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Spitch recognised as Growth Stage company in Forrester’s report on speech analytic solutions

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By : Alexey Popov, Founder and CEO, Spitch.

A recent report by Forrester, one of the world’s premiere technology research companies, has recognized Spitch as a Growth Stage company. The report, New Tech: AI-Fuelled Speech Analytics Solutions, provides a timely acknowledgement of the growth of AI in speech analytics, as well as highlighting the strength of Spitch’s position in the market.

Alexey Popov, Spitch Founder and CEO, is delighted to have been included in the report. “We are really proud of the attention given by Forrester Research to the new trends of voice technologies – and above all to our company” says Popov. “We have always believed that AI-based voice technologies are a technology of the future. This prestigious report provides real validation, which will encourage us in our commitment to our clients.”

Forrester’s research – which includes Spitch as one of 21 vendors dominating the speech analytics tools market – makes interesting reading for any business who relies on voice platforms. So, what were their key findings?

The key takeaways: improving sales, service, marketing – and the customer experience 

The report emphasised that, regardless of the rise of digital channels, voice continues to be a critical platform for customer engagement. But, most interestingly, the value of voice channels has been boosted significantly by new technologies designed to increase revenue, improve analytics and enhance the customer experience.

Ultimately, the report’s key takeaway for businesses is that speech technology can ‘improve sales, service and marketing performance’. With over 50 years’ experience in Spoken Language Technologies (SLT), this is something the Spitch research team can attest to. Throughout our history, we’ve seen clearly how automating key areas of customer service can create a seamless and enjoyable customer experience.

And businesses looking to harness the power of voice technology will find themselves in good company. Forrester’s report also references how tech giants like Amazon, Google and IBM are investing in new services to support speech analytics, showing just how valuable this sector really is. This is a vibrant and exciting area for growth, and the reach of voice recognition products in homes across the world means consumers are becoming increasingly comfortable carrying out everyday tasks using only their voices. Voice being used as a form of identification will be a natural next step.

But customers aren’t the only ones set to benefit.

How speech technologies can revolutionise business processes

As the reports shows, SLTs are also providing revolutionary solutions to a range of key business concerns, from efficiency to security. On an analytics level, businesses can embrace voice technologies to enjoy features like automatic protocolling of conversations. This means all records will be fully searchable by phrase and keyword – an instant win for any analytics department.

And speech technologies are also breaking new ground when it comes to security. This is a huge concern for consumers and businesses alike, particularly in sectors like finance and healthcare, but there are some exciting solutions available. For example, the days of asking customers for their mother’s maiden name will soon be a distant memory. Technology like automated speaker identification is changing the game, with customer satisfaction rates up to 99%.

This is especially great news for finance companies, who know fraudsters never rest on their laurels when it comes to developing new approaches. Fortunately, neither do we.

Spitch’s commitment to continuing growth

Spitch’s product range offers a full stack of mutually complementary and modular solutions for businesses looking to invest in speech technologies. Alexey Popov notes, “Implementing the entire range of speech technology solutions makes business sense to our customers as it helps boost their customer experience, achieve even greater cost-savings and increase revenues.” He goes on to explain, “we can see a clear trend: having implemented one module of voice-driven solutions, our clients quickly return to us to add extra modules”.

Spitch’s investment in R&D and research will continue apace to ensure we’re always able to offer cutting-edge innovation wherever we operate. Our cooperation with the University of Zurich means we can continue to tap into the most up-to-date academic research findings, while also providing our clients with the knowledge that will allow them to transform how they operate and execute their customer service strategies.

Being driven by voice is a founding mission statement of Spitch – and, as this report makes clear, businesses are set to follow suit. Whether it’s preventing fraud or creating a seamless customer experience, AI-fueled speech analytic solutions will dominate communication technologies – and Spitch will remain at the forefront of this growth.

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Banking

E-commerce marketplaces have become more than third-party platforms

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By Luke Trayfoot, CRO, MANGOPAY

 

E-commerce marketplaces have become an essential driver of e-commerce growth. As found by Ascential in their annual Future of Marketplaces Report, by 2027, third-party sellers using marketplaces will capture 59% of global e-commerce sales. A trend accelerated by the pandemic. Marketplaces are helping more brands cater to the ever-changing needs of consumers.

As businesses are continually being challenged to provide a seamless shopping experience, marketplaces can support this venture. Without the added costs of warehousing, supply chain and logistics for additional products, marketplaces can help to alleviate some of those pressures, especially as consumer demand grows.

Now, marketplaces need to further evolve their offering through payments infrastructure, whilst remaining compliant with payment regulations.

 

The marketplace offering – lowering barriers to entry

 Beyond access to the best deals, seamless checkout and quick deliveries, marketplaces also exceed consumer expectations for an intuitive one-stop shopping experience. Through marketplaces, retailers can continue to evolve their proposition, collecting data on what their customers want and need and continually refining their offerings at the right time and in the right place (web/app).

Marketplaces can also support businesses entering new markets or competing with bigger players in their respective fields. Entering a marketplace network allows small businesses to quickly gain influence, benefiting from larger audiences and quickly generating high sales volumes.

With multiple sellers, many with an international presence, implementing a sophisticated payments environment is much more complex than building one for an e-commerce website. Trading globally has different rules and regulations to adhere to per country which means payments environments must be multi-layered, accepting various forms of payments, which can be an inhibitor to businesses scaling at pace. Marketplace’s innate customer-centredness must be maintained end to end, including the purchase journey, so a sophisticated environment is essential.

 

Building the right payments environment

 A crucial part of the customer experience, it is important that merchants provide a choice of payment methods at checkout. As payments have evolved, marketplace operators should consider what options they provide to sellers, and subsequently, their end consumers.

The number one expectation is of course payment security, which is a key step in building a long-term relationship based on trust. Increased control points, however, generally means more friction being introduced into the payment process, so this is a balancing act.

As the retail landscape continues to grow, so does competition and as new players enter the market, businesses must find new ways to innovate, and the creation of payment options is one of the most important avenue to do so.

 

Considering regulation at every step

 Increased marketplace activity has led to the introduction of regulation for the platform economy. In the UK, HMRC has implemented changes to VAT reporting requirements for digital marketplaces and their third-party sellers, especially for overseas sales. Across Europe, KYC (Know Your Customers) regulations intended to protect customers from data breaches on a marketplace and identify the persons (legal or natural) with whom the marketplace does business, as part of anti-money laundering and terrorist financing directives, have also been enacted.

As online platforms continue to play an increasingly significant role, the implementation of the Digital Services Act supports creating a safer, online experience for citizens. This regulation enables the expression of ideas, communication, and online shopping by reducing exposure to illegal activities and dangerous goods. Regulation can seem extremely daunting, especially for those looking to enter the market. However, its purpose is to protect both the business and users.

Marketplaces need to work with payment infrastructure specialists that can support providing methods for local users, as well as options that are familiar and trustworthy for a global audience. Additional flexibility also needs to be built in to adapt to different demographics to ensure that a variety of consumers are appropriately catered for. If a brand wants to establish itself in a new market, varied payment methods are not a nice to have, but a must.

Despite the current economic climate, global e-commerce will continue to grow in the years ahead. Those that will be able to stay ahead of the curve will ensure that their customers’ experience is balanced with greater choice and varied payment options, in tandem with regulatory compliance.

 

 

 

 

 

 

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The trends to expect in the future of work in 2023 through the lens of a CFO

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By Eliran Glazer, CFO at monday.com

 

Not a week goes by without significant evolution in the world of work. The landscape is continuously evolving and these shifts can be analysed from many different perspectives..As it has been in recent years, the position of the CFO will continue to be paramount in spearheading essential business initiatives, communicating with employees and other stakeholders, and ensuring cross-company alignment and advancement. However, how will the role of the CFO evolve in 2023 and what can those involved in financial decisions expect in 2023?

 

CEO and CFO alignment is crucial for success in 2023 

Eliran Glazer

CEOs and CFOs know a company’s success can only occur when they work in tandem to improve organisational performance for sustainable growth. To continue to expand, the CEO and CFO will work together more closely than ever to guarantee company operation, efficiency, resiliency and guidance throughout times of transition.

With the market changing at a rapid speed, organisational agility is vital for continued success. When the CEO and CFO are closely aligned, they bring their areas of expertise to the table to drive crucial strategic decisions together so the organisation can adapt to a changing economic landscape.

This is even more applicable in the current macroeconomic environment and geopolitical tension,  when every business decision has a significant financial weight. With 70% of boards of directors looking to accelerate digital business endeavours and strategies, finance leaders will have an integral role when it comes to ensuring sustainable company growth.

 

Investments in digital tech is paramount this year 

Since the onset of the Covid-19 pandemic, teams have taken a more dynamic and digitised approach in collaboration to address remote work, across time zones, between offices and at home. For 2023, corporations should expect to see further investment in digital technology that will enable teams to have a more harmonised approach to the digital workforce. Finance leaders will play a substantial role in implementing the processes and structure by identifying the right tech tools needed for this approach. Due to this, CFOs must now be aware of the need to adopt digital technology to drive efficiency.

Based on research from a Gartner survey that polled CFOs in July 2022, 66% said they planned to expand their investment in digital technology in the next 12 months. Additionally,another 32% said they would uphold such spending – the most significant percentage of any spend category. To best serve hybrid workers, businesses will need to enhance not only the customer experience but also their employee experience and satisfaction through the support of dynamic and digital collaboration tools.

 

Proactivity & transparency in this era of change 

During this unpredictable economic climate, proactivity and transparency from finance leaders are key for making decisions that are data-driven and staying agile. To stay agile, CFOs must actively drive collaboration and partnering across functions to position the enterprise to respond to the challenges. This requires finance leaders to ensure that employees are kept in the loop of strategic decisions pertaining to the company. This can only be done by  regular updates to the employees about the company’s range of projected scenarios for the upcoming months and any planning adjustments.

To ensure success and resiliency in combatting today’s challenges, finance leaders must be proactive and transparent when conveying the business landscape. It is crucial that CFOs set realistic expectations and break down concepts so that they are well understood and clear for all employees within the company. Educating employees about  financial jargon alongside the state of the global economy will also help them find their footing in these challenging times.

 

2023 marks a milestone in the evolution of a CFO

While 2023 may seem challenging for CFOs with this great responsibility, they have a unique opportunity to make a significant and positive impact. What is most important for a company to overcome the challenges in 2023 is how flexible and nimble they can be, which requires the CFO to be a crucial player in the company’s growth during these times.

The scope of the role of CFOs has changed over the years. It is no longer solely on how to scale a business, but rather how to focus on the efficiency within that growth. To facilitate opportunities, the role of finance leaders will continue to expand this year. By identifying ways in which the CFO role can produce results, support, and even lead other parts of the company, will stimulate more collaboration, communication, and, ultimately, success.

 

 

 

 

 

 

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