New Research Shows Only Half of Organizations Worldwide Say They Are Well Prepared to Support Customer Engagement in the COVI...
February 16 2021 - 8:30AM
Business Wire
A Troubling Engagement Capacity Gap Has Emerged, and 82
Percent Believe Challenges to Manage Customer Engagement Will Only
Increase This Year
On the heels of massive digital disruption and now, a year into
the global pandemic, only 50 percent of business leaders say they
are well prepared to support customer engagement priorities moving
forward, and 82 percent say the challenges of managing customer
engagement will only increase in 2021. What’s more, only 54 percent
of leaders consider their organizations well prepared to enable a
remote workforce to effectively serve customers.
These are just a few of the key findings of new global research
conducted by Verint® (NASDAQ: VRNT), the Customer Engagement
Company™. The conclusions are based on a survey of more than 2,000
global business leaders across 12 countries on key priorities,
trends and challenges associated with customer engagement, COVID-19
pandemic impacts, perceived organizational preparedness, and future
plans.
The research quantifies and illuminates a widening Engagement
Capacity Gap™ brought about by new workforce dynamics,
ever-expanding customer engagement channels, and exponentially more
consumer interactions – all which must be managed with limited
budget and resources.
“Our new research reveals that organizations have experienced
the perfect storm of digital disruption converging with
pandemic-related impacts,” says Verint CMO, Celia Fleischaker. “At
the start of 2020, companies were already struggling to handle the
increasing complexity of customer engagement. COVID served to
further impact companies’ preparedness levels and derail planned
investments, putting them in a more vulnerable state or leaving
them even further behind. It’s urgent for organizations to close
this Engagement Capacity Gap as it threatens top business
initiatives such as acquiring new customers and evolving customer
engagement strategies to drive revenue growth, which survey
respondents named their number one business priority.”
Nearly three-quarters (74%) of respondents were forced to put
off hiring in 2020 due to COVID-19 and related economic
considerations, and only 51 percent say they intend to increase
staffing in 2021. Thirty percent reduced or eliminated planned
investments in 2020 designated for new systems/technologies
associated with workforce management, customer communities and
speech/text analytics.
Respondents expressed a wide range of key concerns; 94 percent
cited “understanding and acting on rapidly changing customer
behaviors,” while 88 percent said “managing the growth in volume of
customer interactions” were the two most pressing issues. Other top
concerns voiced by respondents were having a unified view of
customer engagement and overcoming data silos (79%); using customer
feedback to improve experiences (78%); and building enduring
customer relationships (77%).
When it comes to the customer engagement technologies
organizations considered most critical in 2020, 85 percent agreed
that cloud-based solutions helped in managing shifts in channel
usage and interaction volumes to a moderate or high degree. Moving
forward, 88 percent of respondents say they expect to invest to a
high or moderate degree in cloud-based customer engagement and
experience solutions to close the Engagement Capacity Gap. Leaders
expect to invest most in customer engagement solutions, such as
workforce management, and chatbots or intelligent virtual
assistants, as well as those to support compliance.
Eighty-six percent of respondents had a moderate to high
investment in analytics prior to the COVID outbreak, but only 38
percent found those analytics useful to help manage shifts in
channel usage and interaction volume. An overwhelming 90 percent
cited difficulty in unifying data across silos as a deterrent to
driving analytical insights.
Verint is responding to help customers address these urgent
challenges with a new website including dedicated information
regarding vital technologies to support the future of work,
experience management and engagement data management.
Download The Engagement Capacity Gap Study and register for the
webinar, “New Global Research: The Engagement Capacity Gap and How
to Close It,” on Feb. 25, at 1:00 pm ET.” Visit
verint.com/boundless to learn more.
About the Survey Methodology
The survey was conducted Nov. 26 – Dec. 11, 2020 through
independent research firm REVELOCITY Group via a customized
web-based survey. The survey group consisted of 2,281 individuals
who are decision-makers/recommenders/influencers for customer
engagement and experience solutions for their companies operating
across 12 different countries and regions worldwide.
About Verint
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands –
including over 85 of the Fortune 100 companies – build enduring
customer relationships by connecting work, data and experiences
across the enterprise. The Verint Customer Engagement portfolio
draws on the latest advancements in AI and analytics, an open cloud
architecture, and The Science of Customer Engagement™ to help
customers close the engagement capacity gap.
Verint. The Customer Engagement Company™. Learn more at
Verint.com.
This press release contains “forward-looking statements,”
including statements regarding expectations, predictions, views,
opportunities, plans, strategies, beliefs, and statements of
similar effect relating to Verint Systems Inc. These
forward-looking statements are not guarantees of future performance
and they are based on management's expectations that involve a
number of risks, uncertainties and assumptions, any of which could
cause actual results to differ materially from those expressed in
or implied by the forward-looking statements. For a detailed
discussion of these risk factors, see our Annual Report on Form
10-K for the fiscal year ended January 31, 2020, our Quarterly
Report on Form 10Q for the quarter ended October 31, 2020, and
other filings we make with the SEC. The forward-looking statements
contained in this press release are made as of the date of this
press release and, except as required by law, Verint assumes no
obligation to update or revise them or to provide reasons why
actual results may differ.
VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER
ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER
ENGAGEMENT are trademarks of Verint Systems Inc. or its
subsidiaries. Verint and other parties may also have trademark
rights in other terms used herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20210216005215/en/
Media Relations Amy Curry amy.curry@verint.com
Investor Relations Matthew Frankel
matthew.frankel@verint.com
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