Verint® Systems (NASDAQ: VRNT) is a global firm focused on delivering solutions defined by Actionable Intelligence™ – combining analytics with specific capabilities designed to enable its customers to capture, analyze and act on customer and operational data to achieve better business outcomes. Verint Systems’ solutions are used at over 80% of the Fortune 100 and across more than 10,000 customers worldwide. Today the majority of its total business (58% of revenues in 2013) is composed of its Enterprise Intelligence division, which consists of practice areas focused on support back-office operations, contact centers, retail branches, and a Voice of the Customer set of analytics solutions.
Collectively these practices are focused on enhancing the customer experience (i.e., the customers of firms using Verint solutions), while increasing both gross and net revenue – through sales effectiveness/revenue optimization, cost reduction, and efficiency gains. These gains are enabled through three core sets of capabilities delivered within Verint’s actionable intelligence solutions:
- Identifying emerging business trends through analytics,
- Measuring and assessing customer sentiment, and
- Driving operational efficiency through both work (process) and workforce optimization.
Verint offers the ability to capture, analyze and affect the entire process lifecycle, from customer interaction and service delivery, to middle- and back-office operations. Verint’s Impact 360® Enterprise Workforce Optimization (WFO) solution gives management a standardized framework across the entire enterprise for measuring and managing the performance of their people, processes and work, regardless of systems, functions, or geographies.
Beyond MBWA: Reality-based Process Improvement
"Management by wandering around" or "MBWA" which has been the standard practice over the last few decades, doesn’t cut it anymore with virtualized work and a virtualized labor force. Processes today cross not only application boundaries, but increasingly organizational and geographic ones as well – hastening the need for comprehensive process visibility and actionable intelligence. The latter point should not be overlooked, as the all-too-common disconnect between analytics and the ability to act on them frequently stymies the best intentions of process improvement efforts.
The best-designed processes are of no use if they are not followed, and frequently the “Hawthorne Effect” (the phenomenon that awareness of being observed prompts performance improvements which last only as long as the observing) skews management’s perspective of what is really going on. Thus what is needed for sustainable process and performance improvement is the ability to have comprehensive visibility into how work is being done, and use this actionable intelligence to improve workforce management and performance.
Example Impact 360 Performance Dashboards
Verint’s Impact 360 WFO solution is able to provide this both from a historic perspective (for planning purposes) as well as from a forward-looking perspective using predictive analytics. Predictive performance reports provide deadline reporting with drill-down to the individual work item level, identifying what’s at risk and what is likely to be on time.
BPM Systems vs. Workforce Optimization
You may be asking how this differs from BPM or ERP solutions. The solution can capture data on each point of interaction (i.e., not BPM-specific process activities but every interaction) – as well as non-customer related activities, such as meetings, training, PTO, etc. Combined this creates a holistic view of all the work needing to be done and the resources required to execute, enabling organizations to create a robust, encompassing capacity model. The data collected is also tied to individual team member performance, skill sets, and resulting areas to target improvement and/or enablement. It is also used to forecast volumes so managers can better match resources to demand, enabling intraday adjustments to ensure service level agreements are met, and often times reducing overtime and increasing productivity. This goes beyond work optimization and consistency of service delivery, where BPM is traditionally leveraged, and enables data-driven, customer-centric workforce optimization.
Impact 360: A Portfolio of Capabilities Enabling Customer-Centric Workforce Optimization
What enables this comprehensive approach to customer-centric workforce optimization is not a single solution or application, but rather an integrated portfolio of solutions that work together under the Impact 360 banner. Combined these allow for having an accurate measurement of the voice of the customer (e.g., across the lifecycle of customer experience) and to align the capabilities of the workforce with defined objectives (corporate) goals, and the actual reality of what customers experience across the enterprise.
Insurance Case Example
An example of this is a large insurance customer of Verint’s who sought to align systems and processes across 7,500+ employees spanning contact centers, middle-office, and back-office operations. Like most firms, their customer-centric processes span all of these areas, yet not with any single system. Thus there was a lack of transparency and operational visibility across several key processes. As part of the adoption of Impact 360 Workforce Optimization, this insurer leveraged Impact 360 Desktop and Process Analytics to analyze operations within the annuities group, identify process improvement targets that ultimately save over $5 Million annually. What is key in this case, however, is that was effectively passive analysis – the areas for improvement were not a result of poor employee performance, per se, nor present as obvious bottleneck or improvement candidates. But rather, when analyzing the “How It’s Really Done” visualization, the management team identified a series of otherwise innocuous operational practices which when addressed delivered significant performance improvements and cost savings.
Impact 360 Desktop and Process Analytics for Business Process Improvement
One particular component of Verint’s WFO offering that business process improvement executives will find helpful is the Impact 360 Desktop and Process Analytics which captures activity data directly from the employee desktop and provides an analysis of not only employee-level performance, but also delivers a process visualization of actual work performance. This is an analogue to process mining, which allows for the identification of exceptions, variances and work-arounds. The old saw in process modeling circles is that there are three state of the process model: As-Is, To-Be, and How It’s Really Done.
This visualization capability provides a lens into the latter, using a Microsoft Visio add-in for presenting the process model. The metrics and performance data are captured in the workforce and application monitoring tools, providing a comprehensive perspective across all work being performed, across all identified applications. Thus this becomes a very powerful tool for optimizing work and processes from a truly end-to-end perspective, not simply limited to a discrete process model within a traditional BPM or workflow management solution.
Enterprise WFO enables organizations to view the entire customer life cycle and extract actionable intelligence to improve not only the customer experience but internal operational effectiveness. WFO gives management a standardized framework across the entire enterprise for measuring and managing the performance of their people, processes and work, regardless of systems, functions, or geographies. In particular it helps business process executives understand how work is actually processed and identify opportunities to streamline processes, more effectively align resources to demand, and increase the productivity of their resources.