Conversation Analysis System Determines Precisely How Companies Can Best Leverage AI and Accelerate Automation Return on Investment
MELVILLE, NY, April 17, 2019 — Verint® Systems Inc. (Nasdaq: VRNT), The Customer Engagement Company™, today announced the launch of AI Blueprint™, a patent-protected conversation analysis system that identifies intelligent virtual assistant (IVA) use cases and accelerates automation. AI Blueprint unlocks the power of conversational data and returns specific insights for achieving an organization’s unique business goals. The system then delivers a “blueprint” of precisely how and where businesses can get started with AI or continue to grow their AI capabilities, reducing risk and leading to improved operational efficiency and faster ROI.
“Businesses today need a well-defined roadmap of the resources required to implement an intelligent assistant successfully. AI Blueprint fills this need,” said analyst Dan Miller, founder of Opus Research. “This unique conversation analysis system offers organizations a package of key elements and resources to speed the time to value today and in the future.”
While AI adoption across the enterprise continues to grow, HFS Research* projects that, by 2020, more than 50% of enterprise adopters will face AI fatigue. Making informed decisions about how to leverage AI effectively remains challenging, costly, and time consuming. Many businesses invest in AI systems that don’t serve their underlying business needs, and these systems are soon abandoned.
“Understanding precisely how AI can be leveraged to support specific business goals is an ongoing industry challenge,” said Tracy Malingo, SVP of product strategy at Verint. “At Verint, our chief goal is enabling organizations to effectively automate areas in the business with the greatest potential for ROI. AI Blueprint helps businesses understand the right place to start when it comes to implementing AI.”
The AI Blueprint contains a simple yet effective two-factor analysis:
- Leveraging AI and machine learning for analysis, classification, and labeling of any company’s structured and unstructured conversational data.
- Determining whether the organization could benefit from deploying AI.
If AI Blueprint identifies that there is a business need for AI, the analysis system returns comprehensive and customized recommendations. It identifies which use cases will generate the most business value, develops a range of measurable key performance indicators adapted to the business goals, and generates a roadmap for implementing and/or further developing AI-powered IVAs in ways that ensure long-term success.
Thirty-one percent of business executives believe that IVAs are the AI-powered solutions likely to have the largest impact on their business. The results that AI Blueprint has seen with initial pilot customers further validates this finding.
Through AI Blueprint’s unique two-factor analysis approach, enterprises have seen:
- 83% deflection in live chat volume.
- 44% cost reduction in the first year.
- $1 million saved in customer service email costs in a single year.
- 50% decrease in the amount of time it takes a customer to reset a password.
- 27% reduction in live-chat costs.
In total, these benefits can accelerate the ROI of the IVA platform from months to weeks.
“IVAs are the future of customer engagement,” said Verint’s Michael Southworth, general manager, intelligent self-service. “Yet delivering exceptional customer experience is like hitting a moving target because every business is unique. AI Blueprint helps ensure that an IVA strategy is consistently delivering exceptional customer experiences and driving operational efficiencies.”
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization, security intelligence, and fraud, risk and compliance. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.
* Source: HFS Research, Points of View Report by Tapati Bandopadhyay, Feb 8, 2019
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2019, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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