Here is another feather in cap for us! After receiving the CRM Excellence Award 2016 a few months ago, VOZIQ has now won another accolade: the reputed CIO Review magazine has featured VOZIQ in 20 Most Promising CEM Solution Providers 2016, an annual list featuring 20 companies which are at the forefront of providing CEM solutions (customer experience management) and impacting the marketplace. These are also the best solution and service providers who exhibit extensive business knowledge and innovative strategies in the industry.
We are delighted and honoured! 🎉
With customers rapidly embracing new, digital channels of communication, the CEM solution providers (Customer Experience Management) space is transcending to newer frontiers. The utility of mobile devices—Smartphones and tablets—as a medium of interaction is well leveraged by companies to communicate and connect with their customers. Essentially, firms are embracing innovative customer experience methodologies that place consumers at the heart of their business strategies. Every time a customer communicates with a service provider, be it for downloading a digital application, updating a service, paying bills, or calling customer care; brands are looking to provide an omni-channel experience, which will boost customer loyalty and retention.
To sail through the volatile market, companies are now focused on developing one-to-one communication channels built around customer’s specific needs. Coupled with latest technologies like big data, analytics, and cloud, these channels will optimize end-to-end customer experience process.
In this edition of CIO Review, we are focusing on CEM solution providers that provide state-of-the-art services and tools to reduce the pain-points related to customer experience management. We also present to you “The 20 Most Promising CEM solution providers 2016,” featuring the best solution and service providers who exhibit extensive business knowledge and innovative strategies in the industry.
A distinguished panel comprising of CEOs, CIOs, VCs, analysts, and CIO Review editorial board has selected the top solution providers from over three hundred companies. The listing provides a look into how these solutions work real time, so that you can gain a comprehensive understanding of what technologies are available, which are right for you, and how they shape up against the competition.
– CIO Review Editorial Board
Taking a Different Approach than Most Other CEM Solution Providers
Modern organizations are emphasizing on improving customer experience (CX) at each point of interaction. Although, ideally this should result in increased levels of customer satisfaction, recent surveys by IBM paint a different picture.
“80 percent of executives believe they deliver great CX, whereas only eight percent of the customers second this fact,” says Dr. Vasudeva Akula, Co-Founder and Head of Data Science and Customer Analytics Practice, VOZIQ. “There is a huge gap between what the company thinks and what the customer sees because companies fail to understand what the customer is trying to accomplish.”
VOZIQ uses a critical differentiator—contact center interactions—to close this gap by understanding customers’ preferences and the points at which the quality of service is lacking. The company leverages predictive text analytics by mining structured and unstructured data from the contact centers, including post-call agent notes from CRM systems, to understand customer needs at a very large scale.
“Instead of survey-based approach to understand CX by asking the customers ‘how well are we doing, and tell us where we can improve’—an organization can leverage the call center as a listening post to understand expressed as well inferred CX insights,” says Dr. Akula.
Plug’n’Play Customer Experience (CX) Transformation
VOZIQ delivers Plug’n’Play CX Transformation, a cloud-based predictive text analytics platform with capabilities to integrate data from multiple data sources and analyze it for transformative business insights. Deployed as a SaaS Solution on Amazon Web Services (AWS), VOZIQ’s Customer Intelligence platform eliminates the tedious and time-consuming procedures of software installation and configuration.
As the name Plug’n’Play suggests, the client simply feeds customer interaction data from their contact centers into the platform. Once uploaded, VOZIQ uses preconfigured templates to identify key reasons for repeat contacts, customer dissatisfaction, and gaps between top and bottom performing agents in sales or customer retention scenarios. It ingests the processed customer data, and performs deeper analysis of revenue impact by linking customer interactions with past and future transactions to deliver significant ROI for their clients.
VOZIQ also provides Managed Analytics Services, which involve a dedicated team of data scientists working as an extension of client’s team. It provides accelerated ROI for their customers on a pay-as-you-go basis, also providing time for internal talent to pick up the best practices for managing the solution on their own.
VOZIQ emphasizes uniqueness of its methodology that delivers wider CX gains for its clients very quickly. “We stitch entire customer contact history together and create an accurate view of customer intent, calculate customer effort and sentiment, and finally link the insights with customer identity for deeper CX intelligence,” says Dr. Akula.
We stitch entire customer contact history together and create an accurate view of customer intent, calculate customer effort and sentiment, and finally link it with customer identity for deeper CX insights.
– Dr. Vasudeva Akula
When a client from a subscription-based technology service industry needed a customer retention solution for minimizing their customer churn rate, “we used contact center interactions as a differentiator by identifying customer intent, effort, and sentiment. We then applied predictive algorithms on this unified data to create churn propensity scores that are more accurate and dynamic,” says Dr. Akula.
The biggest success factor, according to Dr. Akula is, how they delivered recovery actions on likely churners by directly integrating propensity to churn with their interactive voice response (IVR) system to re-route likely-to-churn customers to special teams tasked with retaining the customer proactively by delivering qualified offers, newer products, as well as higher level of service.
With this approach, the solution has delivered 500 percent to 1000 percent ROI resulting in increased annual revenue.
VOZIQ’s strategic roadmap involves partnering with IVR vendors, as “IVRs can leverage customer intent to deliver business-driven routing capabilities to reduce cost-to-serve, drive sales, increase customer retention, and reduce customer effort,” says Dr. Akula. The company will also improve the predictive analytics capabilities, and remain 100 percent committed to CEM innovations in contact center domain. “VOZIQ is planning to provide built-in integrations for CRM Systems from Salesforce and Microsoft for hassle-free transfer of data,” concludes Dr. Akula.
(Source: Original article appeared on CIOReview.)