One-Third of Business Leaders Lack Confidence in Customer
Experience Proficiency Amid a Global Recession Threat, Budget Cuts
and Labor Issues
Amidst the threat of a global recession and budget and talent
management challenges, one-third of business leaders lack
confidence in their organization’s ability to provide high-quality
customer experiences. Additionally, more than 50 percent believe
labor issues, budget cuts and/or pressure to reduce costs will have
a negative impact on their customer engagement efforts this
year.
Verint® (NASDAQ: VRNT), The Customer Engagement Company®,
released its annual global research today examining the customer
engagement challenges organizations face, and the strategies they
are using to close the Engagement Capacity Gap™ (ECG) – the gap
between customers’ expectations for service and an organization’s
ability to fulfill them. The new study is based on a December 2022
survey of 2,875 business leaders across 13 countries.
While continuous and disruptive change still lingers as the
effects of the pandemic continue to fade, this year’s survey found
a two-tiered divide, with one group of respondents significantly
more confident about their organization’s ability to provide the
level of customer experience demanded by modern consumers.
High Confidence Creates Resilience in Challenging
Times
The research found a significant divide in confidence with 67
percent of respondents indicating they are “highly confident” about
their organization’s ability to provide the level of experience
demanded by modern consumers, and the remaining 33 percent
indicating they were less confident in this capacity.
Highly confident leaders were 3.2 times more likely to be highly
effective at engaging customers across digital channels, 2.9 times
more likely to provide effective self-service options, 2.9 times
more likely to have been highly effective in implementing or
expanding their customer experience automation usage and 2.8 times
more likely to be effective in leveraging customer feedback to
improve customer experience during 2022.
Moreover, in the challenging business climate, organizations are
doubling down on strategies and solutions to address the CX-Cost
Equation™ – the need to deliver exceptional customer experiences
while also lowering the cost to serve.
“Many business leaders believe their digital-first engagement,
workforce management and quality and performance efforts have given
them a sure footing to improve customer engagement and experience
delivery. But the threat of a global recession, budget cuts and a
challenging labor market are causing significant disruption,” says
Verint’s Chief Marketing Officer, Celia Fleischaker.
“Organizations must leverage digital-first engagement and
automation to meet customers where they are, allowing engagement at
scale through a unified workforce of humans and bots. Streamlining
talent management creates a more efficient hiring and onboarding
process and sets up employees with the right tools to succeed.”
Digital-First Engagement and Automation are Now the Gold
Standard for Improving CX
The survey revealed that investment in solutions across multiple
parts of an organization was key to having confidence in effective
customer engagement. Organizations continue adoption of
digital-first engagement solutions at scale, with a focus on the
need to meet customers where they are on their channel of choice.
In fact, 85 percent of highly confident leaders began using or
expanded use of digital channels for interacting with customers
over the last 12 months. Eighty-nine percent also cited their use
or more extensive use of those digital engagement channels in
improving customer experience has been highly effective.
A key aspect of solving the CX-Cost Equation is being able to
scale interactions without drastically increasing budgets or
reducing the quality of customer engagements. Forty-five percent of
highly confident respondents currently share work between human
employees and bots. And 72 percent of highly confident respondents
indicated that utilization of chatbots and messaging channels has
been extremely effective for them during the past two years.
Fifty-six percent of highly confident leaders increased spending on
messaging and social channels, while 54 percent increased budgets
for chatbots and IVAs to improve efficiency and decisioning in 2022
compared to 2021.
Methods to Safeguard Customer and Employee Experience
Labor challenges facing business leaders have worsened
year-over-year, and talent management challenges abound, as
respondents cite myriad issues including employee retention,
coaching and mentoring, interviewing, skills training and
supporting employee wellbeing.
In 2022, business leaders in the highly confident group targeted
key areas to increase spending to improve their ability to provide
exceptional CX. Quality/performance (57%), messaging and social
channels (56%) and chatbots/IVAs (54%) were among the top three
solutions where bigger budgets prevailed.
In relation to talent management, more than half of business
leaders rated coaching and mentoring, supporting employee
well-being and skills training as the top three talent management
challenges in 2023.
Register for the webinar, Closing The Engagement Capacity Gap -
Find out What’s Working from Organizations Getting It Right, hosted
by Maribel Lopez of Lopez Research, at 1 p.m. ET on March 2. Click
the link to download the full Engagement Capacity Gap study.
About Verint
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands
build enduring customer relationships by connecting work, data, and
experiences across the enterprise. More than 10,000 organizations
in 180 countries – including over 85 of the Fortune 100 companies –
are using the Verint Customer Engagement Platform to draw on the
latest advancements in AI, analytics, and an open cloud
architecture to elevate customer experience.
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, 2022, 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, VERINT DA VINCI THE CUSTOMER ENGAGEMENT COMPANY,
BOUNDLESS CUSTOMER ENGAGEMENT, and THE ENGAGEMENT CAPACITY GAP 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/20230301005224/en/
Media Relations Sue Huss sue.huss@verint.com
Investor Relations Matthew Frankel
matthew.frankel@verint.com
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