Demand for CPaaS solutions is growing, particularly among contact centers and customer experience (CX) leaders.
According to Future Market Insights, the CPaaS industry is currently growing at a CAGR of 25.6%, towards a projected value of $120.99 billion by 2034.
Part of the reason for this phenomenal growth, is that Communication Platform as a Service solutions empower companies to create aligned, powerful, and omnichannel customer experiences. They can streamline internal operations, enhance customer engagement, and reduce costs.
Based on our research into the evolving CPaaS market and its impact on customer experience, here are our top reasons to invest in CPaaS solutions this year.
1. Unlock Enhanced Strategic Alignment
Delivering excellent customer experiences in today’s world requires the comprehensive alignment of your company’s processes, employees, and tools. Sales, marketing, and customer service teams need to be able to share data and resources to deliver consistently excellent experiences to customers.
CPaaS solutions, combining APIs, SDKs, and cloud technologies, help bridge the gaps between your teams and enhance the data flow. With a CPaaS platform, you can connect your CRM (Customer Relationship Management), resource management, collaboration, and contact center tools with various solutions.
Vendors can help you create aligned marketing and promotional campaigns, design apps that send instant notifications to customers across various platforms, and even use tools to streamline self-service and customer routing. The better aligned your teams are, the more productive and efficient they’ll be, leading to higher customer satisfaction scores.
2. CPaaS Solutions Enable Next-Level Customer Experiences
One of the major benefits of CPaaS solutions is their ability to help companies create powerful, streamlined, and consistent omnichannel experiences. With the right solutions, you can strategically reach and connect with customers on any channel, from text and email to voice.
Modern CPaaS platforms allow companies to adapt rapidly to changing consumer preferences and trends, implementing new tools like self-service chatbots at will. You can also use these tools to design unified, data-driven marketing campaigns that draw insights from your existing resources.
Moreover, CPaaS helps to align your distributed teams, and it can lead to better collaboration between workforces, which further enhances customer interactions. Plus, with access to various data points, you can deliver more personalized experiences on every channel.
3. Boost Productivity and Efficiency
Today’s contact centers constantly seek ways to accomplish more with less, particularly in a complex economic environment. CPaaS technology, offering access to exceptional workflow builders and automation solutions, can enhance the efficiency of your workforce.
With CPaaS solutions, companies can embed real-time communication tools, data connections, and more into employees’ existing tools, reducing the need for them to switch between different apps and tools. They can build workflow automation strategies, connecting multiple apps and resources to save staff members crucial time.
With the rising integration of AI into CPaaS environments, it’s even possible for companies to create bots that complete a range of tasks instantly. For instance, you could have a bot that automatically transcribes each conversation, highlights key action points, and uploads data to your CRM. All of this gives your employees more time to focus on revenue-boosting tasks.
4. CPaaS Solutions Improve Business Insights
As noted above, a major benefit of leveraging CPaaS solutions in the contact center is that you can align various data points and environments. CPaaS technology can make it easier to maintain a holistic view of your customer’s journeys, preferences and needs.
The right tools can help you create marketing and sales strategies based on a comprehensive overview of the success of previous campaigns.
Some companies, like Twilio, even help companies make better decisions about how to segment their audience through solutions like the Segment customer data platform. These tools can help you unify customer journeys across every channel to build comprehensive customer journey maps. As a result, you’ll have more data to create highly engaging and personalized experiences for your customers.
5. Greater Security and Compliance
Aligning your contact center’s data, tools, and processes doesn’t just give you the rich insights you need to improve customer experience. It can also help to preserve compliance with data security standards and regulatory guidelines. The more control you have over your data and how it’s collected and stored, the better protected you’ll be.
Plus, end-to-end visibility into your communications can help you spot compliance issues. You can even use tools to monitor script adherence, track keywords, and alert supervisors when privacy issues emerge.
Some CPaaS companies even offer access to robust security APIs that can help you protect your customers, such as multi-factor authentication APIs. Studies have shown that two-factor authentication can reduce fraud risks in the contact center by 99.9%.
6. CPaaS Solutions Save Businesses Money
Implementing any new technology into your tech stack will come with some initial costs. However, CPaaS technology offers a flexible and affordable way to grow. Most CPaaS vendors offer APIs and tools on a pay-as-you-go basis, so you only pay for the technology you use.
You can implement new channels and features into your strategy at a pace that suits your business budget. Plus, you can significantly reduce operational costs by accessing end-to-end support from your provider, minimizing maintenance and configuration expenses.
Developing comprehensive solutions in-house can be expensive, but investing in CPaaS can offer an excellent return on investment. Plus, since you’ll see a boost to your team’s productivity and efficiency, your earning potential should grow, too.
7. Access to Scalable Innovation
Finally, one of the things that makes CPaaS solutions so appealing is that they allow every company to take advantage of new features, communication channels, and trends with ease. With CPaaS, you can tap into new opportunities offered by remote video guidance or message-based marketing.
You can build comprehensive marketing campaigns that use new trends, such as push-based notifications. You can even explore the next generation of artificial intelligence solutions.
Leading CPaaS companies can empower companies to create their own powerful virtual assistants and bots. Implementing these solutions could even help save your business money in the long term by reducing the repetitive tasks employees need to handle every day.
Should Your Contact Center Invest in CPaaS Solutions?
CPaaS solutions are quickly becoming a critical component of the contact center stack. Offering businesses an excellent combination of flexibility, agility, and affordability, they can transform CX efforts.
If you want to stay ahead of emerging customer experience trends, maximize your contact center data, and boost team productivity, start looking at CPaaS solutions today.
