Zoom is set to unveil a new feature that could significantly alter the way businesses handle their documentation and collaboration. The video conferencing giant is introducing a document tool designed to enhance productivity by integrating generative AI capabilities. This update aims to streamline the process of creating and sharing files during and after meetings.
At the heart of this new feature is Zoom’s AI Companion, a sophisticated tool built on models from OpenAI, Anthropic, Meta, and Zoom’s proprietary technology. The AI Companion is designed to take meeting transcripts and transform them into organized, editable documents. Users can automatically create templates, tables, checklists, and trackers, making it easier to manage tasks and processes. Zoom expects the automation to reduce the time spent on mundane tasks and allow employees to focus on more strategic activities.
This move places Zoom in direct competition with established giants in the productivity software market, such as Google Workspace and Microsoft 365. Both of these platforms have long dominated the space, incorporating their own AI features into their offerings. Zoom’s entry into this arena with a no-extra-cost AI Companion included in its Workplace plans—priced between $14 and $19 per user per month—is a strategic attempt to capture market share. In comparison, Microsoft’s AI tools come with a $30 add-on, while Google’s AI enhancements are priced between $20 and $30 per user per month.
Despite the promising new feature, Zoom faces significant challenges. Transitioning businesses from other platforms to Zoom’s ecosystem can be daunting, especially given the entrenched positions of Google and Microsoft. However, Zoom seems to be betting on the fact that many organizations currently use Zoom alongside other productivity tools, which may make them more open to a switch.
Zoom’s recent history highlights the challenges it faces. After experiencing explosive growth during the COVID-19 pandemic, the company’s share price has plummeted nearly 90% from its 2020 peak. Additionally, Zoom dropped off the Nasdaq 100 at the end of 2023 and laid off 15% of its staff earlier in the year.In an effort to fuel growth, the company has been proactive in integrating new features, such as expanded calendar functionalities and a revamped Contact Center, aiming to reinvigorate its offerings.
Zoom’s CEO, Eric S. Yuan, has a bold vision for the future, imagining a workplace where AI-driven digital twins handle meetings and manage emails on behalf of users. While this vision is ambitious, it reflects Zoom’s commitment to leveraging AI to transform the work experience.
One of the biggest challenges in the industry is managing the overload of notifications and information that workers face daily. Zoom’s new AI capabilities aim to address this by consolidating data within a single platform, potentially alleviating some of the stress associated with juggling multiple tools and communication channels. As the AI landscape continues to evolve, Zoom’s success will depend on its ability to demonstrate the value of its tools and integrate them effectively into users’ workflows.
