The videoconference app provider Zoom recently added a suite of artificial intelligence features, known as Zoom IQ, to its platform. In partnership with OpenAI and Anthropic, the new capabilities, including Meeting Summary and Team Chat Compose, allow users to quickly summarize and draft content from virtual meetings without the need to consult recordings or undergo extensive analysis.
These tools are designed to cater to the diverse needs of Zoom’s customers with customizable AI models that can adapt to specific company vocabulary and scenarios for enhanced performance. Apart from these features, other AI contributions to Zoom’s portfolio include virtual backgrounds and avatars, background noise suppression, high-definition audio, speech recognition, and live transcriptions and translations.
Zoom’s entry into AI-driven productivity solutions faces stiff competition from various platforms that have developed and refined similar offerings. Notion, Otter.AI, Opus, Vowel, Fathom, and Fireflies are some of the notable contenders in this space, providing a range of services such as text and voice summarization, meeting analytics, and content generation.
What sets Zoom apart is its focus on real-time analysis, processing live data instead of analyzing recorded content or drafted messages in Zoom Team Chat. Moreover, the company’s development roadmap includes a new set of generative AI-powered features that can draft email content, summarize Team Chat threads, and even organize ideas and whiteboard contents.
While the competition in AI-aided productivity tools remains fierce, Zoom’s widespread popularity gives it a distinct advantage. The videoconferencing app gained immense traction during the COVID-19 pandemic, growing a staggering 600% between 2019 and 2020. However, as the impact of the pandemic wanes, Zoom’s stock price dropped from $600 in October 2020 to less than $70 today.
The world has changed drastically since 2019, and the key to Zoom’s success lies in effectively meeting user needs while staying ahead of a wide array of competitors. AI could indeed be the critical factor in restoring Zoom to its former glory, with many tech companies placing similar bets on artificial intelligence solutions.
Zoom’s foray into AI productivity tools demonstrates its commitment to prioritizing user experience and addressing changing customer needs in an increasingly digitized world. Only time will tell if these efforts pay off, but it’s evident that the company is eager to thrive in a post-pandemic era by integrating AI into its offerings.
Source: Decrypt
