch it all, this recap offers the high points of how the Data Cloud is reshaping the data landscape for a large number of industries.

“The Financial Services Data Cloud is enabling our customers to connect and collaborate more seamlessly with leading data providers, the most prominent solution and services providers, and with other ecosystem participants, customers, and partners. This year’s Snowflake Summit brought to life this momentum with over 50 financial services customers who shared insights on how they’re partnering with Snowflake to enable business-critical use cases.” —Rinesh Patel, Global Head of Financial Services, Snowflake

Product Demos 

• ESG in Portfolio Construction
• Fraud Detection with Native Applications

• Momentum continues to grow for the Financial Services Data Cloud with announcements from Bloomberg, GoldenSource, and KX that will help financial services organizations accelerate their business critical workflows in the cloud. 
• Snowflake is democratizing access to data and intelligence with AI and large language models (LLMs). Within the secure and governed Snowflake Data Cloud, customers can now leverage AI capabilities for unstructured data with Document AI (in preview), run open source or proprietary LLMs natively on the platform, and leverage Streamlit (in preview) as a front-end for LLM applications—all delivering a whole new data experience. 
• More customers are using Snowflake Native Apps to power modern customer experiences.

Customer Sessions Highlights

• State Street Alpha discussed how it’s partnering with Snowflake to build AI/ML capabilities and leveraging third-party data on Snowflake Marketplace.
• DTCC showcased how the Snowflake Native App Framework is enabling its organization to run hypothetical market scenarios.
• New York Stock Exchange (NYSE) revealed how it’s using Snowpark to reduce costs.

“Snowflake is enabling retailers to leverage AI and large language models (LLMs) to power real business outcomes. From highly personalized product recommendations to more effective marketing campaigns, and virtual shopping assistants to intelligent chatbots that can handle customer inquiries and returns—the possibilities LLMs can bring are endless.” —Rosemary DeAragon, Global Industry GTM Lead, Retail & CPG, Snowflake

Product Demos

• Improving Inventory Planning with the Help of Snowflake
• Minimize Your On-Time, In-Full Fines with Snowflake

• Bringing data into Snowflake Marketplace opens up a new level of possibility for solution providers to develop Snowflake Native Apps in preview on top of the Retail Data Cloud, ensuring brands achieve record speed to insight. Brands can now get real-time insights from their retailer data to address key business challenges such as forecasting out-of-stock (OOS) products and demand fluctuations. And CPG brands can now efficiently leverage near real-time retail point-of-sale and supply chain data to manage inventory effectively, avoid OOS across retail locations, and increase customer satisfaction.
• By leveraging the power of natural language processing, LLMs can bring customer experiences to the next level. Proprietary data is the foundation to understanding consumer behavior and personal preferences at a granular level, and key to unleashing the true potential of generative AI and LLM.

Customer Sessions Highlights 

• Instacart revealed how it optimized its Snowflake costs by 50%.
• OpenTable discussed how it reduced MarTech spend by 50% with the Retail Data Cloud.

“What’s groundbreaking for the industry is the long-awaited capability of combining proprietary data assets—for example, wearable medical device and full human genome data already in Snowflake—with the vast amount of research data locked within unstructured text brought to life with LLMs powered by Snowflake.”  —Todd Crosslin, Industry Principal, Healthcare & Life Sciences, Snowflake

• Snowpark Container Services, currently in private preview, will provide researchers and scientists the ability to leverage their favorite analytics and AI technologies, such as R, SAS, and others, directly within Snowflake. This will be critical to accelerating research productivity and discovery efforts across life sciences.
• Snowflake Native Apps (in public preview on AWS, private preview on GCP and Azure) will open up the secured floodgates for health- and LS-tech companies to run their solutions without moving any data out of highly secure boundaries, which will truly allow them to bring their work to the data.

Customer Sessions Highlights

• Elevance Health discussed how it’s modernizing and accelerating health data outcomes using Snowpark.   
• Komodo Health talked about how it achieved a 15% cost savings with Snowflake.

“In today’s rapidly evolving manufacturing landscape, there’s an evident shift towards making every aspect of the production process smarter and more efficient. Manufacturers across industries are recognizing the immense potential of using big data and AI to optimize areas such as procurement, forecasting, logistics, and, of course, manufacturing itself.” —Tim Long, Global GTM Lead for Manufacturing, Snowflake

• Real-time visibility into disruptions, suppliers, and customers through data and analytics is required to ensure well-performing and resilient supply chains.
• To reap the benefits of Smart Manufacturing, manufacturers need to break down silos across IT & OT data to improve production efficiency, reduce cost, and increase product quality.

Customer Sessions Highlights

• Cisco discussed how it runs supply chain solutions and collaborates with suppliers on Snowflake.
• Siemens AG revealed how the company optimized inventory levels and reduced risk of stockout with an enterprise-wide data mesh architecture on Snowflake.

“The future evolution of telecommunications is all about data and AI. With the Telecom Data Cloud, service providers can break down data silos, collaborate, and innovate together to maximize operational efficiency, enable superior customer experiences, and unlock new data-driven revenue streams.” —Phil Kippen, Global Industry GTM Lead, Telecommunications, Snowflake

• In the telecom industry, amidst the rising challenges and complexities, the true opportunity lies in unlocking the power of data and analytics to transform connectivity, improving B2C customer experience which then powers the B2B revenue stream.
• Growth in the industry is driven by value-added services, unique content, payment services, and data products. Essential to this having a comprehensive understanding of customer preferences, needs, and trends by leveraging and analyzing data across the telecom ecosystem.
• The telecom sector is a hub for cross-connected growth and innovation across all industries and its revenue streams are shifting from telephone calls to data-driven services.

“It was truly exciting to see the momentum at Summit with so many media companies, agencies, ad tech companies, and sports brands all engaged in how to collaborate with each other across the media ecosystem.” —Bill Stratton, Global Industry GTM Lead, Media, Entertainment & Advertising, Snowflake

Product Demo: Improve Subscriber Experiences and Grow Revenue with the Snowflake Media Data Cloud

• The Media Data Cloud is accelerating development and connectivity across the ecosystem, from sports leagues and teams to streaming providers to adtech and martech companies. The media, entertainment, and advertising industries are building and deploying Snowflake Native Apps in preview that enhance their business.
• Snowflake’s developments in clean rooms will help accelerate industry-wide adoption of essential technologies that enable companies to protect consumer privacy and power business-critical data collaboration.
• We are just getting started with AI and ML in the industry, and we are excited about the endless possibilities that open up when models and training are brought directly to the data, wherever it lives. 

Customer Sessions Highlights

• Samsung Ads showcased the power of Snowflake for ML.
• NBCU and VideoAmp teamed up to deliver a presentation on the power of Snowflake Native Apps for Data Clean Rooms.
• Ticketing giant AXS and Snowflake partner Hightouch delivered a powerful story about their modern marketing engine built on Snowflake.

Want to learn more about how Snowflake is leading your industry into a new era with the power of data and AI? Join us for our virtual Industry Day on September 28, 2023. Register now.