AI has been hailed as a disruptive technology that has the power to transform customer experience (CX), as it helps businesses create proactive engagement.
With this in mind, leading global cloud leader Genesys recently announced an acquisition agreement of Radarr Technologies, an AI-based analytics and consumer engagement company. Aiming to unify CX like never before, both companies will combine their AI capabilities to drive greater customer loyalty, business optimisation and competitive differentiation.
This news comes in the midst of AI digitally transforming industries like retail, which is seeing businesses face huge demand for new technologies from their customer bases.
Gaining a competitive edge in customer-facing technologies
WIth the continued expansion of AI and other new technologies transforming numerous key industries, it is important for businesses to continue innovating to meet rising and ever-changing customer expectations.
Informatica’s Greg Hanson previously spoke with AI Magazine on improving the customer experience in this way, saying: “AI is the underpinning technology that provides the foundations for a relevant, optimised and engaging user-journey.”
“In turn, businesses can use this information to feed various channels with trusted, relevant, and consistent content that guides customers through the buying journey - from discovery through to transaction and aftercare.”
In considering this, it has become clear that people around the world are using social media at a higher rate than ever before to connect with businesses, as opposed to traditional customer service channels. This is done via social feeds or direct messaging by the customer, who then expect companies to turn their inquiries into support and information.
The increased need for personalised and meaningful experiences is prompting businesses like Radarr Technologies to innovate. Utilising these capabilities via the acquisition, Genesys aims to help organisations meet customers on the social channels of their choice so they can engage with them through social media-based experiences that are contextual and personalised.
Genesys will also Radarr Technologies’ social media insights as a critical source for its Genesys AI, enabling both companies to harness new insights and capabilities to create loyalty and gain a competitive edge.
Genesys as a company only continues to expand its CX capabilities worldwide, having recorded an annual recurring revenue of US$1.3bn in the third quarter of fiscal year 2024.
The power of social media
As enterprises increasingly adopt AI to increase efficiencies and improve customer insights, there are inevitable concerns over potentially unethical uses of the technology. Businesses utilising AI in a customer-facing environment will need to ensure that they maintain consistent trust with their customers moving forward.
By better understanding customer sentiment, organisations are able to gain an enhanced ability to deliver personalised experiences at scale.
Through this acquisition, Genesys is keen to ensure that there is no disconnect between company and customer. Through the integration of Radarr Technologies, Genesys Cloud customers will gain direct access to new conversation streams from public social media posts across multiple platforms, including the Apple App Store, Facebook, Instagram, X (formerly Twitter), YouTube and Google Play.
These digital offerings will include private social media messaging solutions, which will enable organisations to better interact with their customer base.
“As consumers increasingly turn to social media platforms to connect with brands for support, these channels become a crucial and largely untapped opportunity for organisations to engage with customers and glean valuable business insights,” says Tony Bates, CEO and Chairman of Genesys. “Once the capabilities of Radarr Technologies are integrated into Genesys Cloud, Genesys can accelerate its transformation of the CX industry by helping organisations further connect every touchpoint into the end-to-end customer experience.”
The acquisition is expected to close in the first quarter of fiscal year 2025.
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