Tag: customer experience

Concentrix Acquires Webhelp: A Game Changer in the Global Customer Experience Management (CXM) Landscape | Blog

The combination of Concentrix and Webhelp will create a global customer experience management (CXM) titan that can significantly shape the industry’s future. Let’s explore the benefits and other implications of this mega deal.

The recent announcement of Concentrix’s planned acquisition of Webhelp in a US$4.8 billion deal is a major milestone in the growing trend of mergers and acquisitions in the CXM industry over recent years.

With an estimated pro forma 2023 annual revenue of US$9.8 billion across multiple businesses, including CXM, trust and safety, and legal services, the combined entity will emerge as a global service powerhouse with the potential to significantly shape the CXM industry.

Key drivers of the acquisition

The strategic benefits of this acquisition include:

  • Stronger operational presence beyond North America: Webhelp has a strong presence in sales, marketing, and payment services across Europe, Latin America, and Africa. With this acquisition, Concentrix will be able to strengthen its operations beyond North America in these geographies. Concentrix is further set to bolster its extensive operations in the Asia-Pacific region by leveraging Webhelp’s existing operational presence and partnerships with regional CXM providers in China and Japan through joint ventures with Kingwisoft and Telenet, respectively. This will result in the combined entity having a diversified revenue contribution across the Americas, Europe, and Asia Pacific
  • Enhanced delivery capabilities in Europe, Latin America, and Africa: Webhelp adds more than 25 new countries to Concentrix delivery locations, including Denmark, Greece, Estonia, Finland, Norway, Madagascar, Peru, and South Africa, thus, strengthening Concentrix’s delivery presence in Europe and Latin America, as well as helping it establish an African footprint. This collaboration will establish a robust and well-balanced global footprint, which can attract global enterprises looking to partner with service providers who can offer the right shoring mix to their end customers across geographies
  • Varied customers: Webhelp’s customer base is primarily situated outside of North America leading to limited client overlap with Concentrix. With this acquisition, Concentrix is set to gain around 1,000 new clients from Webhelp, consisting of over 25 Fortune Global 500 clients, and more than 200 clients from emerging economies. This will significantly increase the combined entity’s client base to approximately 2,000 clients, of which 155 are Fortune Global 500 clients and 320 are from the new economy sector. By expanding and diversifying its client base, Concentrix can increase revenues, broaden service offerings, and gain economies of scale, while its clients also will benefit from access to a wider range of resources and expertise
  • Operational synergies: Combining Concentrix and Webhelp will enable the sharing and cross-selling of digital capabilities, including Concentrix’s Catalyst platform and ServiceSource’s expertise in the fast growth-technology (FGT) segment, as well as Webhelp’s Lead Factory and consulting firm Gobeyond Partners. This will allow the combined entity to offer clients high-value services, addressing their needs more comprehensively and efficiently. Moreover, the partnership is expected to broaden the global reach of Concentrix Catalyst and accelerate its expansion by leveraging Webhelp’s engineering know-how in Europe and Latin America. Sharing resources also can lead to operational efficiencies, enabling the merged entity to enhance profitability and market competitiveness. Expected cost synergy benefits will be US$75 million in the first year after the closing of the transaction and will reach a minimum of US$120 million (after accounting for investments) by the third year
  • Expansion of other service lines: Concentrix can expand its trust and safety service lines by utilizing Webhelp’s delivery footprint and in-house solutions, such as Contentus.AI for more efficient moderation, Navigatus for enhancing work quality, and Moderatus for detecting and removing false news and hate speech. In addition, Concentrix can leverage Webhelp’s expertise in legal services, including legal claims management and Know Your Customer (KYC) services, to further expand its Business Process Services (BPS) portfolio

Key considerations

  • Integration challenges: Varying technology systems and processes, as well as the difficulty of integrating and managing data, can potentially hinder the Webhelp and Concentrix union. Bringing the respective customer service models and training programs into alignment also can pose challenges. Furthermore, integrating human resources and payroll systems, benefits, and compensation programs can be complex and will require careful planning and execution. However, contrary to other recent CXM acquisitions, we do not foresee a significant culture clash challenge between Concentrix and Webhelp
  • The emergence of a new category of global CXM Titans: In recent years, the CXM market has witnessed a significant trend towards consolidation, with several high-profile mergers such as Sitel Group’s merger with SYKES to form what is now known as Foundever and Comdata Group’s merger with Grupo Konecta. The upcoming collaboration between Concentrix and Webhelp is poised to contribute to this consolidation trend, with the combined entity expected to control a considerable market share of roughly 6-8%. Similar to the super-major formation era of the late 1990s and early 2000s in the oil and gas industry, Concentrix, Foundever, and Teleperformance are poised to form a new category of global CXM Titans that have the potential to dominate the market due to their extensive resources, expertise, and global reach. Their emergence validates the growing appetite for comprehensive CXM solutions and the need for providers who can meet these demands on a large scale
  • Competition and opportunities for other providers and specialized players: The consolidation of these two forces may create challenges for other CXM players who might struggle to compete with the resources and scale of the merged entity. However, this also could create opportunities for providers to thrive with tailored offerings targeted at specific customer service areas or industry sectors, such as IGT Solutions and ResultsCX with their focused offerings for travel and healthcare, respectively

The announcement of Concentrix’s acquisition of Webhelp has generated a significant buzz in the CXM industry. Certainly, we expect this pending acquisition to fuel more CXM market consolidation, which may potentially limit buyers’ choices for transformation-oriented strategic partnerships.

Despite these concerns, the Concentrix and Webhelp combination creates a formidable CXM force that will likely shape the industry’s trajectory for years to come. Monitoring the impact of this collaboration on the CXM landscape as well as watching other market players respond to the ongoing consolidation trend will be fascinating. Who will be the next global CXM titan to join their ranks?

To discuss global customer experience management topics, contact Shirley Hung [email protected], Sharang Sharma [email protected], or Divya Baweja, [email protected].

And watch our LinkedIn Live event, Delivering CXM Services from Africa: Who, Where, Why, and How, to learn why Africa has become an ideal option for global customer experience management.

What Are the Benefits and Barriers of Impact Sourcing in CXM? | LinkedIn Live

LINKEDIN LIVE

What Are the Benefits and Barriers of Impact Sourcing in CXM?

View the event on LinkedIn, which was delivered live on Thursday, March 16, 2023.

Impact sourcing is an ethical outsourcing practice that intentionally focuses on maximizing societal and business outcomes ♻️. Over the years, we’ve witnessed growth in impact sourcing globally, specifically in customer experience management (CXM) by both traditional providers and impact sourcing specialists👥.

Impact sourcing delivers many benefits for workers, the communities around them, and businesses employing them; however, there are also barriers.

📢Watch this LinkedIn Live recording as our analysts and Global Mentorship Initiative CEO, Jon Browning, break down the benefits impact sourcing workers experience and the challenges businesses face when recruiting them.

Any organization interested in learning more about sustainability, environmental, social, and governance (ESG) objectives, and impact sourcing and is looking to get started with an initiative of their own should attend💻.

What questions does the event address?

✅ What are the key trends and drivers leading to impact sourcing demand?
✅ What are the key benefits of impact sourcing for providers and buyers of outsourcing services?
✅ What are some significant impact sourcing initiatives by traditional service providers and impact sourcing specialists?
✅ What are the recommendations for implementing impact sourcing and challenges faced by buyers and service providers?
✅ What is the future outlook of impact sourcing?

Meet The Presenters

Sharma Nimish
Analyst
Everest Group

Strategies for Customer Experience (CX) Success in an Uncertain World | Webinar

ON-DEMAND WEBINAR

Strategies for Customer Experience (CX) Success in an Uncertain World

The global customer experience (CX) outsourcing market has grown tremendously. The current market size is more than US$105 billion, and CX remains a key focus area for enterprises.

However, the CX market is now facing a new set of challenges influenced by the increasing need to provide differentiated experiences to customers – while managing mandates to reduce costs.

Join our CX experts as they explore key trends and provide recommendations on what to prioritize and how to navigate the challenges to deliver exceptional CX. 

What questions will the webinar answer for the participants?

  • What is the CX industry outlook for 2023 and how can enterprises reduce costs?
  • What are the potential challenges and trends that will impact the CX industry?
  • Which actions can enterprises and service providers take to build their CX strategies for 2023 and navigate potential challenges?

Who should attend?

  • CEOs, CCOs, CIOs, and CTOs
  • BPO strategy and global heads
  • Leaders of CXM outsourcing
  • Leaders of CXM strategy
  • Head of customer experience
  • Head of customer service
  • Head of CXM service delivery
  • Senior sales and marketing executives
Biswas_Chandan_Chhandak
Practice Director
Rickard David
Partner

ChatGPT Trends – A Bot’s Perspective on How the Promising Technology will Impact BPS | Blog

What better way to find out how ChatGPT will impact the Business Process Services (BPS) market than to ask the trained chatbot itself this question? According to its answers, the future looks promising. But obstacles still need to be overcome. Learn about the latest ChatGPT trends in this second part of our series.

Since OpenAI released ChatGPT for public testing in November 2022, ChatGPT has generated a lot of buzz. Based on initial impressions, the technology holds great promise to enhance and revolutionize many industries, including customer experience, healthcare, logistics, banking, and education, among others.

With all the attention, it’s natural to wonder how ChatGPT will impact the BPS market. And how better than to hear it straight from the bot? So, our analyst logged in on a session with ChatGPT and had a very direct and long conversation. Here’s what we learned:

Picture1
Figure 1A Snippet from a conversation with ChatGPT

ChatGPT’s potential to enhance customer experience is fairly well known. It has shown the promise to improve current conversational Artificial Intelligence (AI) solutions and make them sound more human-like, which can significantly change how these services are delivered.

It is already capable of understanding natural language with high accuracy, and with enough training, it can start with taking on simple tasks at contact centers. ChatGPT also can track customer preferences and provide real-time insights that can unlock new opportunities for enterprises.

Exploring ChatGPT trends beyond experience

We were interested in understanding its impact beyond customer experience in other major areas such as back-office, content moderation, and finance and accounting, so we asked ChatGPT.

Below is a summarized finding of how ChatGPT can revolutionize six key areas, according to the conversation. (And we have no reason to believe it might have been exaggerating, unlike, say, an analyst writing something similar).

  • Back-office: Can automate back-end processes such as data entry, record keeping, and reporting, freeing up employees for more value-adding work
  • Content moderation: Can assist with content moderation by automatically detecting and flagging potentially harmful or inappropriate content, improving efficiency and accuracy compared to manual moderation
  • Human resources: Can automate repetitive tasks such as candidate screening, resume filtering, and scheduling interviews, freeing up HR staff for more value-adding work. It can provide quick and accurate responses to candidate inquiries, improving the overall candidate experience and making the hiring process more efficient. Another use is virtual interviewing, making it easier for HR to conduct interviews with candidates located in different locations
  • Financial and accounting: Can automate tasks such as invoice processing, expense reporting, and budget tracking, freeing up finance staff for more value-adding work
  • Supply chain: Can assist with supply chain management by providing real-time visibility into inventory levels, shipment status, and other supply chain data, enabling companies to make data-driven decisions and optimize their supply chain
  • Procurement: Can automate procurement tasks such as vendor management, purchase order creation, and invoice processing, helping procurement teams work more efficiently and effectively

The answers show the technology can potentially have positive repercussions across major areas within BPS. With such huge potential, ChatGPT is expected to impact talent as well. While demand may decline for low-skill jobs such as data entry and transactional customer service, ChatGPT will require new skills such as AI and data analysis, creating new job opportunities in areas such as conversational AI design and deployment. As enterprises adopt ChatGPT and other AI technologies, developing new skills and staying up-to-date with industry trends and advancements will become increasingly important for employees.

While the technology is certainly promising, several factors must be considered for successful implementation, including ethical and legal considerations (such as data privacy and algorithmic bias), integration with existing systems, quality of training data, human oversight, and ongoing development and improvement.

ChatGPT has the potential to significantly impact various areas within BPS. While challenges exist, careful planning and considering factors such as data privacy and ethical implications can lead to successful implementation and ongoing improvement. With careful investments, planning, and further technological advancement, ChatGPT can reach its full potential before too long.

For the first part in our series, see ChatGPT – Can BFSI Benefit from an Intelligent Conversation Friend in the Long Term? To discuss ChatGPT trends, please reach out to Sharang Sharma.

The Rising Role of Customer Data Platforms in Data-driven Personalization | Blog

By bringing together disparate data to gain a single customer view, Customer Data Platforms (CDPs) are becoming increasingly important to help brands drive personalized marketing efforts while maintaining trust and privacy. Learn more about the benefits of Customer Data Platforms and why they matter in this blog.

With the explosion of data on consumers’ spending and online behavior available from a multitude of sources today, gleaning valuable insights from the massive amounts of information is a top priority for brands.

But unifying the various disconnected touch points clearly and comprehensively to make sense of all the data is one of the biggest challenges facing marketers.

Customer Data Platforms (CDPs) have emerged as an important software solution that can help businesses get closer to consumers and achieve their organizational goals. Let’s explore what is driving the rise of CDPs.

Shift to data-driven marketing

Third-party cookies stored within users’ browsers have historically been a key marketing technology to track visitor behavior activity, improve the user experience, and collect metadata.

But today’s new consumer priorities, data privacy laws, and evolving technologies are leading to the third-party cookie’s demise. Following Safari’s lead in 2016, the world’s three main browsers eliminated (or will eliminate) the use of third-party cookies.

In addition to the demise of third-party cookies, other developments are limiting the use of consumer data for marketers. On the mobile/tablet devices side, Apple’s iOS 14 now requires explicit consent for any mobile identification collection.

The General Data Protection Regulation (GDPR) in Europe and other similar regulations are impacting consumer data collection and processing. In addition, 71% of countries have data protection and privacy regulations and 9% have draft legislations, according to the United Nations Conference on Trade and Development (UNCTAD.)

These developments significantly impact the consumer targeting capabilities of advertisers who often depend on third-party data. The vast majority of advertisers use or have used retargeting and old-generation Data Management Platforms (DMPs) that rely heavily on segments fed by third-party data.

Along with targeting, measurement is also significantly hindered. With more stringent consent collection requirements, collecting the consumer identifications needed to track impressions, clicks, or views and reconstruct complete customer journeys is more difficult.

These changes represent a major shift in data-driven marketing – leading to greater reliance on first- and second-party data to meet the challenges of an increasingly privacy-focused world.

But the unfortunate reality is that most organizations simply aren’t ready to adapt to these trends.

In our report Emergence of CDPs: Charting the Path to Data-driven Personalization, we estimate that even though 90% of businesses agree that data-driven marketing is the future, only 20% consider themselves highly mature enterprises, citing the high cost of data acquisition, limited automation, and data fragmentation as some of the top challenges.

How can enterprises prepare?

With this imminent shift from third-party to first- and second-party data, the changing regulatory environment, and evolving customer expectations for omnichannel and hyper-personalized experiences, enterprises are actively investigating new ways of collecting and activating customer data to drive personalization while fostering customer trust.

This is where CDPs become increasingly important and act as a central repository for the marketing stack.

A CDP allows enterprises to capture and store user data to link with all the users’ interactions, including Customer Relationship Management (CRM) and eCommerce platforms, social media, websites, and apps. Having data from multiple different systems improves the likelihood of identifying an individual. See the customer data platform framework below:

Customer data platform framework

Screenshot 2022 11 10 093829

 

By gaining a single customer view, brands can better understand customer requirements and up-to-date communications preferences, personalize individual brand experiences based on past behavior, and create personalized recommendations for customer segments. All of this can be achieved using unique, relevant, and accurate information that a person has willingly shared with the brand.

CDPs do not replace existing data systems. Instead, their role is to enhance current tools’ capabilities, mitigate risk from the third-party cookie demise, and power marketing teams with near real-time best-in-class audience selection. CDPs bring together existing customer data, anonymous floating attributes, and digital behavior across channels, devices, and tools.

Customer data platform landscape

Adoption is on the rise with, CDPs being viewed by enterprises as one of the most viable, future-proof solutions for managing the overwhelmingly disparate data streams that today’s brands gather and generate about their consumers and prospects.

Enterprises have many choices in this rapidly expanding market, including:

  • Large enterprises like Adobe, Oracle, and Salesforce that are investing hundreds of millions of dollars in the space and offer CDP as part of a greater MarTech (marketing technology) package
  • Pure play CDP players like Celebrus, mParticle, and Treasure Data that are purpose-built to support and address CDP use cases first that don’t need to be integrated into a larger system

Along with the growth in new entrants, the CDP space has seen a flurry of merger and acquisition activity in recent years of players that have showcased their unique data, campaign, analytics, and delivery capabilities, as illustrated below to see merger and acquisition activity in the customer data platform landscape.

Merger and acquisition activity in the customer data platform landscape

Screenshot 2022 11 10 094205

The road ahead for customer data platforms

As the data management landscape continues to rapidly evolve, CDPs will play an important role in the marketing tech stack and enable marketers to achieve true 1:1 personalization.

For enterprises to reach the desired business outcomes and mitigate risks in their personalization journeys, they should follow a comprehensive roadmap with the following four steps for data-driven 1:1 personalization:

Roadmap for data-driven 1:1 personalization

Screenshot 2022 11 10 094416

 

For more, see our report, Emergence of CDPs: Charting the Path to Data-driven Personalization, or view our webinar, Hyper-personalization Using Customer Data Platforms (CDPs). To discuss Customer Data Platforms further, please reach out to Sandeep P at [email protected].

Discover  how CX leaders can meet the expectations of their digitally enabled customers in our webinar, How are Leading Organizations Delivering Exceptional Customer Experience?

How Can Your Data Analytics Improve Your Customer Experience? | LinkedIn Live

LINKEDiN LIVE

How Can Your Data Analytics Improve Your Customer Experience?

View the event on LinkedIn, which was delivered live on July 14, 2022.

The pandemic unequivocally altered customer habits across all industries, drastically increasing online transactions and communication. Forward-looking businesses found opportunities in this shift to create sustainable, long-term customer experience (CX) strategies, leaning in to digital transformation so customers could self-drive transactions online with real-time responses. 

This boost in CX strategy has also increased access to customer data and analytics, providing an enhanced view of customers’ behaviors and actions throughout all touchpoints of the purchase journey, improving overall CX and delivery operations. 

Join this LinkedIn Live session as our experts explore the evolution of CX and how data and analytics are helping businesses understand their customers at higher levels than ever before.

What questions will the event answer for the participants?

  • How has CX evolved in the past few years?
  •  What does the current CX market look like?
  • How are leading organizations using analytics to improve the CX they deliver?

Meet the Presenters

Rickard David
Vice President
Everest Group
Lee Monstari
Lee Mostari
Director of Insights & Analytics
Davies Consulting

Two Success Factors For Platforms To Improve Customer And Employee Experience | Blog

As I previously blogged, back in pre-COVID-19 pandemic times, companies experimented with changing to digital operating models and building digital platforms to drive competitive advantages in managing operations, especially in improving the customer experience and employee experience. As economies began coming out of the pandemic shutdown, it became clear that companies that had progressed further in the platform world fared much better during the pandemic; and many used their platforms to gain disproportionate market share. That picture is even more dramatic in 2022.

Read more in my blog on Forbes

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