Verizon’s AI Strategy: Betting Big on AI to Fuel Internet Demand Growth

  • Editor
  • May 17, 2024
    Updated
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Verizon Communications is aggressively advancing its use of artificial intelligence (AI) to revitalize its business operations and enhance customer service capabilities, addressing the increasing internet demands.

As reported by Bloomberg, Verizon Consumer CEO Sowmyanarayan Sampath expressed optimism that AI-powered tools will become a major growth engine for the company over the next five years.

This strategic shift comes at a crucial time as Verizon looks to recover from a decline in its wireless service customer base which has impacted its financial performance.

As this news landed on the internet, people worldwide started sharing their perspectives and thoughts.

Verizon has partnered with Google to deploy Artificial Intelligence (AI) across its nationwide network of 40,000 customer relations agents to upscale its customer service operations.

This move is intended to transform its customer service into a more efficient and responsive operation.

The deployment of AI tools follows a substantial restructuring within the company, which included laying off more than 6,000 employees in the customer service division to streamline operations.

The transition to AI-driven services is part of a broader effort by Verizon to regain lost customers and revenue.

Despite an increase in wireless service subscribers, Verizon has faced a 3.6% decline in total revenues and lost over 263,000 mobile customers in its postpaid services.


Poor customer service has been identified as a major factor in customer loss. With the integration of AI, Verizon aims to improve user experiences significantly.

Also, making interactions smoother and more personalized is expected to retain current customers and attract former subscribers back to the company.

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Verizon’s AI initiative includes innovative tools such as the “Fast Passresolution, which intelligently directs customer calls to the appropriate department, and “Segment of Me,” which offers customized deals based on individual customer profiles.

“We are getting to the edge of how much people can consume video at any given time,” Sampath said in the interview. “You’re gonna see a massive growth in traffic over the next, I don’t think a decade — less than that — which will be driven by AI,” Sowmyanarayan Sampath said.

This proactive approach to integrating advanced AI tools into its operations illustrates Verizon’s commitment to maintaining its market leadership and addressing the challenges posed by a competitive and rapidly evolving telecommunications industry.

For more news and insights, visit AI News on our website.

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Dave Andre

Editor

Digital marketing enthusiast by day, nature wanderer by dusk. Dave Andre blends two decades of AI and SaaS expertise into impactful strategies for SMEs. His weekends? Lost in books on tech trends and rejuvenating on scenic trails.

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