Verint Solutions Address the Engagement Capacity Gap
August 23, 2022
Verint is one of the few top-tier contact center solution providers that invests in market research and analysis, as well as traditional research and development. Market research is helpful for identifying potential product improvements, but its greater value is in surfacing the underlying trends that drive innovation. Verint’s 2022 Engagement Capacity GapTM Study involved interviews with more than 2,700 business leaders from around the world and across 10 industries.
CEO Dan Bodner has often spoken about the value of this market intelligence in framing Verint’s go to market strategy and product roadmap. Mr. Bodner, in his keynote speech at the annual Verint Engage Conference held this June, emphasized that a key trend is that the consumer is shifting to digital—and it all started with the smart phone.
He noted, “People today don’t want to call. They want to start the engagement digitally, with self-service on the website or mobile apps with chat, email and social messaging.” He added that consumers have rising expectations for service quality.
The problem is that the capacity for businesses to expand service offerings and quality has not kept pace with these rising consumer expectations. This has given rise to what Verint calls the “Engagement Capacity Gap.” According to Mr. Bodner, “Organizations’ budgets and resources are limited, and they are not growing as fast as demand is increasing. This creates a gap between consumer demand and available budget and resources. The traditional approach of hiring more people is not sustainable.” According to Verint, organizations attempt to solve this problem by adding people, a significant investment of $2 trillion. Of that, 97% is for people and just 3% for investing in technology. Technology can do a lot more.
Verint has addressed this challenge with new solutions. In August 2021 Verint announced the expansion of digital-first capabilities for its cloud platform. Solution categories embedded in the Verint Customer Engagement Cloud Platform include Digital-First Engagement, Workforce Engagement, and Experience Management. Each category includes focused and unique applications designed to lower costs, simplify the customer journey, and improve customer experiences.
Recognizing the requirement for maximum flexibility, Verint designed an open platform that fits seamlessly into this new ecosystem of communication, infrastructure CRM and data systems. Furthermore, to help ensure security and reliability, the new Customer Engagement Platform is built on a native cloud architecture.
Verint’s da Vinci artificial intelligence engine is embedded in the Customer Engagement Cloud platform. The solution is designed to both encourage and support third-party applications.
In his remarks at Engage 2022, Mr. Bodner spotlighted an approach called One Workforce, noting that the modern enterprise includes many silos, which require dedicated employees to handle email, text and other communications channels. Bodner explained, “One Workforce is about eliminating silos and creating a unified workforce of people and bots working together.” The One Workforce approach orchestrates the entire customer engagement workforce—both humans and bots—across the contact center, back office, and branch.
Verint‘s Engagement Capacity Gap Study helped guide the innovations for the Customer Engagement Cloud Platform with solutions and capabilities to help organizations orchestrate the workforce across multiple channels while ensuring teams have access to relevant insights. The report includes many valuable insights about how business leaders today are addressing the challenges of meeting customer expectations within the confines of budgetary and personnel limits.
Verint has generously shared highlights of this landmark study with customers and other constituents.