Racing to Resolve the ‘Engagement Capacity Gap,’ Organizations Lean into Customer Service Technology for Digital-First Engagement and Empathy

Rhea-AI Summary

Verint released its annual survey highlighting challenges two years post-pandemic. The research indicates a significant Engagement Capacity Gap, with 76% of business leaders anticipating increased challenges. Key initiatives include enhancing agent experience (60%) and digital-first engagement (59%). Staffing remains a critical issue, with 71% reporting difficulties in retaining talent. In positive news, 60% of companies plan to increase hiring this year. Furthermore, organizations are boosting budgets for AI-driven customer engagement technologies to foster empathy and support employee wellness.

Positive

• 60% of companies plan to increase hiring to support customer engagement, up 9% from last year.
• 91% of respondents adopted technology to enhance empathy in customer engagement.
• 41% increased budgets for voice of the customer initiatives, demonstrating commitment to improving customer experience.

Negative

• 52% of businesses face customer engagement difficulties due to supply chain issues.
• 71% of companies find retaining talent moderately to highly challenging.
• 76% of leaders expect challenges in managing the Engagement Capacity Gap to increase.

Navigating a Constant State of Change, Fueling Sustainable Workforce Strategies, and Safeguarding Employee Wellness Top the List of Priorities in the Second Year of Post-Pandemic Operations

MELVILLE, N.Y.--(BUSINESS WIRE)-- Two years into the global pandemic, organizations are racing to resolve the Engagement Capacity Gap^™, leaning into customer service technology to support digital-first engagement and more empathic connections with customers, and scrambling to deal with a litany of other trials and tribulations.

Last year, Verint^® (NASDAQ: VRNT), the Customer Engagement Company^™, introduced its seminal research on the Engagement Capacity Gap^™ brought about by new workforce dynamics, ever-expanding customer engagement channels, and exponentially more consumer interactions – all which must be managed with limited budget and resources.

This year, Verint’s research – based on a survey of more than 2,700 global business leaders – shows new pressures are impacting the Engagement Capacity Gap, creating new challenges for brands, and 76 percent of respondents believe these challenges will increase in 2022.

Respondents cited their top technology-led customer engagement initiatives are supporting improved agent experience and well-being (60%), digital-first customer engagement (59%), and supporting agent guidance for expressing empathy (58%).

Still reeling from the dramatic effects of the pandemic, businesses are facing new challenges, including supply chain issues and staffing shortages. Fifty-two percent have customer engagement difficulties stemming from supply chain issues, while 71 percent find retaining talented workers to be moderately or highly challenging. While last year’s survey showed many organizations had throttled back on hiring plans, this year’s survey shows a marked change – 60 percent plan to increase staffing levels to support customer engagement in 2022 (up 9% from last year.)

“Two years into the pandemic, organizations see a future of constant change and continued challenges - particularly while facing significant staffing issues amid the ‘Great Resignation’ and widespread disruption in the global supply chain – issues that seemingly have no resolution in sight,” says Verint’s Celia Fleischaker, chief marketing officer. “While brands have gotten over the initial shock and disruption of the pandemic, they now are operating in a state of ‘disruption as usual,’ needing to respond to ongoing rapid change.”

Fleischaker continues, “Brands are moving beyond reorienting operations for remote work; in 2022 the focus is on improving performance and leading with empathy to uplevel the customer and employee experience for the long-term.”

Zeroing in on Critical Needs and Capabilities

In 2021, organizations upped budgets for digital-first initiatives/channels; 41 percent increased budgets for voice of the customer and experience management, 40 percent for chatbots and intelligent virtual assistants (IVAs), 39 percent for social messaging for customer service, and 35 percent for communities.

Moving forward, 35 percent plan to increase their budgets for chatbots and IVAs to help beleaguered agents improve efficiency and decisioning, and 37 percent plan to bolster investments in knowledge management, as “the ability to quickly find information to better serve customers” was noted as a top workforce goal in 2022.

Quality and performance solutions were the most implemented and expanded solutions last year, and respondents say they will continue to be a top budget expenditure in 2022. Other top focus areas in 2021 were workforce management and compliance, security and fraud.

Understanding and acting on consumer behaviors and building enduring customer relationships were the top two challenges noted in last year’s research and remain the top two challenges in the year ahead. Nearly half (47%) saw obtaining a unified view of customer experience as a key challenge while much of their customer interaction data sits in multiple data silos.

Respondents are embracing the means to support kinder, gentler, more human-centric engagement – and companies are devising technology-infused strategies to safeguard both employee wellness and the delivery of empathic customer engagement. Ninety-one percent have adopted technology and strategies to support greater empathy in their customer engagement efforts for 2022.

Register for the webinar, New Dynamics Influencing the Engagement Capacity Gap, at 11:00 a.m. ET on March 23, 2022. Register for The State of Workforce Dynamics, a Fireside Chat with Maribel Lopez of Lopez Research, on April 6, 2022, at 11:00 a.m. ET. Click the link to download the full Engagement Capacity Gap study.

About the Survey Methodology

An independent research firm collected the data between Dec. 2 – Dec. 23, 2021, via a customized online survey. The survey group consisted of 2,742 individuals who are decision-makers/recommenders/influencers for customer engagement and experience solutions for their organizations operating across 13 different countries and regions worldwide.

About Verint

Verint^® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement^™ to help customers close The Engagement Capacity Gap^™.

Verint. The Customer Engagement Company^™. Learn more at Verint.com.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, VERINT DA VINCI, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

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Media Relations

Amy Curry

amy.curry@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

 

Source: Verint

FAQ

What did Verint's recent survey on the Engagement Capacity Gap reveal?

Verint's survey indicates significant challenges in managing the Engagement Capacity Gap, with 76% of leaders anticipating increased issues.

How are companies responding to staffing challenges according to Verint?

60% of companies plan to increase staffing levels to enhance customer engagement this year.

What are the top initiatives identified in Verint's survey for improving customer engagement?

Key initiatives include improving agent experience (60%) and implementing digital-first customer engagement strategies (59%).

What percentage of companies are enhancing budgets for customer engagement technologies?

41% of organizations reported increasing budgets for voice of the customer and experience management.