Enterprise Workforce Engagement Management Product Market Report 2023-2024: How AI is Transforming WEM Solutions and Extending their Value and Benefits

DUBLIN, Jan. 4, 2024 /PRNewswire/ -- The "2023-2024 Enterprise Workforce Engagement Management Product and Market Report" has been added to ResearchAndMarkets.com's offering.

Artificial intelligence (AI) is influencing and changing how companies interact with their customers and employees. While we're still in the initial stages of applying AI, it's already demonstrating its contributions to improving the customer and employee experience (CX and EX). AI is going to dramatically alter and reenergize the service world and drive new and significantly enhanced workforce engagement management (WEM) solutions that help contact centers, back-office departments, branches, and other people-intensive operations achieve their goals and enable their companies to deliver a new level of CX. It's clear that organizations need WEM solutions now more than ever.

It's a very exciting and opportune time for WEM solutions. While the number of standalone WEM vendors has decreased due to acquisitions by contact center as a service (CCaaS) providers, the need for WEM applications and tools that elevate the CX, engage and empower employees, deliver actionable insights to enterprise managers, and improve contact center quality and productivity has never been greater. This is where the newly reimagined WEM platform comes in.

WEM is evolving to meet the dynamic needs of AI-enabled enterprises and service functions. Next-gen WEM is no longer simply a suite of interrelated solutions; instead, it is transforming into a series of interoperable applications built with microservices and application programming interfaces (APIs). Underlying the applications are several foundational layers that the applications will plug into. WEM is becoming an open enterprise-grade platform of applications intended to capture, analyze, and enhance all actions performed on behalf of and for the benefit of customers in their end-to-end journey. These developments are helping to ensure a consistently outstanding and cost-effective CX.

The 2023-2024 Enterprise Workforce Engagement Management Product and Market Report analyzes 5 leading and contending vendors who are positioned to deliver the WEM platform of the future: Calabrio, Five9, NICE, OnviSource, and Verint. 

Key findings

• WEM suites are transforming into next-gen platforms that support the increasingly complex, varied, and growing requirements of contact centers and all other customer-facing departments that leverage them to improve the CX, EX, and productivity
• Next-gen WEM platforms offer ease of integration and interoperability with third-party and proprietary operating systems; this is a major change from the closed WEM suites of the past, and it will position companies to leverage their intelligence throughout the enterprise
• AI technology, including generative AI, is enabling key enhancements throughout WEM platforms and setting the stage for a continuous stream of practical innovation that delivers quantifiable benefits to enterprises, employees, and their customers
• Availability of generative AI and contact center-focused and vertical-specific large language models (LLMs) is enabling new best-of-breed competitors to enter the WEM technology sector, particularly with real-time guidance, analytics-enabled quality management (AQM), and automated post-interaction summarization offerings
• WEM solutions are better than ever; they are a critical part of providing agents with intelligent tools and automation to enable and empower them to be customer advocates, enriching their jobs and contributions to the enterprise
• AI-enabled business intelligence applications that provide advanced dashboards, reporting, analytics, and are designed for ease of use by business leaders are becoming a core component of next-gen WEM platforms.

The Report Includes:

• WEM redefined: an introduction to the concept of the next-gen WEM platform, including an overview of the platform's foundational layers and the applications comprising these essential solutions
• Market and business trends and challenges that are driving enterprise investments and influencing product development
• WEM market innovations, including a review of recently introduced functionalities and updates planned for the next 12 - 18 months
• Examination of how AI is transforming WEM solutions and extending their value and benefits
• A review of fundamental WEM applications (recording, quality management, workforce management, desktop analytics, and knowledge management) and why they are critical for all people-intensive operating environments
• How interaction analytics, AQM, and agent assist applications surface the insights needed to drive successful outcomes, revolutionize the EX, and elevate the CX while delivering quantifiable benefits
• Discussion of how customer journey analytics, voice of the customer/surveying, and gamification provide the tools and analytics to effectively evaluate and measure the CX, drive agent behaviors that positively impact the CX, and promote employee engagement and success
• Back-office and branch WEM capabilities and growth opportunities
• 5-year revenue projections for 10 WEM applications
• Review of the WEM competitive landscape, including company snapshots of the featured WEM vendors
• Comprehensive customer satisfaction survey results that measure and rank ratings across 10 vendor categories, 8 WEM modules, and 10 product features
• Detailed pricing analysis for a 250-seat on-premise and cloud-based WEM solution
• Detailed company reports for the 5 featured WEM vendors, analyzing their products, functionality, and future product development plans
• WEM Vendor Directory

Company Profiles

• Calabrio
• Five9
• NICE
• OnviSource
• Verint

For more information about this report visit https://www.researchandmarkets.com/r/k530de

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