Zoom Video ZM is expanding its AI-powered assistant Zoom IQ and is leveraging models from ChatGPT creator OpenAI to help make collaboration and meetings more efficient. Zoom is getting an AI upgrade with new features, such as meeting summaries, message composition and even setting agendas for meetings.
Announced at Enterprise Connect, the improvements are designed to help summarize chat threads, organize ideas and draft content for chats, emails, whiteboard sessions, agendas and more.
Zoom IQ, the company’s smart companion tool, will have added capabilities that enable its use to help compose messages based on conversational context, in addition to changing message tone to customize suggested response.
The company is also harnessing new generative AI models to bring email draft suggestion capabilities that can respond to conversational context from prior Zoom Meetings, Zoom Phone calls and email threads. This feature will be initially available in Zoom IQ for Sales.
Zoom is also announcing a meeting summary feature in Zoom IQ that will enable users to generate a summary of a meeting and capture next steps. Summaries can be shared via Team Chat, Zoom Calendar and email without recording the conversation, allowing users who didn’t attend the meeting to get easily digestible summaries without having to listen to the recording.
Zoom first introduced AI features in September 2021, when a pandemic-induced shift to home and remote working led to a rise in demand for an expanded whiteboard service, automated translation tech, tools for hybrid workplace video calls and hotdesking.
Zoom Video Communications, Inc. Price and Consensus
Zoom Video Communications, Inc. price-consensus-chart | Zoom Video Communications, Inc. Quote
Tools Introduced for Meetings and Scheduling
In addition to the expansion of Zoom IQ, Zoom has also introduced several innovative tools to make teamwork more meaningful and strengthen customer relationships. One such tool is Zoom Huddles (formerly Zoom Spots), a video-enabled virtual coworking space designed to foster ad-hoc discussions and encourage free-form video-first conversations. Zoom Huddles is now available globally for customers to request early access by visiting the product page.
Another innovative tool is Intelligent Director, which uses multiple cameras in a Zoom Room to determine the best angle of the individuals. This tool enhances the video conferencing experience and makes remote meetings feel more like in-person interactions.
This Zacks Rank #3 (Hold) company is committed to provide its customers with the most innovative and practical tools to enhance collaboration and communication. With its unique approach to AI and the introduction of new tools like Zoom Huddles and Intelligent Director, Zoom is poised to revolutionize the way people work and communicate. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zoom’s shares rose 1.3% year to date compared with the Zacks Computer & Technology Sector, which jumped 17.8% in the same time frame.
Besides this, Zoom also faces stiff competition from Microsoft MSFT, Alphabet GOOGL and Cisco CSCO.
Microsoft’s shares improved 15.3% year to date. Microsoft Teams now allows users to create a short video clip in chat. The recipient of the video clip can reply with a message or a video clip of their own.
Alphabet increased 15.9% year to date. It has started to roll out an update that allows users to schedule and join meetings, add virtual backgrounds, in-meeting chat and more, apart from the existing video calling features.
Cisco’s shares have gained 6.1% year to date. It released Webex Calling features in the Webex Suite to improve work flexibility, reliability and audio quality.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report