RingCentral has surpassed 1,000 customers for its RingCX and AI Receptionist solutions.
RingCX is the enterprise communications giant’s CCaaS solution released in November 2023.
Last quarter, it had approximately 700 customers. Yet, over the past three months, its customer count has shot up.
Much of this may stem from companies reviewing the “COVD-contracts” they signed four years ago and – in many cases – switching loyalties.
The news is a welcome boost for RingCentral, which is typically recognized through its UCaaS offerings.
After all, the UCaaS market has considerably less room for growth. As such, industry stalwarts, like RingCentral, are leaning more into CCaaS.
Kira Makagon, President and Chief Operating Officer at RingCentral, shared the statistics around RingCX’s rising success during the company’s quarterly earnings call. She explained:
We are seeing a strong growth of RingCX, including large deals, which underscores that our multi-product strategy is working across all cohorts.
That multi-product strategy includes bundling RingCX, RingEX (its UCaaS offering), and RingSense to offer an enterprise-wide layer for communications.
It also allows RingCentral to expand happy relationships with its wide base of UCaaS customers.
A standout example of this strategy coming together is in a new deal with a major auto dealership group.
Indeed, it will deploy thousands of RingEX seats, alongside RingCX and RingSense AI, across nearly 100 locations.
By leveraging RingCentral’s platform, the dealership is standardizing communications, expanding its use of performance analytics, and “enhancing customer experience across sales and support.”
More Big Wins for RingCX
RingCentral credits RingCX’s recent success to its simplicity, familiar interface, and quick deployment time.
As an example of the latter, NHS Hertfordshire – a leading regional healthcare trust in the UK – went live in Q1, only six weeks after signing up.
“Serving over 1.2 million residents, the organization has already achieved a 30 percent reduction in call wait times and is expanding its services to further benefit both patients and agents,” noted Makagon.
Makagon also underscored how RingCentral provides embedded AI that doesn’t require every service leader to be an AI expert.
Noting this, she touched upon the solution’s AI Quality Management feature, which was included in over 50 percent of $1MN+ deals RingCentral secured for RingCX over the past nine months.
A large prescription benefits administrator is one such company that has leveraged the feature. It selected RingEX, RingCX, and AI Quality Management to streamline support operations and improve service quality.
However, these are just two examples of the approximately 300 CCaaS customers RingCentral added last quarter.
In hitting the 1,000 mark, Vlad Shmunis, Founder & CEO of RingCentral, claims to be outpacing many newer entrants.
“You can see how long it took some of the other newer entrants to get to 1,000 accounts, compared to where we are and how long it took us,” he said. “Many have not even reached 1,000… and we did it in basically a year.
We feel really good about the adoption of this product.
Dave Michels, Lead Analyst at TalkingPointz, also gave his take during a recent interview with CX Today.
“What really sets RingCentral apart is their full suite of services,” he said. “Most people associate RingCentral with their UCaaS offering. Now, with RingCX, they have a strong CCaaS offering too. They also have a strong CPaaS offering, which is becoming increasingly important in the CCaaS space.
“Another thing that stands out is the strong value,” continued Michels. “When they launched, it was positioned as a lower-cost option with fewer features. But now, they’re innovating so fast—without raising the price—it’s becoming a very strong value.”
RingCentral’s AI Receptionist Is Also Gaining Momentum
The AI Receptionist (AIR) RingCentral introduced last quarter is already making an impact.
AIR is an AI-powered phone agent, augmenting and replacing human receptionists to boost productivity and enhance customer experience.
Within six weeks of launch, more than 400 AIR customers were onboarded, a figure that has since surpassed 1,000.
With continued confidence in its product innovation, RingCentral remains on track to achieve over $100 million in ARR from new products by the end of 2025.
More Insights from RingCentral’s Earnings Call
RingCentral announced earnings of $612MN last quarter, up five percent year-over-year (YoY).
That slowed from the seven percent growth reported in the previous quarter.
Perhaps that’s no surprise given the state of the UCaaS market.
However, RingCentral’s full-suite approach is its growth lever for the future, as it can expand on existing relationships and cover more of the enterprise communications stack.
