Verint Systems Inc.: Driving Employee Engagement to Next Level

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Dan Bodner, President & CEO, Verint Systems Inc.Dan Bodner, President & CEO Employee engagement plays a pivotal role in business growth and success. This is because employee engagement affects several things, not just employee productivity and retention but also customer satisfaction. Motivated and well-informed employees are more likely to perform better in their roles. They can help in getting better feedback, build greater trust and create an even stronger reputation with the customers.

However, a lot of organizations misunderstand that providing employees with an abundance of freebies and a high salary are enough to engage them. In reality, the effort goes much deeper to achieve high levels of employee engagement to have a positive effect on business. As employees often handle the most complex tasks of an organization, so empowering them with the right tools and information is crucial. Employee engagement tools drive efficiency and visibility while helping reduce mistakes and rework, and that is exactly what Verint Systems Inc. brings to the market. The company offers the broadest portfolio of solutions available today that simplifies employees’ job while delivering exceptional services.

The Verint’s cloud and hybrid solutions are backed by the latest artificial intelligence and advanced analytics technologies, which deliver greater automation and shared intelligence to drive workforce engagement, customer loyalty, and business impact. They help organizations minimize the risk of overstaffing, overtime, and shrinking while automating routine administrative tasks, providing employees with the schedules they prefer, and identifying time-off opportunities.

Successful Employee Engagement Starts with Verint

Verint’s range of products comprises of automated quality management, case management, chat engagement, work manager, workforce management, automated verification, coaching/learning, desktop & process analytics, email engagement, employee desktop, gamification, and internal communities. It also includes knowledge management, mobile workforce, multichannel recording, performance management, robotic process automation, speech and text analytics, and virtual assistant.

Verint’s automated quality management enables organizations to automate the entire quality management process, from scoring evaluations to assigning coaching. With this solution, organizations can also shift resources from scoring and other manual quality monitoring tasks to higher value activities, like analyzing calls and focusing on soft skills, coaching, and compliance. However, with the case management solution, organizations can transform customer service processes by focusing on process improvement and employee empowerment.

Accelerating innovation is more than Verint’s heritage; it is the company’s passion

It enables organizations to automate and rapidly adapt business processes in response to changing market and customer requirements. Case Management is available as part of the Verint Employee Desktop, another major solution offered by the company that let employees work with customers across multiple channels through a single user interface, pass information significant to the context of the customer’s interaction, and initiate customer cases quickly using pre-built customer service processes.

By combining knowledge management, case management, and channel management, employee desktop helps employees engage with customers and work cases across a variety of channels. The solution empowers employees and supports their decision making to help provide differentiated and personalized customer service.

On the one hand, knowledge management provides the right information across channels increasing the first-contact resolution; on the other hand, channel management captures interactions across several communication platforms that help organizations in quality management, sales verification, and dispute resolution. In addition to full-time channel management, Verint presents a range of recording solutions to capture face-to-face interactions, address requirements for public safety and financial trading compliance, and incorporate the power of speech processing for intelligent call recording.

Verint Chat Engagement solution helps employees immediately connect with the customers to assist them while reducing abandonment and cost to serve. Not only this, but the solution also enables organizations to monitor customer interactions, offer assistance and dynamically present targeted offers. While gamification accelerates employee onboarding, drive ongoing skill development, and knowledge sharing. The solution saves billions of dollars of organizations by using game machines and behavior science to avoid disengagement among employees. It presents role-specific goals in the form of key performance metrics (KPIs) and offers the next best actions to improve employees’ skills or knowledge in a specific area. Even, employees are given award points and badges for reaching performance targets.

In an instance, ABN AMRO, a leading financial services company, wanted to accelerate the pace at which customer queries were answered in its Advice Service Centre. The center, open 24/7 with around 1400 staff members, was handling more than four million phone calls per year along with email, social and web-based queries. But the center wanted to achieve the target of providing contact with an agent within 40 seconds of an inquiry, and for that ABN AMRO needed to optimize staff schedules and maximize agents' presence at peak hours during the week. In addition, the client company was also concerned about employee wellbeing and satisfaction.

ABN AMRO then contacted Verint and chose to implement Verint Workforce Management; favoring the software’s intuitive user interface and capability that it provides to optimize schedules seamlessly.
The solution provided the client company with highly comprehensive forecasting at the touch of a button, allowing optimal scheduling that effectively balances call volume and workload with agent availability, skills, preferences, and other parameters. Workforce Management also enabled Advice Service Centre management to easily plan meetings or training without impacting service levels. “We’re very satisfied with the results we’ve seen so far with Verint Workforce Management. Now we can easily balance workloads, helping to reduce costs from overstaffing and overtime. On top of this, overall employee satisfaction with the scheduling method has increased by 15 percent and satisfaction related to work-life balance has improved from 60 to 80 percent,” quips the project manager at ABN AMRO.

Aiming for Growth Driven by Passion

Accelerating innovation is more than Verint’s heritage; it is the company’s passion. With its extensive research and development (R&D) team comprised of approximately 1,400 professionals and backed by over 800 patents and patent application worldwide, Verint has made a significant impact through its core business strategy. Clients across the world rely on the company to simplify, automate and modernize their employee engagement system, resulting in excellent customer experience and deeper royalty. Verint has been honored and recognized numerous times for its unique innovations.

“The Verint’s cloud and hybrid solutions are backed by the latest artificial intelligence and advanced analytics technologies, which deliver greater automation and shared intelligence to drive workforce engagement, customer loyalty, and business impact”

Recently, the company was ranked as a leader in Gartner’s Magic Quadrant for Workforce Engagement Management. Verint was also awarded the best overall AI solution in 2018 by AI Breakthrough, an independent organization that honors the top companies, technologies, and products in the global Artificial Intelligence (AI) market. Besides, because of its innovative approach, Verint has also been recognized by Frost & Sullivan with a 2018 Latin American Contact Center Applications Market Leadership Award. Verint was selected from the pack with high notes across Frost & Sullivan’s 10 key performance criteria.

The year 2018 was good for Verint, and the company intends to continue its focus on delivering breakthrough solutions to empower and engage employees to serve them effectively across assisted and self-service channels. On that note, Verint has signed a definitive agreement to acquire ForeSee, a leading cloud voice of the customer (VoC) vendor. It has been speculated that the combination will generate a new standard for customer experience (CX), marketing and operational executives who want an integrated view of the voice of their customers across digital, voice, surveys, email, chat and social media. In addition, Verint aims to deliver significant value to its customers across all of its end markets. With an experience of over two decades, the company is well-positioned, focusing on delivering each of its 2019 commitments and long-term financial objectives.

Verint Systems Inc. News

Verint Launches AI Blueprint to Simplify Enterprise Investment in AI

Melville, N.Y. -Verint® Systems Inc.(Nasdaq: VRNT), The Customer Engagement Company™, today announced the launch of AI Blueprint™, a patent-protected conversation analysis system that identifies intelligent virtual assistant (IVA) use cases and accelerates automation. AI Blueprint unlocks the power of conversational data and returns specific insights for achieving an organization’s unique business goals. The system then delivers a “blueprint” of precisely how and where businesses can get started with AI or continue to grow their AI capabilities, reducing risk and leading to improved operational efficiency and faster ROI.

“Businesses today need a well-defined roadmap of the resources required to implement an intelligent assistant successfully. AI Blueprint fills this need,” said analyst Dan Miller, founder of Opus Research. “This unique conversation analysis system offers organizations a package of key elements and resources to speed the time to value today and in the future.”

While AI adoption across the enterprise continues to grow, HFS Research*projects that, by 2020, more than 50% of enterprise adopters will face AI fatigue. Making informed decisions about how to leverage AI effectively remains challenging, costly, and time consuming. Many businesses invest in AI systems that don’t serve their underlying business needs, and these systems are soon abandoned.

“Understanding precisely how AI can be leveraged to support specific business goals is an ongoing industry challenge,” said Tracy Malingo, SVP of product strategy at Verint. “At Verint, our chief goal is enabling organizations to effectively automate areas in the business with the greatest potential for ROI. AI Blueprint helps businesses understand the right place to start when it comes to implementing AI.”

The AI Blueprint contains a simple yet effective two-factor analysis:

1. Leveraging AI and machine learning for analysis, classification, and labeling of any company’s structured and unstructured conversational data.

2. Determining whether the organization could benefit from deploying AI.

If AI Blueprint identifies that there is a business need for AI, the analysis system returns comprehensive and customized recommendations. It identifies which use cases will generate the most business value, develops a range of measurable key performance indicators adapted to the business goals, and generates a roadmap for implementing and/or further developing AI-powered IVAs in ways that ensure long-term success.

Thirty-one percent of business executives believe that IVAs are the AI-powered solutions likely to have the largest impact on their business. The results that AI Blueprint has seen with initial pilot customers further validates this finding.

Through AI Blueprint’s unique two-factor analysis approach, enterprises have seen:

• 83% deflection in live chat volume.

• 44% cost reduction in the first year.

• $1 million saved in customer service email costs in a single year.

• 50% decrease in the amount of time it takes a customer to reset a password.

• 27% reduction in live-chat costs.

In total, these benefits can accelerate the ROI of the IVA platform from months to weeks.

“IVAs are the future of customer engagement,” said Verint’s Michael Southworth, general manager, intelligent self-service. “Yet delivering exceptional customer experience is like hitting a moving target because every business is unique. AI Blueprint helps ensure that an IVA strategy is consistently delivering exceptional customer experiences and driving operational efficiencies.”