RingCentral Reimagines the Business Phone System with Real-Time AI
- RingCentral introduces RingEX with RingSense AI at Enterprise Connect 2024.
- RingEX offers real-time call notes, conversation intelligence, AI writer, and generative AI search.
- The AI platform aims to enhance productivity and collaboration across various business functions.
- RingSense AI is embedded in RingEX to provide personalized and context-aware interactions.
- RingCentral's CEO, Vlad Shmunis, highlights the value of AI in improving workflows and efficiency.
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Insights
The introduction of RingEX with RingSense AI by RingCentral represents a significant development in the business communications sector. The integration of AI-driven features such as real-time note-taking, conversation intelligence and generative AI search into a unified communications platform could potentially enhance productivity and efficiency in the workplace. From a market perspective, this innovation may cater to the growing demand for intelligent workflow solutions, potentially increasing RingCentral's market share and competitiveness.
Moreover, the emphasis on AI Privacy by Design indicates a proactive approach to data security and user privacy, which could resonate positively with businesses concerned about compliance and data protection. This aspect of the offering could be a differentiating factor in an industry where trust and security are paramount. The market will closely monitor the adoption rate of RingEX and its impact on RingCentral's financial performance, such as revenue growth and customer acquisition metrics.
RingCentral's announcement of the RingEX platform with integrated RingSense AI capabilities may have implications for the company's financial outlook. The investment in AI technology suggests a strategic pivot towards enhancing the value proposition of their core offerings. As a financial analyst, I would scrutinize the capital expenditure on R&D and the expected ROI from this technological advancement.
Given that the product is currently in a preview phase with select customers, it is premature to forecast its impact on the company's revenue streams. However, if RingEX gains traction, it could lead to increased customer retention and potentially higher Average Revenue Per User (ARPU) due to the added value of AI features. The market will also be interested in the pricing strategy for RingEX and how it compares to competitors' offerings, which could influence investor sentiment and stock performance.
The technical innovation brought forth by RingCentral with its AI-infused communications platform, RingEX, is noteworthy. The use of proprietary AI large language models and third-party models could offer a more robust and versatile user experience. The ability for users to access APIs for customization through the developer portal suggests that RingCentral is positioning itself as a platform-centric business, potentially fostering an ecosystem of third-party integrations and applications.
From a technology standpoint, the success of RingEX will hinge on the accuracy and effectiveness of the AI capabilities in real-world scenarios. If RingSense AI delivers on its promise of transforming conversations into actionable insights, it could set a new standard for AI implementation in business communication tools. This could spur further innovation in the sector and drive competitors to enhance their own AI offerings to keep pace.
Adding AI for an immersive employee experience, RingCentral MVP is now RingEX
New RingEX AI capabilities include real-time call notes, conversation intelligence, AI writer and translator for messages, and generative AI search
As part of the announcement, RingCentral is delivering the following:
- Replacing RingCentral MVP®, new RingEX™ with RingSense AI provides intelligence across phone calls, SMS, meetings, and messaging, including real-time call notes, messaging recap, and generative AI search across conversations.
- Purpose-built AI that enhances personal productivity and business collaboration, broadly infused across RingCentral’s suite, including RingEX™, RingCX™, RingSense for Sales, and RingCentral Events™, to boost efficiency and teamwork in every interaction.
With RingSense AI now embedded in RingEX, customers have a personal AI assistant to supercharge their productivity and transform everyday conversations into actionable insights. RingEX with RingSense AI reinvents the phone experience altogether, saving employees time on tedious manual tasks, while enabling them to optimize workflows and focus on more creative or strategic parts of their interactions.
“AI brings a shift from unifying communication modes and functionality to merging employee and customer experiences, and it’s exciting,” said Vlad Shmunis, Founder, Chairman, and CEO, RingCentral. “Building on our battle-tested, mission critical platform, we are delivering AI that is purpose-built for specific use cases to drive tangible value – from enhancing everyday productivity to driving interaction efficiencies. RingSense AI unlocks data-rich conversations across phone calls, messaging, video meetings, and contact center interactions to deliver actionable insights that inform more intelligent workflows.”
RingSense AI for RingEX
Unlike other solutions on the market that only offer AI for video and messaging, RingCentral is among the first to have a complete AI-infused offering across message, video, and phone. RingSense AI capabilities for RingEX include:
- Real-time note-taking: Powers phone conversations with a personal AI assistant for real time note-taking, capture of outstanding questions, and action items.
- Powerful conversation intelligence: Delivers AI-generated distilled summaries, notes, action items, and recording highlights. Captures context of conversations, making engagements more personalized.
- Unread message recap: Provides AI-generated summaries of missed team messages in group chats for quick catch-up.
- AI writer and translator for messages: Writes polished chat messages, keeping the context of conversations, in the style and length users prefer. Accurately translates messages in Spanish, French, German, Chinese, or English.
- Generative AI search: Uses AI to search for information from conversations across phone, SMS, and voicemails – with AI search in email, meetings, and chat coming soon.
- Advanced meetings summaries and insights: Automatically generates video “highlight reels” and searchable text summaries of meetings. Also generates keyword based clips, transcripts, summaries, topic lists, replays by specific speakers.
“Historically, voice-driven data has been largely inaccessible at scale,” said Jim Lundy, Founder and CEO, Aragon Research. “With RingSense AI, RingCentral is unlocking that data into key insights and action items. The ability for RingSense AI to create notes in real-time, interpret complex conversations, and dynamically automate action items on behalf of a user, all from a single, consistent user experience embedded directly within RingEX, is what makes this solution unique.”
RingSense AI for RingEX is currently rolling out in preview among select customers. Further information on pricing and specifics will be available in the coming months. Sign up here.
While RingEX is the foundation of business communications for every employee across an organization, RingSense AI also infuses collaborative intelligence across teams to transform both employee and customer experiences. Built for specific use cases, RingSense AI is woven into the following solutions:
- RingCX, RingCentral’s native omnichannel contact center, enables businesses to truly understand what is going on with their customer relationships and boost agent performance.
- RingSense for Sales equips sales teams with actionable intelligence derived from customer interactions across calls, emails, contact center, and video meetings, seamlessly integrated with CRMs.
- RingCentral Events simplifies end-to-end event management for marketing teams with AI-powered capabilities for virtual, hybrid, and in-person events.
AI Privacy by Design
RingCentral has built its AI-driven solutions with the same level of security, privacy by design, and transparency that RingCentral has always been known for. It’s fit to purpose to solve very specific problems across different use cases and different personas. In addition, it’s orchestrated between RingCentral’s own proprietary AI large language models and third-party models. And lastly it's open, whereby customers can go to the RingCentral developer portal and find RingSense APIs to customize and tailor RingCentral’s solutions to fit the needs of their business.
About RingCentral
RingCentral is a leading provider of AI-driven cloud business communications, contact center, video and hybrid event solutions. RingCentral empowers businesses with conversation intelligence and unlocks rich customer and employee interactions to provide insights and improved business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.
©2024 RingCentral, Inc. All rights reserved. RingCentral, RingSense, RingEX, RingCentral MVP, RingCX, RingCentral Events, and the RingCentral logo are trademarks of RingCentral, Inc.
Aragon Research does not endorse vendors, or their products or services that are referenced in its research publications, and does not advise users to select those vendors that are rated the highest. Aragon Research publications consist of the opinions of Aragon Research and Advisory Services organization and should not be construed as statements of fact. Aragon Research provides its research publications and the information contained in them “AS IS,” without warranty of any kind.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240325905515/en/
PR Contact:
Mariana Leventis, RingCentral
650-562-6545
mariana.leventis@ringcentral.com
Source: RingCentral, Inc.
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