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Kustomer Raises $60M to Transform Its Omnichannel CRM Platform
SaaS-based customer relationship management company Kustomer announced that it has raised $60 million to improve customer support experience by providing buyers’ transaction history and pages they have viewed and making the information available to company representatives in one interface.
The start-up provides customer service interaction between agents and users via different channels such as email, WhatsApp, and Facebook Messenger. To facilitate the interaction further and automate it partly, the company recently introduced a new tool, KustomerIQ, to leverage artificial intelligence and machine learning. With the new solution, the tool automatically classifies conversation and defines which agent is the most appropriate one to deal with the given inquiry. It also uses natural language processing (NLP) to identify the conversation language to route the customer to the agent who speaks the same language.
Since its foundation in 2015, Kustomer has raised $173.5 million, and the recent $60 million fund from its new investor, Coatue, will support opening a new office in Europe in 2020.
Due to technology improvements, customers are expecting more from businesses. They anticipate quicker resolutions to problems and better communications with their end users. Leveraging IT automation solves the issues that companies may have had with managing the relationship between agents and clients. Moreover, coupling data with client support expedites customer service by getting user response instantaneously and saves money by solving customer issues faster.
The omnichannel concept of Kustomer captures conversation from different social media channels and brings them into a single customer view. CRM companies like Zoho and Salesforce have built their concepts around customer service very well and have gained high levels of user satisfaction, as shown in the following Data Quadrant. However, innovative solutions by start-ups like Kustomer may reshape the industry standard and customer expectations.
Source: SoftwareReviews, Published March 2019
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Thinking about choosing a new software vendor but don't know where to start? Narrow down your shortlist by focusing on software that has received an Info-Tech Research Group award. New data from SoftwareReviews shows that organizations reported higher satisfaction when they switched to software that had received an Info-Tech award.
The impact of COVID-19, as it became a global pandemic in Q1 of 2020, has affected user sentiment toward software during a growing period of fear, uncertainty, and doubt. To analyze the impact, SoftwareReviews compared Satisfaction (willingness to recommend to a peer), ability to deliver Business Value (fair cost to value), and Likeliness to Renew prior to March 10 and post March 10.
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After another impressive quarter, Salesforce announced full-year 2020 results that exceeded expectations. Also announced were Keith Block’s departure, Gavin Patterson’s appointment to president and CEO of Salesforce International, and the acquisition of Vlocity.
While completing a record FY2020, Salesforce announced the acquisition of Salesforce Ventures–funded Vlocity, a leading provider of industry-specific cloud and mobile platform software. Vlocity is a cloud-native solution built on the Salesforce platform.
Many companies are adopting GDPR as a global standard for user privacy, but Zoho went a step further at its analyst event held in Cedar Creek, Texas, Jan. 28-30. It promised to remove all third-party trackers from its web and mobile properties, describing ad-driven business models used by Silicon Valley firms such as Google, Facebook, and Twitter as legal but not moral. The Chennai, India-based firm was founded in 1996 and is privately owned.
Salesforce recently announced during Dreamforce 2019 the introduction of Customer 360 Truth. The product aims to stitch together customer information from marketing, sales and customer service applications to create a unified customer ID; whether this will be the silver bullet for managing fragmented customer information remains to be seen.
SugarCRM Rolls Out Fall ’19 Release With Savvy Improvements to Collaboration and Self-Service Capabilities
SugarCRM – a well-established player in the market for CRM platforms – recently rolled out its Fall 2019 release. From a functional perspective, the release does a good job advancing SugarCRM’s capabilities in the areas of self-service, collaboration, and sales automation.
SAP Makes Moves Into the Cloud Contact Center Space With an Eye to Enhance Omnichannel Service Delivery
SAP’s Digital Interconnect Group recently announced the launch of SAP Contact Center 365. In conjunction with its incumbent solutions for customer experience – particularly SAP Service Cloud – the move expands the viability of SAP as an end-to-end technology partner for contact center and customer service enablement.