As a SaaS software business, we obviously love customer praise, but recognition from industry analysts who have tons of experience looking objectively at the market and how technology vendors stack up is pretty important, too.
That’s why we’re extremely proud to be recognized by Opus Research as a Leader in its first Conversational Intelligence report, which looks at the emerging opportunities for conversational technology in marketing and sales. More importantly, we are a category leader in the report, beating out eight other companies in the Challenger and Innovator categories, some of which have been innovating in speech analytics for 18 years (we launched Signal AI in 2017).
In this report, Opus set out to evaluate eleven solution providers who are defining the emerging conversational intelligence category. According to Opus, these companies offer tools, services, and platforms to help transform raw transcripts or call recordings into a source of insights and business intelligence to inform marketing, customer support, product development, and operational decisions. One of the key findings is that “Conversations are the new CX,” meaning that:
"The most successful interactions with prospects and customers take the form of a digital, omnichannel conversation. They are initiated at each customer’s discretion, although they can be triggered by an ad, email, text alert, or prompting of a virtual assistant."
This hits home for us and we’re really excited about our plans to double down on innovation that helps marketers make sense of and optimize for the omnichannel conversation. Here are a couple of reasons that this area of conversational analytics is picking up steam.
First-Party Data is More Important Than Ever
As regulations like GDPR and CCPA reduce the availability of third-party consumer data and as consumer demand for both privacy and personalization escalate, marketers must rely more than ever on their own first-party data. Why? Marketers see better results — and ultimately pay less — by focusing on owning rather than renting data. However, not all first-party data is created equal, and many marketers miss out on extremely rich sources like conversational data because they lack the necessary technologies to extract this information or they face organizational silos that prevent access.
Speech Analytics is Evolving
Opus Research has been conducting a study of executives who influence the purchase of Speech Analytics products or services over the past four years. Figure 2 below looks at how expectations have changed as solutions proved their ability to conduct analysis in real-time that can support or orchestrate the suggestion of a “next-best action” or alert a supervisor about the need for an intervention.
According to Opus, “The analysis also documented that departments and business units outside the immediate contact center are beginning to take an interest in findings based on conversation analytics. Marketing, Sales and Product Development, chief among them. Real-time insights from contemporaneous conversation play an important role in recovering lost sales, improving advertising strategies or refining product attributes as we describe in detail in this document as we give a closer look to the firms giving shape to the Conversational Intelligence domain.”
This recognition from Opus Research continues to validate our market leadership position, adding to a wave of accolades from Forrester, CB Insights, Aragon Research, and the most recent Forrester TEI report that demonstrates how Invoca delivers 395% ROI to marketers. Most importantly, we’re proud to be consistently recognized as the conversational analytics leader by our customers, as evidenced by case studies and keynotes from University Hospitals and VITAS Healthcare.