Information technology company Coveo has announced the general availability of Coveo Relevance Generative Answering, a solution that generates answers to complex natural language user queries in a Coveo-powered search interface. Organizations like SAP Concur have swiftly adopted Coveo's enterprise-ready Relevance Generative Answering, affirming the widespread anticipation and positive reception from customers.
“We are in a new era, where technology is not only about meeting expectations; it's setting the stage for the future of digital interaction. We’ve been working with forward-thinking global enterprises on their AI strategy for more than a decade. It's exciting to be a part of the quantum leap generative answering has created and to witness the exponential business value our customers are already achieving with our platform. As more enterprises roll out generative answering across commerce, service, workplace, and website applications, we’re looking forward to driving business value and impacting the bottom-line for our customers,” said Laurent Simoneau, President, CTO and Founder at Coveo.
This move underscores Coveo's commitment to providing advanced AI capabilities, including semantic search, AI-driven recommendations, and GenAI answering, to assist organizations in delivering unparalleled digital interactions. The Relevance Generative Answering Design Partner Program, initiated earlier this year with key collaborators such as Informatica, Synopsys, VMware, Xero, and Zoom, has yielded impressive early results, contributing to enhanced business value for the participants.
One notable success story is Xero, an online accounting software company. Xero's adoption of relevance-augmented generative answers in Xero Central led to a remarkable 40% reduction in average customer search time and a significant drop of over 20% in search sessions requiring additional customer support. Coveo's analysis revealed a 43% improvement in the self-service success rate for visits leveraging GenAI.
Moreover, a prominent tech customer reported that the integration of generated answers resulted in end-users saving nearly 10 minutes per search for a solution. The broader implications of these improvements are striking, as Coveo's analysis suggests that the enhancements from Coveo Relevance Generative Answering could potentially lead to up to a 25% reduction in the overall cost-to-serve for a typical large technology company.
As Coveo Relevance Generative Answering transitions into general availability, enterprises can anticipate a tool that not only streamlines information retrieval but also contributes to operational efficiency and cost optimization.
