Verizon Bets on AI to Drive Network Growth and Customer Experience

Verizon Communications Inc. is investing heavily in artificial intelligence (AI) to drive significant growth in its network traffic and enhance customer experience, with CEO Sowmyanarayan Sampath predicting that AI will surpass video traffic as the primary source of network growth, leading to a doubling of current traffic by 2025. The company is leveraging AI to transform the customer experience, introducing new AI tools to assist employees in serving customers more efficiently and accurately, and positioning itself as a market leader in the highly competitive telecommunications industry. This description focuses on the primary topic of Verizon's investment in AI, the main entity of Verizon Communications Inc., and the context of the telecommunications industry. It also highlights the significant actions and implications of Verizon's AI-driven initiatives, including the predicted growth in network traffic and the transformation of the customer experience. The description provides objective and relevant details that will guide the AI in creating an accurate visual representation of the article's content.

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Bijay Laxmi
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Verizon Bets on AI to Drive Network Growth and Customer Experience

Verizon Bets on AI to Drive Network Growth and Customer Experience

Verizon Communications Inc. is betting big on artificial intelligence (AI) to drive significant growth in its network traffic and enhance customer experience over the next five years. Sowmyanarayan Sampath, CEO of Verizon's consumer division, predicts that AI will surpass video traffic as the primary source of network growth, with expectations to more than double the company's current traffic.

Why this matters: The increasing reliance on AI in the telecommunications industry could have far-reaching implications for the way companies operate and interact with customers. As AI-driven technologies continue to shape the industry, it may lead to a shift in the competitive landscape, with companies that adapt quickly to AI solutions gaining a significant advantage.

Sampath believes that AI will create "mountains of data" that need to be transmitted between data centers and end-users, leading to a new era of growth for Verizon. "AI is the next growth machine for us because it creates mountains of data that will need to be carried, for example, from data centers to end-users for analysis and then back to data centers," Sampath stated in an interview with Bloomberg.

While video streaming has been the primary driver of network growth in the past five years, Sampath notes that its growth is beginning to plateau. "We are getting to the edge of how much people can consume video at any given time. 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," he added.

In addition to driving network growth, Verizon is also leveraging AI to transform the customer experience. The company has introduced new AI tools designed to assist employees in serving customers more efficiently and accurately. These tools include a Personal Research Assistant that helps frontline teams provide accurate information, a Fast Pass Resolution system that intelligently pairs customers with the best-suited representatives, a Personal Shopper/Problem Solver that offers personalized recommendations, and a Segment of Me tool that provides customers with unique offers and products.

Brian Higgins, Chief Customer Experience Officer at Verizon Consumer, emphasized the company's commitment to exceeding customer expectations through the use of AI. "AI is helping us not just meet expectations, but exceed them by showing our customers we've got their back at every turn," Higgins stated.

Verizon's early implementation of GenAI tools could position the company as a market leader, differentiating it from competitors. The use of AI in enhancing customer interactions aligns with broader industry trends towards automation and personalization. However, the company will need to ensure continuous updates and maintenance of its AI systems to maintain their effectiveness and mitigate the risk of over-reliance on technology.

As Verizon continues to invest in AI-driven initiatives, the company is poised to capitalize on the explosive growth in data traffic and deliver a premium customer experience. With AI expected to drive network growth and transform customer interactions, Verizon's bet on this technology could prove to be a game-changer in the highly competitive telecommunications industry.

Key Takeaways

  • Verizon predicts AI will surpass video traffic as primary source of network growth by 2025.
  • AI will create "mountains of data" needing transmission, driving Verizon's growth.
  • Verizon introduces AI tools to transform customer experience, including Personal Research Assistant and Fast Pass Resolution.
  • AI will help Verizon exceed customer expectations, differentiating it from competitors.
  • Verizon's early AI adoption could position it as a market leader in the telecommunications industry.