Verint Recognized for Market Leadership in Intelligent Virtual Assistant Solutions

Verint® announced it has been named a leader by industry analyst firm Ovum in Intelligent Virtual Assistant (IVA) solutions in a comparison report, Ovum Decision Matrix: Selecting an Intelligent Virtual Assistant Solution, 2020-21*.

Reviewing IVAs that leverage artificial intelligence (AI) to provide natural, human-like interactions with consumers, the report concludes the new tools “make a massive difference to customer engagements” compared with legacy, non-intelligent IVAs.

Verint Intelligent Virtual AssistantTM—part of Verint Customer Engagement Cloud portfolio—is among the best, according to the report. It was recognized for three key strengths:

  • Verint’s language models. The natural language understanding/natural language processing (NLU/NLP) models include a library built from actual consumer self-service conversations, including 1.6 million user intent patterns gathered over the past two decades working across 11 different industries and hundreds of use cases. According to the Ovum report, the data improves time to market in deploying a new IVA solution.
  • Verint’s technological lead. Advanced machine learning (ML) techniques combined with Verint’s NLU/NLP semantic models offer advantages such as an AI Blueprint, which helps enterprises uncover consumer intent and align automation strategies with business goals and user needs.
  • Verint’s depth of tools and service. Other solutions in Verint’s portfolio complement the IVA, including Knowledge Management (KM) and Experience Management (XM) solutions that gather and mine feedback across human and self-service interactions.

Impressive strides in IVAs

“The strides that leading vendors have made in IVAs in recent years are impressive,” says Ovum Distinguished Analyst, Michael Azoff, author of the report. “In the vendors’ customer use cases we studied, for example, it was typical to hear of million-dollar range cost savings by introducing IVAs (calculated as cost per call), bringing ROI within the first year.”

One of those use cases was provided by Verint, with a story of a financial trading firm using the IVA to support more than 15,000 financial analysts and traders, answer 27,000 consumer questions daily, and save over $1 million in “how to” costs alone.

Customer engagement across digital channels

The Verint IVA enables companies to engage customers in digital channels, including the web, mobile, social and online communities. Customers can interact naturally through conversations instead of self-service menus and forms. Comprehending contextual information, Verint IVA provides personalized answers based on a customer’s prior purchases, location and other factors. Customers gain higher goal completion rates with a user experience that’s better, smarter and faster.

“Verint elevates both customer experience and workforce support by delivering immediate, efficient and powerful AI-based solutions across voice and digital channels,” says Verint’s Michael Southworth, general manager, intelligent self-service. “Our conversational AI platform provides enterprises with the capabilities and sophistication to achieve their vision of AI beyond proof-of-concept by supporting all of their automation use cases in production. We’re proud of this latest recognition for our technology and Ovum’s assessment of how our IVA solutions stand up amongst the competition.”

To learn more about Verint IVA, click here.

About Verint Systems Inc.

Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization and cyber intelligence. 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: Ovum Consulting, Ovum Decision Matrix: Selecting an Intelligent Virtual Assistant Solution, 2020-21, published Dec. 2019.