Verizon Communications (VZ) plans to prioritize artificial intelligence (AI) in 2024 and beyond, with a focus on leveraging the technology to improve customer service, enhance its broadband services, and drive business growth. Speaking exclusively to Yahoo Finance Live at the 2024 World Economic Forum in Davos, Switzerland, Verizon chairman and CEO Hans Vestberg discussed his company’s AI vision and how it will be critical for future success.
Vestberg highlighted the importance of partnering with leading technology companies like Microsoft (MSFT) to bring generative AI and other advanced services to Verizon’s consumers and businesses. He believes AI will play a vital role in enhancing customer experiences, citing the example of using AI chatbots to provide more intelligent responses to customer queries.
Verizon is also exploring various aspects of AI to improve its operations and better serve its clients. Vestberg noted that the company is working to ensure seamless integration with diverse operating systems and devices, given the increasing prevalence of multi-platform environments.
The executive also expressed optimism about the potential of AI to revitalize the sluggish smartphone market. As AI applications become more widespread, they may entice users to upgrade their devices more frequently, similar to the surge in demand for 5G-capable phones following the rollout of 5G networks.
Shifting focus towards the enterprise sector, Vestberg emphasized the growing significance of broadband services, particularly amidst the rising demand for online education, tele-health, and remote work. He stressed that AI will be crucial in making rapid decisions at the network’s edge, closer to end-users, and that Verizon has already invested heavily in building robust data network resilience.
Vestberg summarized the company’s AI strategy, stating, “Network strength, the ability to power the processes and movements of AI-generated activity — AI will be important for future business growth.”