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Today, the Intelligent Workforce Platform Observe.AI announced that it has raised $125 million as part of a Series C funding round led by SoftBank with participation from Zoom.
Observe.AI’s solution uses artificial intelligence (AI) to process customer interactions with contact center agents to generate business intelligence (BI) and develop more sophisticated insights on how to improve the customer experience.
The company’s approach enables companies and technical decision makers to extract intelligence from customer service interactions, so they can share insights with customer service teams within the organization and drive strategy changes. to provide a better customer experience.
The mandate for excellence in customer experience
The Observe.AI funding announcement comes as consumer demand for seamless customer experiences rises with research reporting that 76% of customers expect consistent interactions across departments, but 54% say it appears that the sales, service and marketing teams do not share information.
As these expectations increased, many contact centers struggled to keep up and deliver a seamless experience.
Observe.AI aims to address this challenge by enabling customer-facing teams to collect more comprehensive data about customer needs so they can find a way to meet them.
“The contact center is at the center of today’s customer experience. Yet most companies know nothing about their critical interactions with customers. They have no idea how well the team members are handling them and whether they are achieving the desired end result. Money is left on the table and customer experience is left to chance,” said Observe.AI co-founder and CEO Swapnil Jain.
“Observe.AI’s best-in-class artificial intelligence engine, coupled with purpose-built workflows, minimizes manual tasks, reduces staffing needs, and helps contact center agents achieve exceptional levels of performance,” said Jain.
Observe.AI is positioned within the global workforce management software market, which researchers valued at $7.03 billion in 2020 and expects to reach $9.93 billion by 2026 as organizations look for solutions to Manage your workforce more effectively.
However, the organization is not alone in seeking to support customer service teams with deeper insights.
A solution provider that takes a similar approach is CallMiner, which provides a solution that can automatically analyze call center conversations with artificial intelligence and machine learning (ML) and provide insights into the customer journey, which has raised funding total of $160 million after raising $75 million in 2019.
A competitor taking a similar approach is automated call intelligence provider Cogito, which monitors voice calls and enables customer service teams to assess the customer experience in real time through a dashboard view, which recently raised $25 million as part of a funding round in 2020.
At this stage, Observe.AI aims to differentiate itself from other providers through the quality of its AI solution and accuracy during transcription.
“Unlike other companies in this space, we purposely built Observe.AI’s proprietary SpeechNLP technology for the contact center, training it on more than 50 accents. Our platform achieves industry-leading transcription accuracy, sentiment analysis, insight formulation, and security,” said Jain.
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