8x8 Extends AI-Powered 8x8 Intelligent Customer Assistant for Enhanced Voice and Digital Customer Engagement

Rhea-AI Summary

8x8, Inc. (NASDAQ: EGHT) has expanded its AI-powered 8x8 Intelligent Customer Assistant to include voice support, complementing existing digital capabilities. This enhancement has led to a 200% year-over-year increase in customer adoption and over one million interactions to date. The solution now offers:

1. Human-like voice and digital interactions across multiple regions and languages
2. Automation of customer interactions for various use cases
3. Improved operational efficiency and increased first contact resolution rates
4. Seamless workflows from self-service to live agent assistance
5. Complete customer context for personalized experiences
6. Rapid deployment across multiple channels
7. Rich conversation insights and analytics
8. Turnkey integration options with CRMs

The expanded capabilities aim to meet changing customer expectations and provide enhanced, seamless support options.

Positive

• 200% year-over-year increase in customer adoption of 8x8 Intelligent Customer Assistant
• Over one million interactions conducted on the platform to date
• Expanded AI-powered voice support for enhanced customer engagement
• Improved operational efficiency and increased first contact resolution rates
• Potential for cost reduction through automation of customer interactions

Negative

• None.

Insights

Market Research Analyst

The expanded availability of AI-powered voice support for 8x8 Intelligent Customer Assistant represents a significant enhancement to 8x8's product offering. This development is likely to strengthen 8x8's competitive position in the business communications and customer experience market.

Key points to consider:

• The solution now supports both voice and digital interactions, broadening its applicability across various industries and use cases.
• Customer adoption has increased by 200% year-over-year, with over one million interactions to date, indicating strong market traction.
• The technology has demonstrated tangible benefits for customers, such as 46% reduction in routed calls for Activate Group and £40,000 annual savings for Oldham Council.
• The integration with 8x8's broader cloud contact center and unified communications platform could drive cross-selling opportunities and increase customer stickiness.

While this product enhancement is positive, investors should also consider 8x8's overall financial performance and market position relative to competitors in the rapidly evolving AI-powered customer service space.

Financial Analyst

From a financial perspective, the expansion of 8x8 Intelligent Customer Assistant with voice support capabilities presents a potential catalyst for revenue growth and margin improvement:

• The 200% year-over-year increase in customer adoption suggests accelerating demand, which could translate to higher recurring revenue streams.
• Improved operational efficiencies for clients (e.g., 46% reduction in routed calls, £40,000 annual savings) may justify higher pricing or upselling opportunities.
• The integration with 8x8's broader platform could increase average revenue per user (ARPU) and reduce churn.
• Automation of customer interactions may lead to cost savings for 8x8 in terms of customer support and service delivery.

However, investors should note that 8x8's market cap of $265.6 million suggests it's still a relatively small player in the industry. The impact of this product enhancement on overall financial performance may take time to materialize and should be monitored in upcoming quarterly results.

Even More Personalized, Conversational AI Self-Service Offering Driving Increased 8x8 Customer Adoption with Over One Million Interactions to Date

CAMPBELL, Calif.--(BUSINESS WIRE)-- 8x8, Inc. (NASDAQ: EGHT), a leading business communications, CX, and CPaaS platform provider, today announced the expanded availability of AI-powered voice support for 8x8 Intelligent Customer Assistant, adding to the already available digital capabilities and helping to drive increased 8x8 customer adoption and usage. 8x8 Intelligent Customer Assistant, a powerful, user-friendly conversational AI solution that equips organizations with virtual agents, enables businesses to create instant, effortless, and engaging self-service experiences, now supports human-like voice as well as digital interactions across multiple regions and languages to deliver automation and personalized experiences at scale.

AI-powered voice self-service enables the automation of customer interactions to rapidly resolve a wide range of use cases and issues, such as managing healthcare appointments, sales support and order management for retail purchases, paying utility and financial service bills, solving routine IT issues in professional services organizations, and managing travel and hospitality reservations. The conversational and accurate support provided by voice support for 8x8 Intelligent Customer Assistant, enables organizations to improve operational efficiency while also increasing the rates of first contact resolution (FCR) and customer satisfaction (CSAT).

"Implementing 8x8 Intelligent Customer Assistant to handle easy, repetitive calls has greatly improved our operations, especially for our third-party team,” said Peter Hare, IT Support Technician at Activate Group. “Reducing the number of calls routed through to the team by 46% by using the AI-powered technology has led to quicker responses as less time is spent waiting in a queue, and the repetitive questions can be answered by the bot, saving up to a minute per call. Ultimately this has boosted customer satisfaction.”

As 8x8 continues to enhance Conversational AI capabilities, the number of customers using 8x8 Intelligent Customer Assistant to power self-service use cases has increased over 200% year-over-year as of the quarter ending June 30, 2024, resulting in the associated volume of digital and voice self-service interactions growing more than 200% for the quarter on a year-over-year basis and more than one million interactions conducted on the platform to date.

“CX leaders recognize that intelligent virtual assistants can often resolve simple issues faster, while freeing up contact center agents to manage more complex customer interactions. As consumers become more comfortable interacting with virtual assistants, businesses are increasingly confident deploying customer-facing AI-powered self-service technologies,” said Sheila McGee-Smith, founder and principal analyst at McGee-Smith Analytics. “With 8x8 Intelligent Customer Assistant for both voice and digital, organizations can leverage a complete conversational AI solution while always ensuring that a human agent will be available, with full interaction context, to deliver an elevated level of customer experience at scale.”

In addition to now offering fully intelligent virtual agent capabilities powering a wide range of simple and complex use cases, voice support for 8x8 Intelligent Customer Assistant can respond to intent and provide human-like responses. This allows the solution to rapidly resolve a broad range of customer issues without the need for human intervention. As a result, processes that would normally require human intervention can be automated to reduce operational costs while providing instant 24/7 service.

“The implementation of 8x8 Intelligent Customer Assistant for Voice has saved £40,000 annually and improved our call handling success rate to over 80%,” said Christie Jones, project lead at Oldham Council. “Our multi-skilled agents can now manage calls seamlessly alongside their other tasks, reducing idle time and improving overall operational efficiency. Next steps are to investigate which other contact center services can benefit from using conversational AI technology to improve efficiency and the customer experience.”

Key features of voice self-service for 8x8 Intelligent Customer Assistant include:

• Streamline Workflows: From automated voice self-service experiences to live agent assistance, interaction workflows are seamless and minimize the need for manual data collection.
• Complete Customer Context: Eliminate blind transfers as the voicebot interaction context is delivered to the agent upon connection, empowering them to deliver more personalized, frictionless experiences.
• Build and Deploy Rapidly: Using graphical scripting tools, a single bot can be quickly built and deployed across any channel such as voice, WhatsApp, SMS, and web chat, among others.
• Rich Conversation Insights: Built-in, comprehensive analytics deliver insights and intuitive monitoring and reporting for advanced customer journey visibility.
• Turnkey Integration Options: Marketplace and turnkey integrations with CRMs allow for endless customization for a highly personalized customer experience within a voicebot interaction.

“As customer demands and expectations continue to change, it’s imperative that organizations meet these expectations head on by providing enhanced, seamless support and customer service options,” said Hunter Middleton, Chief Product Officer at 8x8, Inc. “Whether it’s managing a retail order, scheduling a healthcare appointment, help assembling a new product, or any number of other customer support issues, by adding voice support to 8x8 Intelligent Customer Assistant we are providing yet another way for organizations to engage with their customers through highly personalized, readily available services and support.”

8x8 Intelligent Customer Assistant is delivered as part of the 8x8 cloud contact center and unified communications platform, which includes cloud contact center, business phone, video meetings, team chat, outbound messaging, secure payment capture, and SMS capabilities. The 8x8 platform is a resilient, secure, and compliant platform, offering the highest levels of reliability with a financially backed, platform-wide 99.999% uptime SLA across an integrated cloud UCaaS and CCaaS solution.

About 8x8 Inc.

8x8, Inc. (NASDAQ: EGHT) is a leading provider of integrated contact center, voice communications, video, chat, and SMS solutions built on one global cloud platform. 8x8 uniquely eliminates the silos across the entire organization to power the communications and customer engagement requirements of all employees globally as they work together to deliver differentiated customer experiences. For additional information, visit www.8x8.com, or follow 8x8 on LinkedIn, X and Facebook.

8x8® is a trademark of 8x8, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241017816810/en/

8x8, Inc. Contacts:



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Source: 8x8, Inc.

FAQ

What new feature has 8x8 added to its Intelligent Customer Assistant?

8x8 has added AI-powered voice support to its Intelligent Customer Assistant, expanding its capabilities beyond digital interactions.

How much has customer adoption of 8x8 Intelligent Customer Assistant increased?

Customer adoption of 8x8 Intelligent Customer Assistant has increased by 200% year-over-year as of the quarter ending June 30, 2024.

How many interactions has the 8x8 Intelligent Customer Assistant platform handled?

The 8x8 Intelligent Customer Assistant platform has handled over one million interactions to date.

What benefits does the 8x8 Intelligent Customer Assistant offer businesses?

The 8x8 Intelligent Customer Assistant offers improved operational efficiency, increased first contact resolution rates, seamless workflows, personalized customer experiences, and rich conversation insights.

What is the stock symbol for 8x8, Inc.?

The stock symbol for 8x8, Inc. is NASDAQ: EGHT.