The last few months have shown us exactly how important it is to have accurate, comprehensive business data that allows predictability into the future. Nearly 5 in 10 companies believe that analytics is now more important than before the pandemic, and interestingly, small businesses are leading the charge. They are investing in analytics for a variety of processes across ops (68%), finance (56%), sales (50%), and product development (45%).
At UC Today, we are always eager to explore how the latest technologies and breakthroughs can help companies steer their communication capabilities forward. Analytics is at the top of our list for 2020-2021, as a major driver for decision-making. We caught up with experts from Deepgram, Xarios, and Vyopta to understand where the industry is headed in 2021.
Deepgram is an AI-powered speech learning, and transcription provider, Xarios offers a next-gen call recording and analytics platform, and Vyopta provides performance & analytics solutions. Here’s what some of the brightest minds from these companies had to say on the subject.
What are the most significant customer trends from 2020?
Every sector has witnessed a shift in customer expectations this year, and analytics is no different. Specifically, the pandemic and its resulting impacts like WFH, employee safety, remote collaboration, and touchless operations were the determining forces. Our experts shared exclusive insights on customer needs, expectations, and opportunities in the current analytics marketplace.
Scott Stephenson, CEO, and Co-Founder at Deepgram:
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Scott Stephenson[/caption]
Deepgram’s Scott Stephenson pointed out that several companies were in for a rude shock in 2020. “We took for granted the ease of in-person meetings or “swivel chair” brainstorms with a fellow team member or even interviewing and onboarding a new candidate - now these in-person discussions have been replaced with virtual meetings, making spontaneous brainstorms or conversations more difficult,” he said.
Apart from this, there has been a growing demand for touchless technology – in fact, touchless could become the default normal even after the pandemic. “In the same way that the app store and omnichannel changed retail, this preference for contactless experiences will continue far after the pandemic has ended, and we will continue to see a demand for more streamlined online customer service experiences,” he opined.
These two trends open up new opportunities for analytics players, providing detailed meeting analytics for virtual platforms, and purchase analytics for this new customer base moving online for the first time.
Stephenson also mentioned an interesting shift towards custom-fitted CX solutions vs out of the box products. The latter is often assumed to be more cost and effort optimised – so we were surprised that the industry seems to be moving in the opposite direction. “Customer experience can make or break your business, and as a result, we’re seeing companies taking the time to research and implement the best technology rather than the most convenient,” he explained.
Carlie Adams, Head of Channel Sales at Xarios:
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Carlie Adams[/caption]
WFH and remote working have pushed up demand for tools that allow employees to work anytime, from anywhere. One of the product categories that Xarios’ Carlie Adams has seen gaining traction in 2020 is the humble softphone.
“The increase in remote working and the move to a more flexible work environment” is the biggest trend in analytics, Adams said. “From this, we have seen a great increase in the demand for softphone licenses that enable people to work from wherever, whenever,” she added.
Indeed, research suggests that the softphone software industry is currently booming, continuing its healthy growth pace of the last five years. Some companies like NEC have even extended softphone licenses for free to tide over this high demand period.
Softphones are critical to any company’s CX technology stack for 2020-2021, and your analytics module must adapt accordingly.
Alfredo Ramirez, President and CEO at Vyopta:
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Alfredo Ramirez[/caption]
Like Stephenson and Adams, Vyopta’s Alfredo Ramirez agreed that remote work was the dominant trend from 2020. And this has transformed the companies’ data requirements.
“The massive expansion of UCaaS to support remote work has fundamentally changed how teams collaborate and how IT teams support and optimise their investments in collaboration technology. To maximise remote worker productivity and improve business outcomes, IT teams need to have data to track user adoption, service quality levels, and return on investment,” he said.
Your analytics must also capture how technology investments are being utilised across the organisation, which can be difficult to gauge with so many employees working remotely. “For example, sales and customer services leadership need analytics to show how different types of customer engagement (e.g., video, voice, chat) impact new sales and customer renewals,” Ramirez added.
He also spoke about an emerging new market that could take centre stage in 2021: workplace health & safety analytics.
“As workers return to the office, analytics to ensure employee safety standards are met will be critical. Being able to monitor occupancy levels and compliance with social distancing requirements in traditional desk spaces and conference rooms will be a requirement for many organisations.”
Back in July, WEF noted that AI solutions like big data analysis can help maintain social distancing in physical workplaces, allowing factories, offices, shops, and airports to reopen safely. Ramirez’s last insight confirms this trend.
What will be the top challenges facing end customers in 2021?
Next, we asked our experts how this landscape might change in 2021.
Overall, the challenges and opportunities that cropped up this year will still hold true, with a few changes. And, one important addition we expect is the extension of remote/flexible work to those who were outside its ambit this year.
Here’s what our experts had to say.
Scott Stephenson, CEO, and Co-Founder at Deepgram:
CX excellence will continue to be critical for businesses in 2021, and the right communication technologies can help to get there. New opportunities could open us as customers become more accustomed to digital interactions – in some cases for the first time.
“In 2021, customer experience will continue to be a make or break factor among companies. Furthermore, as companies adopt more contactless experiences, customers will need to be more comfortable using other methods for authentication - this could include email, text, and even our unique voice as a multi-factor way to verify identity. This will enable safer, more intuitive customer experiences,” Stephenson shared with us.
Companies can leverage analytics in two ways to address this.
First, there is a clear opportunity for converting and retaining customers on digital channels, backed by a data-driven personalisation engine. Second, companies must use analytics responsibly as customers become more comfortable sharing their data and expanding their digital presence over multiple channels.
Carlie Adams, Head of Channel Sales at Xarios:
Xarios’ Carlie Adams predicts that heavy equipment or bulky collaboration kits will no longer be an impediment to remote work in 2021. Companies should focus on “figuring out how to make flexible working manageable without dragging kits back and forth,” she mentioned.
This can be a hurdle for those looking to implement round-the-clock, segmented shifts in a bid to bring down the number of people in a physical workspace at the same time. In 2021, hybrid working could be the new normal, with individuals switching from WFH to office premises as per shift requirements. One’s bulky collaboration setup shouldn’t get in the way of this.
“One of the biggest challenges facing businesses is going to be how to implement flexible working with employees who require large amounts of equipment from day to day,” Adams added.
Alfredo Ramirez, President and CEO at Vyopta:
