Five9, Inc. (NASDAQ: FIVN), a leading provider of the intelligent cloud contact center, today announced the execution of a definitive agreement to acquire Inference Solutions, the most widely deployed Intelligent Virtual Agent (IVA) platform.
“Intelligent and personalized self-service has become the preferred approach to service for customers,” said Donna Fluss, President, DMG Consulting, LLC. “IVAs, which are AI-enabled omni-channel self-service solutions, are going to play a major role in the future of customer service as they provide an outstanding service experience, while automating activities that previously required the attention of live agents. The acquisition of Inference by Five9 gives them a leading IVA solution, greatly expanding their self-service offerings.”
As a result of the global pandemic, customers are engaging with brands through contact centers more than ever. Typically, customers who callinto a contact center must first get through frustrating touch tone menu trees, or deal with inefficient and limited speech recognition, leaving them frustrated by the time they talk to a live agent. Consequently, to deliver a better self-service experience and relieve stress on agents, companies are increasingly looking to IntelligentVirtual Agents.
IVAs utilize artificial intelligence (AI) to communicate like humans, recognizing speech and text, understanding intent, deciphering different languages, and responding in a way that mimics human conversations. IVAs are rapidly becoming a requirement of the modern contact center and representa major evolution from touch-tone or voice activated IVRs, which depend upon structured, fixed grammar interactions. By contrast, IVAs are conversational, more accurate and user-friendly. IVAs are being viewed as effective ‘digital workers’ for businesses, resulting in significant savings through increased call deflection rates, better-informed agents, or both. […]