Verint Awarded a $13 Million Deal from a Fortune 25 Brand to Deploy Multiple AI-Powered Bots and Drive AI Business Outcomes in the Contact Center
Verint (NASDAQ: VRNT) has secured a $13 million multi-year contract with a Fortune 25 brand to deploy AI-powered bots in its contact center. The deal involves implementing two bots—Verint Knowledge Creation Bot and Verint Knowledge Suggestion Bot—across 60,000 agents. These bots are embedded in the Verint Knowledge Management application on the Verint Open Platform. The goal is to enhance both customer and agent experiences while reducing operational costs. The Knowledge Creation Bot generates high-quality knowledge articles to help agents respond more accurately, whereas the Suggestion Bot provides contextual information during interactions to improve first call resolutions and reduce handling times.
- Secured a $13 million multi-year contract.
- Partnership with a Fortune 25 brand, indicating trust and market position.
- Implementation across 60,000 agents showcases scalability.
- Deployment of AI-powered bots expected to improve customer experience.
- Expected reduction in operational costs for the client.
- Potential increase in first call resolution rates.
- Lower average handling time and agent onboarding time.
- No immediate financial impact disclosed for Verint.
- Success dependent on the performance and adoption of AI bots.
- Potential high implementation and maintenance costs.
Insights
Financial Insights: Verint has secured a
With the implementation set to cover 60,000 agents, this project is substantial in scale, indicating significant recurring revenue potential. Investors should consider the long-term benefits, as successful deployment might lead to further contracts of similar nature. For the short term, this contract implies immediate revenue recognition and potential positive impacts on the upcoming quarterly results.
Technology Perspective: The integration of Verint Knowledge Creation and Knowledge Suggestion Bots showcases advanced AI capabilities. The Knowledge Creation Bot autonomously generates high-quality knowledge articles, which are critical for maintaining up-to-date information for agents. This is particularly relevant in dynamic environments where customer inquiries evolve rapidly. On the other hand, the Knowledge Suggestion Bot’s real-time contextual support enhances efficiency by reducing the need for manual searches, thereby lowering average handling time and improving first-call resolution rates.
For a retail investor, understanding the technological edge these bots provide can be insightful. The utilization of AI in knowledge management not only exemplifies Verint's innovative approach but also indicates that their solutions are scalable and adaptable to large enterprises’ needs. This positions Verint as a competitive player in the AI-driven contact center market.
Market Implications: Winning a contract from a Fortune 25 company demonstrates Verint's competitive edge and market relevance. This kind of endorsement can influence market dynamics, as other large corporations might view Verint as a proven and reliable partner for AI-driven contact center solutions. The positive market perception can lead to further business opportunities and partnerships, amplifying Verint's market share.
Moreover, the focus on AI-powered solutions aligns with broader industry trends towards automation and efficiency in customer service operations. Investors should note that Verint is capitalizing on these trends, potentially resulting in increased demand for their products. The long-term growth potential in this sector is significant, as businesses continue to seek ways to improve customer experience while reducing operational costs.
Verint Knowledge Bots to Deliver AI Business Outcomes Across 60,000 Contact Center Agents
With tens of millions of customers, the brand is looking to simultaneously improve the customer and agent experiences while lowering operating costs. The company will deploy the AI-powered Verint Knowledge Creation and Knowledge Suggestion Bots embedded in the Knowledge Management application running on the Verint Open Platform.
- The Verint Knowledge Creation Bot orchestrates AI-powered creation of new, high-quality knowledge articles. This empowers agents to deliver more accurate and actionable responses to customers, elevating the customer experience and lowering average handling time.
- The Verint Knowledge Suggestion Bot delivers contextual knowledge to agents at the right moment during the interaction, thereby eliminating the need for agent-initiated searches. This increases first call resolution, lowers average handling time and shortens agent onboarding.
“The Verint Knowledge Creation and Knowledge Suggestion Bots drive tangible AI business outcomes from small to very large contact centers,” says Verint’s Heather Richards, vice president, go-to-market strategy. “We are pleased to have been awarded this large contract from a Fortune 25 company, demonstrating our strong differentiation and ability to transform AI technology into tangible AI business outcomes, now.”
Visit Verint Knowledge Management to learn more.
About Verint
Verint® (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world’s most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise.
Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work®. Learn more at Verint.com.
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, 2024, 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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Media Relations
Sue Huss
sue.huss@verint.com
Investor Relations
Matthew Frankel
matthew.frankel@verint.com
Source: Verint
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