Zoom aims to revolutionize the market and continue its upward line of growth with the launch of Zoom Docsa new workspace that allows users create and modify content collaboratively with the help of a series of AI-powered features. Its general availability will arrive in 2024 and will be compatible with similar third-party servicessince it is modular and flexible.
Zoom Docs will be integrated as a new functionality within the application interface. In this way, teams and individual users will be able to create, manage and organize projects together and online. In addition to documents, tables, wikis, images and graphs can be produced and edited.
Using the content block, users will be able to drag and drop information that they will be able to edit without any problem. It will also allow, thanks to the application of AI, summarize content and search for valuable documents within Zoom Meetings.
The news was announced at the inauguration of Zoomtopia 2023, the company’s annual event. The news in Zoom Docs came hand in hand with other AI-enabled improvements that help optimize the work day through effective communication and collaboration tools.
Zoom Docs integrates Zoom AI Companionthe enterprise generative AI-based digital assistant that allows subscribers to get summaries of their video calls and chats, search for specific information, compose automatic emails in Zoom Mail and organize all your ideas on a digital whiteboard with the aim of streamlining the amount of work.
Eric S. Yuan, founder and CEO of Zoom, has assured that the company faces new challenges as lines of work continue to evolve and require effective communication tools, thus solving real business problems. He also contributes, very favorably, to establishing a unlimited human connection.
How to access Zoom Docs?
The new Zoom AI Companion tool is included, at no additional cost, in the Zoom Premium accounts. The company has not yet detailed specific prices for the Zoom Docs application, although it should be noted that paid subscription plans are $149.90 per year per user initially.
It is an economical price compared to Microsoft’s pricing of about $30/month per user or the additional $30 it charges for using 365 Copilot.
A latent threat to Google
Zoom already launched its own email and calendar functions in 2022 and was seen by Google as an alert to take into account. With the announcement of Zoom Docs, the company is increasingly positioning itself as a more real digital service alternative for Google Workspace, but also for Microsoft 365.
It must be remembered that the popularity and use rates of Zoom skyrocketed as a result of the pandemic, when they were registered usage and subscription records. After the end of the general confinement, Zoom cut about 1,300 jobs, as its revenue during fiscal 2022 only increased by 6.7%. This is a worrying figure when compared to the quadrupling experienced in 2021.
Added to this is that company shares fell more than 40% and what he experienced a quarterly loss of $108 million during the fourth quarter of the fiscal year. For all these reasons, Zoom expects with these new tools a more gradual growth rate of around 1.1% for this fiscal year.
Recently, Zoom shares opened at $69.58, slightly below its previous closing price of $70.11. However, analysts predict a revenue growth following reduced earnings growth during 2022.
Faced with this, Google and Microsoft decided to strengthen their video calling services with a more consolidated portfolio of functions that offered users a complete platform to manage email accounts, calendars, collaborative documents and group chats. Generative AI functions were incorporated into these resources. This is how they came about Duet and Copilotrespectively.
Other Zoom improvements
Zoom acquired earlier this year Wokvivowhich can be accessed from Zoom Desktop Client, which helps employees find their desk in unfamiliar spaces. There is also talk of location information indicators present in My Office View in Huddlesavailable in 2024.
On the other hand, Zoom Sheduler It will also start getting new features that allow customers to better control their calendars, encouraging hybrid working. Besides, Zoom Virtual Agent and Zoom Contact Center They will be integrated into WhatsApp and Meta Messenger.
