The New Era of Engagement Everywhere for the Midmarket

IT decision-makers working inside midmarket companies need to shift from the technology gatekeepers to the technology road pavers–instead of controlling who goes where, they must make it easy for their company’s employee to go where they need and want to go.

The first step is to adopt IT platforms that allow communication and collaboration capabilities to be extended across networks and different devices. Extending capabilities everywhere simultaneously creates value (by improving the efficiency and effectiveness of professional services teams on customer locations) and risk (by creating additional requirements for network access security).

In this new era of open engagement:

Employees will want to buy software like a consumer: In today’s BYOD environment, information workers want to use the devices and services that they are most comfortable with to maximize their productivity. For example, imagine a CEO demanding that IT support iPhones, an operations team adopting a free, over-the-top telephony service for internal calls, or a research and development team using public cloud storage to share planning documents.

Nearly three-quarters of employees say they’re happy with the technology they have at home, while just 59 percent of employees are happy with the technology they use at work. As a result, employees are increasingly bringing their own devices, services and software applications into the workplace.

Networks must be secure, reliable and manageable: Every year, the demands on a company’s network infrastructure grow. The network that strains under today’s traffic will have an even harder time handling the data-hungry applications of the future. Smart midmarket companies know the network is crucial to business success, and adopt technology that’s available, secure, reliable and supportable.

It’s estimated that breaches inside data centers cost an average of $3 million to $5 million to recover from. Midmarket companies would do well to take a closer look at network performance and security, with an eye toward the amount of time it takes to restore operations, and the estimated cost of network downtime. Leaving data security to an unmanaged patchwork of consumer devices and applications is dangerous.

Businesses need to innovate like a startup, or risk failure: In many respects, the business world is a zero sum game where the winner takes all. If you are not taking share from your competitors, they are most likely taking it from you.

A 2014 study by PWC found that “the most innovative companies are growing at a much faster rate: 62.2 percent vs 20.7 percent over the next five years.” Technologies like social business platforms, Web collaboration, and team engagement enable successful midmarket businesses to share information and ideas readily.

Being able to engage is the first step. Employees must embrace the innovation process and tools for them to operate in a high-performance team. To drive midmarket innovation, the company must first enable and support the devices and services that their employees are most comfortable with.

Reliable, predictable service of these devices and applications is key. Technology leaders, with the help of vendors and service providers, share the responsiblity of educating the informing workers on how and when to use new tools to engage with customers and peers. No matter how intuitive a user experience seems, it’s still critical to demonstrate the value of the solution in terms that workers understand. For example:

  • Sales teams can use live data from a Web-based app to check inventory on their tablet or smartphone in a customers’ office to drive urgency (or provide assurance of availability) when closing a deal.
  • Field service personnel can use point-to-point video communications to help fix mechanical issues at a customer site, using forward- and backward-facing cameras to see the expert and show them the problem.
  • Save time, effort and money by using desktop conferencing applications to share information and build personal relationships among distributed teams, whether they are sharing updates on projects, planning new activities, or making a business-critical decision.

New technologies, new processes and cultural adaptation will deliver breakthrough business results. Teams must accommodate shifting work schedules, share data and information, and collaborate rapidly to deliver market-leading innovation. Avaya and its global network of business partners stand at the ready to help your business succeed in the new era of engagement.

For more, read my white paper, “The New Rules of Engagement for Midmarket Businesses.”

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News & Solutions at ENGAGE 2018 Show Avaya is Back in the Fight!

Now back from last week’s Avaya ENGAGE 2018, our annual customer and partner event, we’re finding the energy of the conference continues to drive the cadence at Avaya. What a show! In my last blog I wrote about taking time for a bit of introspection—thoughts echoed by our CEO Jim Chirico during his ENGAGE keynote. One of his points really resonated with me: how you get up off the mat. All of us face challenges everyday—most of them are manageable but occasionally an event comes along that can really take the wind out of your sails. Jim pointed out that while we all get knocked down from time to time, what really matters is how you get up. How you carry yourself and how you get ready for the next challenge.

In 2018 Avaya is back up. We’ve got our gloves on and we’ve come out swinging! ENGAGE 2018 was a great opportunity for us to thank our customers and partners for their outstanding support over the past year and give them a taste of the new Avaya: poised, fit, and ready to win.

Our commitment to win was reflected in a number of key announcements from last week, but the headliner was the acquisition of Spoken Communications, a leading innovator in the Contact Center as a Service (CCaaS) market. The Spoken platform is based on the Avaya Aura® Platform and Avaya Aura® Call Center Elite, making it a perfect architecture for both Avaya omnichannel offerings, such as Avaya Oceana®, and its Unified Communications as a Service solution. But Spoken brings much more than a proven xCaaS capability to Avaya—the really exciting news is Spoken’s transformative real-time customer experience management applications built on conversational artificial intelligence (AI). A true innovator in AI, Spoken will be accelerating our “Think Avaya, Think Cloud” strategy with solutions that not only provide a clear path for customer migration, but offer improved efficiency, drive more intelligent responses, and gain deeper insight into customer sentiment and experience.

And there was more news at Avaya ENGAGE on the AI front: Avaya introduced Avaya AvaTM , a cloud, messaging-agnostic solution that offers new AI capabilities for social messaging integration and automation of digital interactions. An evolution from our Ava technologies offered for over eight years, Avaya AvaTM delivers AI 2.0 architecture including natural language processing and machine learning. And innovative analytics enables effortless customer engagement through social media and messaging platforms.

Last year we introduced the Avaya Oceana® Solution—our omnichannel context-driven contact center solution. Now we are thrilled to bring the Workspaces environment to our existing customers later this year. This modern agent desktop will take advantage of key elements such as context and customer journey and be made available to our existing customer base, enabling them to transform their CXs.

Avaya also unveiled compelling enhancements to its signature unified communications user experience, Avaya Equinox®. These include:

  • Enhancements to Avaya Equinox Meetings Online, a cloud-based meeting and conferencing service that can be deployed with or without an Avaya infrastructure. The economical, pay-as-you-go cloud model offers the same capabilities as an on-premises deployment, making it easy to take a hybrid approach and mix and match between the two.
  • The new Avaya Equinox Attendant, which enhances customer service and brings the power of unified communications to front-desk operators. We will extend Avaya Equinox to the IP Office platform—providing a single UC platform for all our customers.

Devices remain a key part of Avaya’s strategy to deliver a unique UC Experience Everywhere. Avaya has shipped over 100M phones to date and currently ships almost 10,000 new devices every day. For 2018, Avaya is expanding customer options for UC devices like never before. The Avaya Experience has evolved to be more modern, connected and personalized, and tailored to vertical specific needs such as hospitality and retail. Key additions include:

  • Launching Avaya’s new Essential Experience portfolio of industry leading phones for a state-of-the-art user experience that includes Bluetooth and WiFi connectivity.
  • Extending the Avaya Vantage Experience to include support for IP Office.
  • Announcing the new Avaya CU-360 Collaboration Unit, which provides easy set up and collaboration in huddle room spaces.

Providing our customers a bridge to the future is a key focus for Avaya this year—and this goal will drive a great deal of our activity. To start, Avaya has launched a number of new promotions:

  • Loyalty2gether: This exciting and bold offer provides all our loyal Communication Server 1000 customers with a path forward to either IP Office or Avaya Aura with full support for the surrounding applications like customer contact and messaging. It’s an opportunity to reinvent what communications, customer experience, and collaboration can mean to your business and to do so with an unprecedented level of experience and investment protection.
  • Oceana NOW: This program focuses on helping organizations evolve and transform their CXs.
  • Automate CC NOW: Through the use of automation capabilities, Avaya is helping organizations modernize for less.

These programs are a prime example of our focus to ensure no customer gets left behind.

ENGAGE 2018 was a very busy week of announcements, meetings and demonstrations, and the energy and enthusiasm of our customers kept us going and underlined our confidence that Avaya is back and ready to do battle. Continue to watch for updates and details on Avaya.com and let us know how the new Avaya can support your plans in 2018.

A Closer Look at MiFID II Recording Requirements

The Markets in Financial Instruments Directive II (MiFID II)—arguably the greatest reform to hit Europe’s financial industry—is finally in effect as of January 3, 2018. This EU legislation serves as a much-needed upgrade from the original MiFID, enacted in 2004, and addresses key issues that resulted from the 2008 global financial crisis.

The directive requires all national governments in the EU to adopt certain laws, which they are free to do in their own way should the resulting effect be the same. Financial services institutions—specifically investment firms, credit institutions and trading venues—are subject to MiFID II, including companies that are headquartered outside of the EU but do business there (for a more thorough overview, see this blog by industry analyst Sheila McGee-Smith).

Recording Regulations: Raising the Bar

Perhaps the greatest impact of MiFID II is the law’s tighter recording regulations. Under the 2004 MiFID directive, there was no mandatory requirement to record communications involving client orders. To ensure fairer, safer and more efficient financial markets, MiFID II now requires firms to record communications (both phone and electronic) for the following investment services:

  • Reception and transmission of orders
  • Execution of orders on behalf of clients
  • Dealing on own account (takes place when a firm puts its own trading books at risk)

The specific customer interactions that are required to be recorded in relation to investment services include:

  • Receipts of client orders
  • Transmissions of orders (both where the investment firm transmits and executes the order)
  • Conclusions of transactions when executing orders on behalf of clients
  • Conclusions of transactions when dealing on own account, regardless of whether a client is involved in the transaction

Important note: MiFID II covers all communications relating to activities intended to result in the conclusion of a transaction or the provision of client order services, even if they do not result in a financial transaction.

Communication of orders placed through channels other than voice—postal mail, faxes, emails, SMS, face-to-face conversations recorded using written minutes—must be stored in a durable medium.

Keep in mind a few rules that apply to this ‘durable medium’:

  • Records must be able to be replayed or copied
  • Records must be retained in a format that does not allow the original to be altered or deleted
  • Firms are required to ensure the quality, accuracy and completeness of all phone records and electronic communications
  • Records must be kept for a minimum of 5 years and, if requested by the National Competent Authority in a specific country, up to 7 years
  • Clients must be notified in advance of recording
  • Records must cover communications made with, sent from or received by equipment provided or permitted by the investment firm (privately-owned equipment used by employees or contractors is not prohibited)

Ensuring Compliancy with MiFID II Recording Regulations

If your business is involved in financial services in any way—even if it’s not your main focus (i.e. credit institutions performing investment activities, branches of third country firms)—you’ll need to investigate to understand whether this new legislation will affect you and, if so, what you need to do to comply.

We recommend a thorough review of compliance across all channels (including back office processes) to determine if they meet the new regulations. If not, you’ll need to deploy a workforce optimization (WFO) solution to demonstrate that policies, procedures and management oversight of the new recording and monitoring rules are in place. Here’s what you’ll need to consider in a WFO solution:

  • Continuous recording: This goes for all inbound and outbound voice and other electronic communications based on business rules. You need a WFO solution that will capture, search and retrieve calls, offer encryption for secure storage, and offer pause and resume capabilities.
  • Desktop screen capture: This is an undetectable back-end process that records desktop screen activity during each customer interaction. Supervisors and managers can use this both in the contact center and back office to view customer interactions from beginning to end via synchronized screen and call recordings.
  • Quality management monitoring: Identify and capture areas of non-compliance, while measuring how well employees are delivering services that align with customer experience expectations.
  • eLearning and coaching tools: Bring employees fully up to speed on regulatory changes and any new requirements, as well as correct any non-compliance behaviors.
  • Voice analytics: Proactively identify, measure and isolate areas of non-compliance by mining intelligence from large volumes of recorded calls.
  • Workforce management: Schedule employee compliance training while ensuring you have enough support personnel with the right skills to serve customers.

The greatest threat to reputability, revenue and customer experience is the thought that your technology is “good enough” to meet current needs. Your ability to innovate and grow are hinged on technology that meets the next-gen needs of today, tomorrow and beyond—something that only 24% of companies say their workforce optimization and recording systems achieve.

To complete a thorough review of your current MiFID II processes, connect with Avaya. For a deeper dive into MiFID II (including a few WFO features not mentioned above) download the white paper MiFID II: What Does it Mean for Your Organization?

Avaya ENGAGE 2018: Connected Experiences

Avaya ENGAGE 2018 is now only days away and the hard work of the last several months will soon be on display. Flights are booked, bags are packed, and the last few i’s are being dotted and t’s crossed on a lineup of keynotes and breakouts that, if we do say so ourselves, sets a new high mark for content at the International Avaya Users Group. 2017 was a year like no other for Avaya. We are invigorated by the opportunities of a new corporate structure and our re-emergence as a public company. Times like these often lead to a bit of introspection—a chance to take stock, think about what gets you out of bed in the morning and where you’re headed. For us, that introspection has led to some thoughts about what makes Avaya a great place to be in 2018 and what Avaya brings to our customers that no one else can.

Taking stock in the business world always begins with the customer and the experiences they receive from the people they do business with. Those experiences, more than anything else, will define the difference between success and failure. Experiences often vary widely, based on the industry, the product or service, or even the stage of the customer relationship. But one thing that doesn’t change is the fact that the customer sees a business as a single entity and expects to be treated appropriately at every interaction. They want personalized connections, not indifference. They want productive connections, not those that waste their time. They want connections to increase their satisfaction, not ones that diminish it.

To satisfy these demands businesses must perform two critical tasks: they must provide appropriate and flexible ways for connected experiences to occur, and they must enable those experiences across the enterprise. It’s no longer enough to provide your employees with the latest collaboration or mobility solutions. It’s no longer enough to make agents accessible by voice, text, video, email or chat. These solutions must work together. The customer sees a business as a single entity—and businesses must respond to the customer as a single entity.

At Avaya, our job is to connect experiences in ways that drive both the top and bottom line. Think about what customers need. Do they have the right options to connect with your business when and how they wish? Can they get the information they need from their couch, or the subway or the coffee shop? Can an employee get an answer to an urgent question from a colleague a thousand miles away? Or roll out new training to 5 or 5000 new employees? And how do you make all this work together so that everyone is creating the right connections for the customer?

Making those connections work is what we do at Avaya. Seamlessly, quickly, intelligently, intuitively and in ways that make a business capable of responding as a unified whole—not a collection of silos and disjointed applications and processes. No other company can rival Avaya’s expertise in creating enterprise and customer experiences. And no other company can bring these experiences together to create better cross-enterprise connections.

So now you know what gets us out of bed: the drive to create connected experiences that make our customers nimble, responsive, flexible, productive and able to put a single, positive face on all their connections. We’ve been doing it for about a hundred years. And we plan to do it for a hundred more.