- The funding announcement comes close on the heels of an increase in the expectations of today’s consumers to get a seamless customer experience.
- Observe.AI aims to make a platform that evaluates customer interactions and improves the customer-facing workflows to enrich their experience.
Observer.AI, an Intelligent Workforce Platform, announced it had bagged USD 125 million as part of a Series C funding round led by SoftBank with participation from Zoom.
Observer.AI’s solution uses Artificial Intelligence (AI) to process customer conversations with call center agents to generate Business Intelligence (BI) and gain more valuable insights into enhancing the client experience.
The enterprises’ approach allows business and technical decision-makers to gather intelligence from customer support conversations so that they can share valuable insights with client-facing teams within the businesses and make strategic changes to deliver an enhanced customer experience.
The compulsion for client experience excellence
The funding announcement comes close on the heels of an increase in the expectations of today’s consumers to get a seamless customer experience. According to a research report, 76% of clients expect constant interactions in all the departments. However, 54% think sales, after-sales, and pre-sales teams don’t share the information.
With a surge in expectations, many customer support centers find it challenging to keep up with the expectations and deliver an enriched customer experience.
The purpose of observe.AI is to overcome this challenge by allowing client-facing teams to collect more complete data on clients’ requirements to find a way to suffice them.
“The contact center lies at the core of today’s customer experience. Yet most businesses are left in the dark about their critical customer interactions. They have no idea how well team members handle them and whether they’re achieving the desired result. Money is left on the table, and customer experience is left to chance,” Swapnil Jain, co-founder, and CEO of Observe.AI, said.
Call center employee management
Observe.AI is a part of the global workforce management software market, which researchers valued at USD 7.03 billion in 2020. It expects it to reach USD 9.93 billion by 2026 as more and more enterprises search for a solution to manage their employees efficiently.
But Observe.AI is not the only one searching for tools to help the customer service team with more valuable insights.
CallMiner is another solution provider that opts for the same approach. It provides a solution that can automatically evaluate customer support interactions with AI and Machine Learning (ML) and provide valuable insights into the customer lifecycle. It has bagged total funding of USD 160 million after raising USD 75 million in 2019.
Cogito, a call intelligence provider, is another competitor taking a similar approach. It tracks voice calls and allows the customer service teams to evaluate client experience in real-time via a dashboard view. It recently bagged USD 25 million as a part of a funding round in 2020.
At this stage, Observe.AI aims to differentiate itself from the competitors through the quality of its AI solution and accuracy during transcriptions.
“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,” Jain said.
“Observe.AI’s best-in-class AI engine coupled with purpose-built workflows minimizes manual tasks, reduces headcount needs, and helps contact center agents achieve exceptional levels of performance,” Jain said.