Five9 has released two new product offerings that leverage ChatGPT-3 from OpenAI: AI Insights and AI Summaries.
AI Insights combines ChatGPT-3 with real-time transcription to automatically interpret customer conversations and cluster them into categories.
In grouping contacts together – by intent or various other traits – contact centers may quickly identify opportunities for automation and process improvement.
According to Mike Burkland, Chairman & CEO of Five9, it "is the latest example of what we call practical AI."
Meanwhile, AI Summaries supplements its agent-assist solutions by auto-summarizing interaction transcripts and publishing them in the CRM.
Thanks to the power of the OpenAI’s large language models, this offering requires "little to no" professional services or tuning – improving time to value.
Such value stems from streamlining post-contact processing for agents, shaving seconds from every customer conversation, and potentially delivering significant savings for large operations.
The innovations add two new modules to Five9’s AI and automation portfolio, which also includes speech analytics, workflow automation, and IVA solutions.
Innovations That Underline Five9’s AI Ambition
Five9 launched the solutions during a recent earnings call, where Burkland noted continuous AI innovation as mission-critical to Five9’s continued growth.
ChatGPT will seemingly fuel much of this innovation. Indeed, Burkland stated:
We believe that AI and automation are at the core of the modern contact center. And generative AI, with the large language models, is game-changing.
Yet, before the truly "game-changing" innovation happens, ChatGPT may offer more quick wins in custom data charting, trending, and routing.
As such, clients can perhaps expect similar announcements in the near future. AI Insights and AI Summaries likely came first as they support Five9’s Fluid CX vision.
Moreover, by assisting conversational AI deployments and reducing handling times, the vendor can help its clients cut costs in tough economic climates and tight labor markets.
For this reason, Five9 has already experienced an uptick in its AI business - especially in enterprises.
"In the fourth quarter, 41 percent of RFPs (request for proposals) that came into our strategic and enterprise sales organization cited AI as the main or auxiliary reason," added Burkland.
In addition to the surging AI demand, Burkland pinpointed the viability and desirability of cloud solutions, alongside the acceleration of digital transformation initiatives, as central to its growth.
Last quarter, these trends helped Five9 raise its revenues by 20 percent (YoY) to $208 million.
Keeping Tabs on Microsoft In CCaaS
During the earnings call, analysts seemed excited by the new ChatGPT-powered solution. Nevertheless, one questioned whether Microsoft will always have the upper hand in this arena, thanks to its close relationship with OpenAI.
After also referencing its Nuance acquisition and the growth of Teams, the analyst asked Burkland: do you see them being a viable player in this space longer term?
In response, Burkland noted that Five9 will always keep an eye on Microsoft but noted just how complex it is to build a leading CCaaS platform.
"It takes many years to really perfect a solution and be able to deliver the reliability and scalability," he said. "The voice portion is so complex."
A lot of folks believe they can enter the space very quickly, and it takes them a lot longer than they anticipate.
As Burkland suggests, Microsoft's Dynamics 365 for Customer Service CCaaS solution is still somewhat in its infancy, and although it might attract SMBs, bigger businesses may have concerns.
Prominent industry analyst Zeus Kerravala alluded to these while recently predicting that the Microsoft contact center "will flop this year."