In 2023, the ongoing mass adoption of cloud services has been a key driver of many significant transformative tech trends. Artificial Intelligence has spearheaded the development of cloud as a service, and we can expect to see organisations continuing to leverage cloud services to drive efficiencies across internal operations and processes, as well as providing an exceptional standard of customer service, thanks to AI’s personalisation and human like capabilities.
Revolutionizing Customer Experiences with AI
Artificial intelligence has significantly transformed the tech industry, impacting multiple sectors, playing a crucial role in customer experiences. AI has been instrumental in enhancing user experiences through the personalization of recommendations, content, and services.
At Genesys we have optimized multiple AI disciplines, including conversational and automation AI, bringing them together into a single platform, to provide exceptional customer and employee experiences, transforming customer experience (CX) strategies to maximise efficiency whilst growing customer relationships.
Looking ahead, Genesys AI looks to improve and enhance workforces, whilst reducing cost and complexity through simple AI enterprise solutions. As AI continues to develop in 2024, it is a tool that can help agents to boost revenue and grow customer loyalty.
Anticipating 2024: The AI-Powered Future
As we have seen in the last year, artificial intelligence has transformed our smart technology. In 2024, AI will likely continue to evolve the tech landscape across industries, with AI-powered home robots, work devices, wearables, and more on the horizon. Virtually every job will require smart software applications to enhance productivity, and AI’s expansion across sectors will continue to support workforces, creating new jobs in development, programming, testing, support, and maintenance.
At Genesys we are also reimagining the voice of the customer for 2024. In the year ahead, there will be a need for advances, such as a Voice of the Customer team, further advancing our existing AI Cloud technology. Instead of simply collecting data for a more personalised customer experience, in 2024 there will be a combination of data science and psychology, correlating the data with personalised habits and behaviours.
Ultimately, Genesys will continue to strive to create lasting and meaningful experiences, blending technology and humans, by listening and responding to the Voice of the Customer.
Global Expansion and Industry Leadership
The company continues to invest in the Genesys Cloud CX platform to improve global availability, scalability, reliability and security. Genesys has expanded our global footprint significantly over the past years – including three new core regions and one Global Media Fabric launched within the past 90 days alone. Genesys recently announced Genesys Cloud CX regions including the AWS Europe (Zurich), AWS Asia Pacific (Osaka), AWS Middle East (UAE) and AWS Asia Pacific (Singapore) Regions and the company now has a presence in 20 regions supporting customers in 105 countries and in 23 languages. Genesys also announced the opening of a new research and development (R&D) centre in Budapest, marking the latest milestone for its investment in Hungary to help accelerate innovation.
Genesys is making it simpler for organizations of any industry, size or location to evolve to the cloud and leverage AI and automation at scale. The company is continuing to invest in new industry and government certifications that ensure Genesys and its customers comply with local regulations and policies. In 2023, we added five new government security certifications, including FedRAMP® Authorization at the Moderate Impact level, TX Ramp, State Ramp, Cyber Essentials Plus and IRAP protected status, as well as other compliance certifications throughout the world, which will only continue into 2024.
Commitment to Sustainability and Social Impact
Overall, we’ve seen a much broader realization of the importance of having a sustainability strategy amongst organizations. With more than a third of people considering a company’s social impact when interviewing, and nearly a third buying more from or advocating for brands that are aligned with their beliefs, having a sustainability program isn’s just the right thing to do, but also plays a role in business outcomes.
Where the challenge lies is in ensuring that it’s an organization-wide commitment. To be truly committed to sustainability, leaders can’t just respond to what checks the boxes. it should be something that is talked about in QBRs alongside revenue and sales. Until that happens, we aren’t going to see the progress that will lead to lasting change.
Addressing Global Challenges
Genesys is committed to driving positive impact in the world and is proudly recognised as an established leader in this area. And we’ve set ambitious goals to help contribute to driving the change we wish to see.
From an environmental standpoint, our cloud solutions play a significant role in our path to becoming carbon neutrality by 2030. We’re partnering with organizations around the world to migrate them to Genesys Cloud, which can reduce emissions created by their legacy technologies. by at least 80%. This not only accelerates the sustainability efforts our customers, but also for Genesys by minimizing our Scope 3 emissions, the largest representation of our carbon footprint. Since setting the goal in 2021, we’ve already reduced our emissions by 25%.
Another goal we’ve set is to positively impact 100 million lives through the use of our technology for good. Our products and services are uniquely positioned and differentiated to accomplish this, whether it’s advancing efforts to make workplaces more equitable through improved accessibility, helping to ensure assistance is there during times of crisis, or beyond.
During our most recent fiscal year, Genesys has enabled non-profit organizations around the world to deliver more than 46 million experiences to people in need.
Addressing Cybersecurity Challenges
By migrating to the cloud, enterprises are given an abundance of opportunities, including improved efficiency, customer services, and conveniences, making business simpler and more effective. However, with this comes a myriad of new cybersecurity threats, as well as legislation restrictions and, worse, potentially losing the trust of their customers. Cloud technologies are evolving in this dynamic space to tackle these challenges, with the right solutions.
Genesys is committed to following industry best practices and relevant regional standards such as FedRAMP® or Cyber Essentials Plus to help protect customer data and the contact center. The continued development of our compliance portfolio demonstrates Genesys’ dedication to security improvements both internally and externally, driving information security and compliance posture through resourcing, culture, and continued diligence. This sets Genesys apart and demonstrates how the company offers products and services with best-in-class security and privacy.
Innovative Product Launches in 2023
2023 has been a year of significant milestones and achievements at Genesys. Genesys is leading the way in the CX industry in providing a software platform that provides the business resilience, data protection, and localization expertise needed for customers to feel confident they will meet and exceed the requirements and expectations of the countries where they operate. In fact, the company has been recognized time and again for our leadership and global presence.
A few new offerings announced by Genesys in 2023 include:
- GCXNow™: a free automated self-service trial for Genesys Cloud CX, making it faster and simpler to access the latest in AI and digital innovations
- Genesys Cloud EX™: a solution that enables organizations to better engage, motivate and empower employees within and outside the contact centre
- The Experience Index™ methodology: a people-centric and actionable approach to help organizations improve end-to-end experiences and business performance.
- CX Cloud from Genesys and Salesforce HYPERLINK “https://www.genesys.com/company/newsroom/announcements/122912”: the new unified AI-powered customer experience and relationship management solution that integrates Genesys Cloud CX™ and Salesforce Service Cloud
- New generative AI capabilities for Genesys Cloud CX built to enable organizations to drive outcomes with greater levels of speed, insight and accuracy
Genesys also recently announced a strategic collaboration agreement with Amazon Web Services (AWS), as we work to reimagine customer engagement in today’s digital-first era. This is a crucial partnership that will empower organizations to accelerate their digital transformation and cloud customer experience strategies. Together, we will provide smarter experiences driven by AI across every industry to orchestrate exceptional self-service and human-assisted experiences across voice and digital channels, made possible through seamless coordination of technologies, touchpoints, and channels.
Making its mark in the Middle East, Genesys has now also announced its first Middle East Genesys Cloud CX Region in the United Arab Emirates, bringing improved customer and employee services to the UAE and broader Gulf Corporation Council (GCC). This launch is significant for local business, enabling them to keep their sensitive customer data located in-region whilst moving their customer centres to the cloud. This is particularly advantageous in the UAE, particularly in highly regulated industries such as the public sector, healthcare, telecoms, and financial services, where data residency requirements are stringent. This enterprise solution provided by Genesys provides multiple layers of data safeguards and puts controls in place, maintaining the confidentiality, integrity, and availability of customer data.
Industry Recognition and Financial Milestones
At the start of the year, Genesys was proudly named a Leader in “The Forrester Wave,” Cloud Contact Centre Report and continues to be recognized by leading analyst firms such as Gartner, Omdia, Frost & Sullivan, and others. Within this, Genesys Cloud CX™ platform received the highest scores possible in the artificial intelligence (AI) architecture, workforce optimization and customer self-service criteria, and among the highest scores in the outbound capabilities criteria. This recognition demonstrates our commitment to empowering organisations with future-focused vision to meet customer and employee expectations in the contact centre and beyond.
During the second quarter of its fiscal year 2024 (May 1 –July 31, 2023), the Genesys Cloud CX™ platform surpassed 1 million users and ended the period with nearly $1.2 billion in annual recurring revenue. As the Contact Center as a Service (CCaaS) platform of choice, Genesys Cloud CX continued its strong gains with over 50% year-over-year revenue growth for the second quarter, compared to the same period in the prior year.