Overview of Verizon’s Innovations
Verizon Communications Inc. is a leading telecommunications company with over $133.6 billion in revenue and more than 140 million subscribers. Recently, Shankar Arumugavelu was promoted to Executive Vice President and President of Verizon Global Services. With 25 years of experience at Verizon, he now oversees a broad portfolio that includes technology, data analytics, and supply chain management. Arumugavelu focuses on integrating advanced technologies, particularly predictive and generative AI, to enhance business operations and customer experiences.
Key Highlights
- Predictive AI helps Verizon analyze customer behavior and reduce churn by anticipating customer needs.
- The company has developed models to identify customers likely to leave, allowing for proactive retention strategies.
- Generative AI is being tested and implemented to improve customer interactions and streamline internal processes.
- A personal research assistant powered by generative AI has reduced hold times for customers by 20%, enhancing satisfaction.
- Future plans include expanding AI use across various roles within the company, improving productivity and service quality.
Significance of AI in Business
Arumugavelu’s leadership emphasizes purposeful innovation and collaboration between business and technology teams. The integration of AI not only drives efficiency but also enhances the overall customer experience. The potential convergence of AI and connectivity, particularly through edge AI, presents significant opportunities for Verizon. As the company continues to innovate, it sets a precedent for others in the industry, showcasing the transformative power of generative AI.
