How to break data silos for customer success
source link: https://venturebeat.com/enterprise-analytics/how-to-break-data-silos-for-customer-success/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
How to break data silos for customer success
To further strengthen our commitment to providing industry-leading coverage of data technology, VentureBeat is excited to welcome Andrew Brust and Tony Baer as regular contributors. Watch for their articles in the Data Pipeline.
Today, most software-as-a-service (SaaS) companies maintain multiple internal tools to effectively manage different customer touchpoints, like support.
While these platforms work well in their own space, they lag behind in one key area: Data access. Essentially, the tools keep relevant customer data siloed, creating a major disconnect for teams looking for insights to power customer success (CS). This hits repeat purchases, upsells, cross-sells and expansion from customers — affecting the net revenue retention (NRR) metric of the company.
Velaris’ customer success platform
To address these challenges, London-based Velaris offers a customer success platform that brings together complex customer data from different tools on a single-pane dashboard and uses artificial intelligence (AI) on that information to produce insights for CS teams. The company just announced it has raised $4.7 million in a seed round of funding.
“We have a flexible stack with high-performing analytical services enabling flexible near real-time querying on various types of datasets. The product utilizes NLP [Natural Language Processing] and Predictive(AI/ML) algorithms to extract early signals enabling actionable insights,” José Fernández-Castaño, co-founder of the company, told VentureBeat.
Event
MetaBeat 2022
MetaBeat will bring together thought leaders to give guidance on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
Velaris connects data streams from touchpoints such as email conversations, product usage, renewal dates, support tickets to create a unified view of the customer. Then, using this information, users can create business dashboards and reports with insights to identify critical trends and forecast the net and gross retention for the future. These insights empower teams to target customers with the right kind of nudges and expand business with them.
Automation for nudges
While insights prove critical, the job of Velaris doesn’t end at this stage. The solution also includes automation to act on the data signals. For this, the team has to build a scenario flow utilizing a drag-and-drop interface. This way, it easily automates renewal emails, tasks, playbooks, surveys and actions for specific events, such as the creation of new accounts, or segments like unhealthy customers.
“We not only bring and generate the relevant intelligence, but we arm the reps with tools to do their day-to-day job easier, including project management capabilities, orchestration of automated cadences, communication features, etc.,” Fernández-Castaño noted.
The company started last year and claims it has already seen fivefold growth since then.
“Velaris helped us immensely in structuring our CS operations. The platform has enabled us to unify important information from disparate data sources, remove the silos and create an actionable 360-degree view of our customers,” Anuj Sharma, head of customer success at Vector AI, said about the product. “With smooth onboarding, great service and an excellent product, we’ve already started to see its value. We’re very impressed and happy with the switch we made.”
Plans to expand AL and ML
With this round of funding, which was led by Octopus Ventures, Velaris plans to expand its AI and ML engine to take the intelligence piece to the next level. The company will also use the capital to develop its R&D, product and go-to-market teams.
The investment comes at a time when more and more SaaS players are looking to double down on their retention efforts. During the pandemic, companies with a deep focus on retention came out as the ones surviving or, in some cases, even thriving.
As a result, several players supporting retention efforts, such as HeadsUp, StepFunction and Gainsight, have come to the fore and seen increased support from investors. Velaris claims to differentiate itself from them with its intuitive UX and UI, as well as the ability to make complex data combinations and visualizations without needing an analyst.
According to Allied Market Research, by 2030, global SaaS is expected to grow at a CAGR of 18.8% and be worth around $700 billion, up from the estimated $121 billion in 2020.
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.
Recommend
-
10
Data Silos Should Not Be Demolished,...
-
8
Are your CX efforts not showing impact? Is your team working on customer journeys alone? Oh-uh. Great customer experience can not be built by single departments, teams need to learn how to collaborate on CX initiatives together. We...
-
5
How to Unify Silos With Data OrchestrationNovember 3rd 2021 new story5With the explosion of data...
-
8
How Does Fabric Solve the Challenges of Data Silos? One o...
-
7
C-Suite AdvisoryHow to Break Down the Silos Hindering Companies’ Digital Transformation EffortsAs companies embrace digital transformation, it’ll b...
-
5
Podcast Episodes YDS: How Does A Scrum Mas...
-
2
Your digitization co-pilot, break tradition silosHey Product Hunt community! We are incredibly excited to present Language Lens with you all today!! We have built Language Lens with the intention to save countless hours of developers...
-
5
Break down silos to solve problems in the era of unified data
-
5
Omnichannel experiences are increasingly important for customers, yet still hard for many retailers to deliver. In this article, we’ll cover an approach to unlock data from legacy silos and make it easy to operate across the enterprise — perfect f...
-
11
Rapid7's security chief Jaya Baloo: Break up silos to lock down cybersecurity
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK