Verizon Business launches industry-first GenAI Assistant for small businesses

Core Insights - Verizon Business has launched a new product, the Verizon Business Assistant, which utilizes Generative Artificial Intelligence (GenAI) to enhance operations for small businesses by automating customer interactions and improving engagement [2][4]. Group 1: Product Features and Functionality - The Business Assistant provides instant text responses to frequently asked questions and learns from interactions to build a knowledge base, ultimately reducing the need for human intervention [3][8]. - It allows small businesses to respond to customer inquiries 24/7, thereby increasing efficiency and customer service capabilities [7][8]. - Key features include automated responses, live team member handoff for complex inquiries, continuous learning to improve accuracy, and an insights dashboard for tracking customer trends [8]. Group 2: Market Demand and Business Impact - There is a growing demand from small business owners for technology that enhances operational efficiency and customer connection, particularly among younger generations [4][7]. - The solution aims to empower small businesses by providing them with access to AI tools that were previously more accessible to larger enterprises [7]. - By implementing the Business Assistant, small business owners can focus on higher-value tasks while ensuring customers receive timely and accurate responses [3][4]. Group 3: Company Overview - Verizon Communications Inc. generated revenues of $134.8 billion in 2024 and serves nearly all of the Fortune 500 companies, indicating its strong market presence and commitment to innovation [9].