Why Insight Engines are at the Core of Digital Transformation
The way people consume information is evolving. People are no longer satisfied with just getting a search result and with recent developments in digital personalization, and AI in particular, they shouldn’t be. Now, people have come to expect relevant and personalized end-to-end experiences, tailored to their context and intent, and delivered real-time at micro-moments and across all channels. If data is the new oil, relevance is unquestionably the thrust that converts sales, enables customers, and makes employees more proficient. Welcome to the Relevance Transformation. Yet companies are still struggling to figure out how to transform data into relevance. The solution: insight engines technology.
As we’ve seen, insight engines are key drivers of company growth, customer satisfaction and proficiency across organizations. An insight engine combines machine learning, rich usage analytics and AI-powered search capabilities to facilitate more intuitive, personalized and relevant digital experiences. According to Gartner, insight engines “apply relevancy methods to describe, discover, organize and analyze data. This allows existing or synthesized information to be delivered proactively or interactively, and in the context of digital workers, customers or constituents at timely business moments”.
When looking for information, today’s generation inherently turns to search.The trend continues to rise and so too do expectations for the vendors that are entrusted with providing the answers. Yet the expectations for effortless and relevant information are now much greater. Your constituents are expecting you to understand their intent and leverage the context of their digital experience to deliver relevant content and recommendations. They expect you to deliver what they’ll need next, whether they know what they need or not. The key differentiator between results and relevance is that relevance is powered by insights, which is why an insight engine is critical for scaling businesses in the digital age.
As an organization always on the cusp of innovation, we were among the first companies to evolve our solution to an AI-powered insight engine, fueling the innovation of other leading companies and continuing to deliver on our promise of making business personal. Coveo brings relevance to every interaction customers, partners and employees have with an organization by enabling seamless, unified interactions. Unified interactions ensure that every experience with information informs all other experiences, regardless of channel. In effect, the goal is to erase the customer’s and user’s awareness of channel, delivering a coherent and relevant experience everywhere. Our platform learns about, remembers and applies machine learning to every experience so that customers, partners and employees always feel known and valued.
We strongly believe this is what has led Coveo to be recognized as a leader in the Gartner Magic Quadrant for Insight Engines report since its inception. Once again, Coveo has been named a visionary leader in this category, which we think recognizes our trailblazing role in making relevance an essential tool for digital leaders to achieve their business results. We reckon our position reflects our continued investment in our product roadmap and our rich understanding of the needs of leading organizations in the digital age. Our future-focused vision and unwavering pledge to make business personal has driven our product roadmap and innovation investment for years, making us first to take advanced enterprise search into a certified and secure elastic cloud, first to embed intelligent search into some of the world’s leading enterprise apps, first to add advanced behavioural analytics recognizing the value of understanding user journeys, and first to embrace machine learning as the core driver of recommendations engines. We believe that Coveo has become the standard by which others are measured.
As the technological landscape has progressed, Coveo has maintained its relevance by offering a solution that is easy to deploy and use and delivering business value almost immediately while reducing the total cost of ownership in the long run. Our platform puts users and administrators in control, empowering them to tune relevance and always ensure the best personalization of digital content for customers, employees and partners. Our customers have been using Coveo to realize their business goals across a multitude of use cases, from customer service to website search, to partner and employee portals, to in-product search and now AI-powered ecommerce recommendations. But more than enabling and enhancing specific use cases, Coveo is helping leading organizations to scale by unifying their customer and employee experiences across multiple touchpoints, and creating relevant and unparalleled end-to-end experiences.
Trusted Coveo partner, Florin Rotar, Avanade Executive, Digital Lead agrees that insight engines are critical in an ever-evolving market, “In the digital age, insight engines give organizations the ability to create relevancy everywhere – helping employees work smarter and delivering more contextual, more personalized experiences to customers and partners in every next interaction. We’re very pleased to partner with Coveo to help our global clients imagine, design and deliver relevant workplace and customer experiences that sets them apart.”
“Customer experience (CX) is becoming a cross-organizational, board-level focus.”² We’ve seen that as the demand for self-service rises, companies who are making necessary investments are yielding incredible returns. Since implementing Coveo-powered self-service, Salesforce has enhanced its customer experienceconsiderably. AI and machine learning capabilities enable Salesforce to understand the true intent of their customers, drive changes in product development according to their needs, as well as improve search relevance, which has contributed greatly to the self-service experience and the company’s bottom line.
According to the 2018 Gartner Annual CEO Survey, “the top internal factors constraining growth in this year’s survey were employee, talent and skills issues.”³ With a Coveo-powered workplace, an overwhelming 95% of Think Mutual Bank employees say they trust the information found and recommended on the intranet, allowing them to do their jobs autonomously and with greater accuracy.
Your customers and employees are not the only ones seeking to self-serve. Allowing your partners, dealers or franchisees to find what they’re looking for, the moment it’s needed, not only helps to build brand advocacy but has a direct impact on your bottom line. Enabling them to serve their customers better immediately extends the reach of your brand and results in increased business. BRP has successfully achieved best-in-class status for partner engagement. By introducing Coveo Machine Learning to their partner portal, nearly 90% of searches link to an existing and relevant article, better equipping their partners to effectively sell their products.
This year, 90% of brands will practice at least one form of marketing personalization. Two critical components of personalizing your digital experience are: making relevant content findable and making it available on their preferred channels. CMSwire has unified all its collective knowledge into a single knowledge base with Coveo. With 100% searchable content and 95% of its home page’s titles being search driven, the company has seen a 124% increase in mobile conversions.
Businesses run the risk of losing to their global competitors without a strong and scalable digital strategy. A strategy anchored on personalization of every digital experience, winning at every interaction thanks to highly relevant content and recommendations. A strategy of driving a million different experiences for a million different users, which can only be powered by AI and advanced contextual insight. With Coveo as your company’s insight engine, organizations see measurable improvements throughout; in customer satisfaction, employee proficiency and engagement, sales conversion and increased revenue.
²Customer Experience 2018 Benchmarks: Turning Return on Investment into Reality, Nick Ingelbrecht, Ed Thompson, Olive Huang, Melissa Davis, Julie A. Meyer, May 2018
³2018 CEO Survey: CIOs Should Guide Business Leaders Toward Deep-Discipline Digital Business, Mark Raskino, April 2018.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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