Proactive change as CRM/CXM/BPO verticals move away from “permanent crisis mode.”
CRM Deal Value & Count for Full Year 2022
The customer relationship management / business process outsourcing vertical saw deal activity decrease from previous banner years, but investor interest remains strong.
With SaaS tech making contact centers more efficient, the demand for agents has dropped—but staffing remains a difficult challenge. Compounding that issue is the balance between in-person and remote work as companies in the technology and finance sectors require a return-to-office for employees.
This trend is especially alarming to those who have opened up recruiting to a national candidate pool via remote work.
While every company and culture is different, our experts espouse the belief that if your organization is focused on perfecting your tech-stack, setting up training models, and establishing a remote culture (vs. siloed employees across geographies) you will have longer term success via reduced employee attrition and heightened tribal knowledge retention.
A perfect example: In late Q4 of 2022, the Renovous Capital-backed InflowCX made a powerful statement in the Customer Experience Management and Business Process Outsourcing space with their acquisition of BPO Partners— an experienced customer experience provider and contact center technologies consultant. This strategic move places the emphasis on augmenting labor ecosystems through tech solutions, helping them ‘do more with less’.
At CAS, we believe this will be the trend of 2023 as efficiency-minded companies pave the way toward progress amidst labor issues and budget constraints through technology and artificial intelligence (AI).
A great example of AI in action that you’ve likely heard about is ChatGPT by OpenAI. This remarkable technology has the potential to revolutionize customer experience management like never before! With its natural language processing capabilities, fast and accurate data analysis, and as-yet unexplored use-cases—businesses have a powerful new tool to level up their services in a new era. Plus, with Microsoft on board, who knows where this journey will end?
Another tech trend to set your eyes on: Multi-Cloud Deployment and Distribution. Companies are reaching for the clouds en masse—but aren’t stopping at just one! When it comes to maximizing uptime, ensuring reliability, and standing out in an ever more commoditized world, is a trend that can’t be ignored. This 2023 budgeting season, don’t forget the unsung stability of redundancy. Flaunting that multi-cloud backup could give you the competitive edge you need.
Q4 2022 Noteworthy Transactions:
InflowCX acquired BPO Partners
TELEO Capital Management acquired Sharpen Technologies
Long Ridge Equity Partners acquired Acqueon Technologies, Inc.