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Why your contact centre needs to embrace the cloud computing revolution

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Why your contact centre needs to embrace the cloud computing revolution

By Paul Jarman, CEO NICE inContact

Paul Jarman

Paul Jarman

It shouldn’t come as a surprise to anyone involved in the technology sector that cloud computing is taking over virtually every industry. Although it has been around for longer than most people think, the last few years have seen cloud-based solutions take on a new prominence – and the contact centre is no exception to this. In fact, industry analysts confirm that companies looking to modernise their contact centres to deliver exceptional customer experiences are all short-listing cloud solutions.

Today the term “cloud computing”is widely understood,and the technology continues to evolve with better performance, improved security features and more services than ever before.It’s no exaggeration to say that the cloud has become an integral part of our everyday lives,helping businesses of all shapes and sizes become more agile and more responsive to their customers. 

Head in the clouds

Take a closer look at your daily activities, and it’s easy to spot the impact of cloud. Since arriving in the office, you’ve probably sent out some emails through Microsoft Outlook 365 or Google Gmail,collaborated with colleagues via Slack and uploaded some files into Dropbox. You might have listened to music via the likes of Spotify on the way to the train or bus station, or maybe taken an Uber home the night before after a late night out with friends. Then, this evening, you’ll probably want to watch a movie on Netflix or browse Facebook or Instagram at home. Without the cloud, none of these applications would exist.

From a business perspective, on-demand cloud technology provides many benefits, including increased agility, efficiency and scalability – all of which are available to contact centres of all sizes. Despite these benefits, many have yet to move their core contact centre operations to the cloud and risk falling behind more agile competitors that are leveraging cloud solutions to improve the customer experience. The good news is that cloud adoption is accelerating, with the global cloud computing market projected to grow to $411 billion by 2020 and more than 62% of businesses already running their contact centres in the cloud.

For contact centres today, even the slightest improvement in customer experience can make a big difference to their place in an increasingly competitive market. From enabling real-time agility in operations to empowering businesses to deliver better financial results with improved ROI, a cloud-based contact centre solution can add real business value to every stakeholder in an enterprise. Let’s take a closer look at these three points.

Next-level operational agility

Cloud-based solutions also make it easier to provide personalised solutions instead of adopting a one-size-fits-all approach. Building a truly personalised experience for each customer requires contact centres to take swift actions to improve service, such as adding new channels like digital or chatbots, changing Interactive Voice Response (IVR) scripts on the fly, or configuring systems on your own without waiting for IT. The cloud gives contact centres the true agility and flexibility to make these changes, with the power to create an exceptional experience for customers.

Arguably one of the most important advantages cloud computing brings to contact centres is the agility it provides.For example, they can instantly scale their operations on a pay-as-you-go model to fit in with seasonal fluctuations and annual peaks and troughs,while embracing today’s employee preference for work at home options. Cloud-based contact centre applications also enable businesses to recover from disasters such as a storm or a fire more seamlessly. Whatever the situation, business continuity will be assured thanks to the built-in redundancy of the cloud.

Empowering innovation

Forward-looking business leaders are always looking at creative ways to innovate and drive value for the business.Cloud-based contact centre solutions eliminate the need to maintain a large hardware infrastructure or manage time-consuming system upgrades, thereby freeing up valuable technical resources for innovation and creativity.

Artificial intelligence is one of the innovations getting the most attention these days, and for good reason especially around keeping the contact centre current.  According to Forrester, 64% of companies plan to increase their AI investment in the contact center in the next 12 months*.The biggest driver for contact centres to implement AI is to drive efficiency, in turn giving customers what they are looking for – faster resolution and more communication options. For example, Predictive Behavioural Routing allows AI to help route customers to the agents best equipped to handle their personality style, resulting in more productive and positive call outcomes.

AI tools can supplement agents with customer data, real-time sentiment analysis and more. And cloud allows these tools to be seamlessly updated, scaled up and down to work with demand, and makes agents’ lives easier by removing the mundane, process-based tasks.

Most importantly, an open cloud platform with published APIs (application program interfaces) can allow development teams to innovate in a cost-efficient way by empowering them to build better and faster ways of engaging with customers inside and outside the contact centre. Utilizing APIs can also allow implementation of new tools at a faster rate, across the contact centre technology.

Ultimately, cloud software with the addition of AI can ease the burden on IT teams so that they spend less time just keeping the lights on and more time on delivering true business value through innovation.

Better financial results

Cloud-based technology also offers both top-line (increasing revenue) and bottom line (improving efficiency) financial benefits.According to Forrester, the right cloud solution can provide a 323% increase in ROI with benefits measured in millions. For a 1,100-seat organisation, the pay-off is of $29.5 million. Withcloud-based applications in place,contact centres can instantly scale up or down based on their specific business needs– and only pay for what theyuse rather than a constant monthly fee.This means they can make sure they have the right amount of staff in place throughout the year, providing the dual benefits of maximising revenue while also controlling infrastructure costs.

But that’s not all. With the cloud, contact centres can shift the cost of technology applications from capital expenditures (CAPEX) to operating expenses (OPEX). Forrester estimates the reduction in contact centre cost due to lower infrastructure refresh and ongoing maintenance costs stands at around $2.4 million. For businesses that don’t have access to large pots of money, this lowers upfront costs and helps them avoid expensive, long term hardware and infrastructure investments.

There’s a lot to be said about how migrating to the cloud enables contact centres to enhance their operations in a multitude of ways. Whatever the size of the organisation or industry, cloud solutions can benefit the bottom line, drive enhanced customer experiences and ease the burden on IT.These benefits speak for themselves; however, there are so many more benefits that contact centres can take advantage of if they transition to cloud-based solutions. With increased customer satisfaction and business growth pretty much guaranteed, this cloud-based revolution is something contact centres need to get onboard with as soon as possible.

* Forrester Consulting, “Building An Artificial Intelligence Infused Contact Center”, a commissioned study conducted by Forrester Consulting on behalf of NICE, March 2019

Technology

Endpoint Security Industry: An Overview

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Endpoint Security Industry: An Overview 1

Endpoint protection is the practice of stopping unauthorised actors and campaigns from targeting endpoints or access points of end-user computers like desktops, notebooks, and handheld devices. Endpoint security solutions guard against cybersecurity risks to these access points on a network.

From standard antivirus applications, endpoint security has developed to offer robust protection from advanced ransomware and emerging zero-day attacks. Nation-states, organised crime, hacktivists and deliberate and unintentional insider attacks are at risk of organisations of all sizes. Endpoint defence is also seen as the forefront in cybersecurity, which is one of the first locations businesses look to protect their business networks. Digital Audio Workstations [DAWs] Market

Modern EPPs harness the cloud’s ability to manage an ever-growing hazard intelligence database, release bloat endpoints correlated with locally storing all this intelligence, and the maintenance needed to keep these databases up-to-date. It also provides superior speed as well as scalability to access this data in the cloud. The EPP includes a single console for system administrators that is mounted on a network gateway or server that enables cybersecurity experts to centrally monitor the protection of each computer.

An Evolution in Endpoint Security

Over the years, the defence of endpoints has progressed from primitive antiviruses to more sophisticated next-generation antiviruses using advanced technologies, new and improved identification and the response of endpoints, and the OS-Centric Optimistic Security strategy. In a constant basis, it shifts. Network vulnerabilities from yesterday are today’s strengths.

Tomorrow’s vectors of attack will inevitably be defended. And then, it’s off. Yet there has been a step-change in the cybersecurity world. The global pandemic got humanity to fewer than 12 parsecs in the Future of Jobs. In two weeks, strategy plans that were set out to be applied in two years were followed. Attacks grew as the perimeter of the network extended indefinitely. And the CISO obeyed and kept the company secure. To focus on endpoint defence, the cybersecurity world aligns.

Key Components of Endpoint Security

Endpoint encryption and application control, two main components of an efficient endpoint protection solution, are important endpoint security layers that prevent problems such as data leaks from occurring deliberately or accidentally by copying or moving data to removable media devices. Endpoint encryption completely encrypts endpoint data, like notebooks, cell devices, and other endpoints, as well as directories, archives, and portable storage devices, such as CDs and USB drives, for your business.

Application monitoring, a key component of robust endpoint protection initiatives, avoids the operation of unauthorised software on endpoints. Regulation of software addresses the problem of workers installing unauthorised or unsafe software on mobile devices that may build network bugs and result in unauthorised entry.

Endpoint security is handled in the business environment by a central management server that tracks and handles all endpoint connexions to the network. However, security solutions such as antivirus software are monitored and managed at individual endpoints in the consumer environment, without the need for central administration.

The Risks of Endpoint Threats

Security is rapidly changing in today’s mobile world, and endpoints now form a new perimeter, and companies need to secure their data across networks. As companies expand, so do their vulnerabilities, and all businesses must secure endpoints regardless of size or stature. However, there is no apparent, easily guarded line that can hold all the data in and attackers out of the system with the growth in telecommuting, more workers requested or compelled to operate from home, the Internet of Things (IoT), and cloud services.

Endpoint threats help to know what kind of susceptibilities exist to gain an improved understanding of what is required from endpoint protection. A few kinds of attacks that are or are becoming more common are listed below. It is necessary to bear in mind, however, that many more forms of attacks exist and attackers every day learn new methods. Legal ramifications: Infringement of data and loss of personal or confidential information is a serious problem that can lead to considerable legal harm. Reputational damage: Businesses suffering data breaches and cyber-attacks are at risk of adverse public opinion, leading to reduced brand and reputational damage.

A Glance at Importance of Endpoint Security in Today’s World

Endpoint security strategies play a significant role in defending against today’s increasingly advanced cyber threats. Today’s cyber-attacks need a new line of security protection. For a variety of factors, an endpoint defence framework is a critical part of enterprise cybersecurity. First of all, data is often the most important asset a company has in today’s business environment and losing that data or access to that data could put the whole business at risk of insolvency.

Businesses have now had to deal with not only a rising number of endpoints but also an increase in the number of endpoint forms. These variables make it more difficult for enterprise endpoint protection on their own, but they are exacerbated by remote work and BYOD policies that make perimeter security increasingly inadequate and generate vulnerabilities.

The threat landscape is also becoming more complex: hackers are constantly seeking new ways to gain access, steal data or trick employees into distributing confidential data. The endpoint security platforms have become a must-have in terms of protecting modern companies because of the cost of a large-scale breach, cost of transferring resources from business objectives to tackling threats and the actual financial cost of enforcement breaches.

An entry point for threats is given by any computer, such as a tablet, smartphone or laptop. Endpoint security seeks to properly protect any endpoint connecting to a network at these points of entry to block access attempts and other risky activities. The corporate network security perimeter has effectively collapsed as more companies accept activities including BYOD (Bring Your Device) and remote/mobile workers.

The need for effective endpoint protection measures, especially because of the increase in mobile threats, has increased substantially. A centralised security solution is no longer sufficient for today’s ever-shifting and undefinable security limit, with workers relying on mobile devices and laptops to work and connect to business networks. Endpoint security offers a further shield to centralized security controls at the point of entry for some attacks and the point of exit for sensitive information.

Differentiating Endpoint Security from Anti-Virus Software

What separates endpoint protection from popular anti-virus applications is that endpoints are responsible for or more of their protection in the endpoint security framework. This goes against network security, where security measures protect the network as a whole instead of certain computers and servers. Endpoint defence, however, is not carried out exclusively on smartphones.

Common endpoint defence techniques with security tools on a central server or control board and tools on individual devices provide a two-pronged approach. Still, by some definitions, certain simpler types of protection fall under the safety umbrella of the endpoint. That said, modern concepts of endpoint protection typically define more sophisticated methodologies, including intrusion detection and behaviour-blocking elements that either end-users or intruders recognise and block threatening activities and behaviours.

Common Trends in Endpoint Security

Endpoint security trends forecast the future of endpoint threat management and the solution features that we will see in the future in the industry. As trends for the year 2018, several developments have been facing, including machine learning and AI, SaaS-based endpoint defence, layered protection against file-less attacks, putting IoT devices under the protective umbrella, etc.

Today’s methods can achieve better remediation, which ensures that operations such as deleting data, terminating procedures, and rolling back photos of the system can spare IT, employees, the tedium of manually reimaging violated systems.

Endpoint Security Software Features to Look for in 2020

There were 4.1 billion accounts of data threats in the first half of 2019 alone. Therefore, employing an endpoint security framework has become essential for every enterprise. Some of the top endpoint security software features to look for: Securing devices, especially USB ports, generating reports, Device-based and user-based security policies, Application Control, Remote patch installation to quickly fix critical vulnerabilities, Strong secure communication encryption algorithm, Receiving configuration security/status alerts, Browser management

In 2020, companies must secure more ends than ever with the global pandemic COVID-19 requiring more workers to operate remotely. Attackers know that human beings, who now often operate beyond the regulated environment created by office computers and networks, are the weakest link to security. Forced outside of the formal system, individuals are more vulnerable to weaknesses and generate openings for attack.

The Future of Endpoint Security

In 2020 and the near future, enhancing endpoint protection needs to be a top priority. The borderless and non-discriminatory existence of cyber-attacks means that sharing their experiences and working together to defend themselves and the general population is essential for the cybersecurity industry. Endpoint security has grown from modest beginnings of protecting standard PCs to protect complex networks in large enterprises, protecting varied environments like business-issued hardware, programmes for bring-your-own-device (BYOD) and more.

For corporations and private clients, cybersecurity used to be all about protecting the endpoint. Since then, rapid technological growth has forced security firms, such as Bitdefender, to develop new techniques and business strategies that could meet the needs of ever-larger organisations. 86% of all infringements are financially motivated, where risk actors are after financial data, intellectual property, health records, and consumer identities of companies that can be easily sold on the Dark Web.

Cybersecurity has repeatedly become one of the leading anxieties for companies around the world in recent years, and this pattern will worsen in 2020. We expect to see an increase in new specifications as businesses increasingly recover from the current pandemic. The evolution of large-scale breaches symbolises a growing trend in the number and gravity of security breaches. Data breaches frequently disclose confidential information that also puts consumers at risk of identity fraud, damages the reputations of firms, and puts businesses responsible for violations of compliance. Cyber Observer, a comprehensive solution for cybersecurity management and understanding, estimates that by 2021, cybercrime harm is expected to exceed $6 trillion annually.

Conclusion

Security is constantly evolving and there is a possibility that the future might hold much more than what we have seen. We cannot, however, ignore the changes that have been seen from the past several years to where we have gotten to today.

Who We Are

Adroit Market Research is a global business analytics and consulting company. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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Technology: the saving grace of the month-end headache in financial reporting

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Technology: the saving grace of the month-end headache in financial reporting 2

By Tiffany Newkirk, Financial Solutions Manager at SplashBI 

The end of the month is a challenging time for many accountants and financial analysts as they race to close their books and complete their reporting on time. Whether they are using Oracle Cloud or on premise solutions, the final hurdle has its highs and lows. With accounts to reconcile and financial statements to analyse, accountants and financial analysts are left with little time before the crucial deadlines are in front of them. As a result, time needs to be maximised so that they have all the answers at their fingertips when presenting to the business, board members and executives. These are the aspects of the role that financial analysts adore – and manual intervention shouldn’t be the blocking stone of success.

Preparation for month-end reporting involves financial analysts spending long periods of time focused on analysing spreadsheet after spreadsheet. Tiffany Newkirk, Financial Solutions Manager at SplashBI, explains that month-end reporting shouldn’t be as problematic and frustrating as it is. To move forward, financial analysts need to incorporate technology to provide a visual representation of the data so their role becomes as efficient and sustainable as possible.

A new beginning

Overtime and stress are two common issues that accountants and financial analysts experience when completing month-end close reporting. As many as one in four financial analysts describe the pressure of financial reporting being overwhelming, resulting in employees leaving the job they love; a situation that no senior management team wants to occur.

According to a recent survey, as many as 73% of accountants and financial analysts are still operating in a manually intensive, spreadsheet-driven system that limits or removes any time for analysis. In the same survey, 84% said they would prefer the financial close process to take up less time, that could in turn be devoted to more strategic financial projects. From a health and wellbeing perspective, the drive to utilise technology will help improve the efficiency and accuracy, especially at this turbulent time, and allow more time to be spent exploring the results and having the answers readily available for senior-level discussions.

A long-awaited transition

Companies of all shapes and sizes have long sought ways to streamline their processes so that accountants can spend less time collecting numbers and more time analysing the impact and results with senior stakeholders. Finding the right equilibrium between speed, accuracy and employees’ needs is key, and financial experts need to embrace technology and its visual qualities in order to achieve this.

While spreadsheets are a useful tool, they can be prone to errors, especially if formulas are entered incorrectly. Management teams want to understand the implications of the data in front of them, and with the aid of financial experts, bring the data to life in a much more visual and empowering way, ready to spot the next business opportunity. Working solely in a spreadsheet rarely allows this to happen.

Instead, technology can help drive smarter decisions, by making the data come to life and presented in a variety of visual formats. By combining the numerous, disparate systems required to achieve a successful month end close, financial analysts and CMOs can view real time data at a click of a button to make informed decisions in the future.

Conclusion

In an increasingly digitised world, real time financial reporting and accurate forecasting are more vital than ever to achieve a sustainable and efficient business model. Given the circumstances faced throughout 2020, effective financial management provides businesses with a competitive advantage and greater insights to drive profitability and efficiency.

Letting go of tired and archaic practices will drive financial roles forward and open the door for a myriad of opportunities when accountants and financial analysts expand their reliance on technology and move away from traditional methods. Moving forward, organisations that don’t incorporate technology into their month end reporting will be left behind, and not reap the rewards. It’s time for the face of financial reporting and analytics to change to become a seamless, stress-free and data-driven process.

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Entersekt provides clarity on Secure Remote Commerce authentication techniques for financial institutions

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Entersekt provides clarity on Secure Remote Commerce authentication techniques for financial institutions 3

New whitepaper from Mercator available: Revisiting Authentication in the Age of SRC and EMV 3-D Secure

Is it time for a new authentication strategy in light of international mandates for Secure Remote Commerce (SRC) and EMV 3-D Secure? This is the question posed to financial institutions (FIs) in a new Mercator Advisory Group whitepaper entitled Revisiting Authentication in the Age of SRC and EMV 3-D Secure.

The paper, licensed by Entersekt for public distribution, delves into the role SRC and EMV 3-D Secure will play in the European Union’s Strong Customer Authentication (SCA) requirements under the revised Payment Services Directive (PSD2). It finds that now would be the ideal time for FIs to rethink customer authentication strategies, particularly with the deadline for full SCA compliance approaching on the 1st of January 2021.

“Consumers face an increasingly complex authentication landscape, which can vary greatly depending on the communication channels they use,” said Frans Labuschagne, UK&I country manager at Entersekt. “Multiple authentication techniques create unwanted friction and uncertainty. This paper gives actionable advice to FIs that need to keep security top of mind while also providing a good user experience.”

All card issuers competing for top of wallet will find useful insights in this whitepaper, which states that, “Since it is well recognised that convenience is critical to consumer adoption, it is time for financial institutions to rein in the multiplicity of authentication methods they use to identify account holders and even employees.”

Some of the key findings include:

  • The lack of an integrated solution results in an inconsistent user interface.
  • Inconsistency not only detracts from a customer’s experience but is likely to disrupt any cross-channel implementation plans an organisation might have.
  • A customer who is presented with the same authentication technique for every interaction becomes more familiar with that technique.
  • The authentication technique should be implemented on a smartphone, which 89% of UK residents between 16 and 75 already have.
  • Consumers increasingly trust smartphone-based biometrics and are growing accustomed to using smart speakers for a range of use cases.

 

To download the whitepaper in full, please visit: https://www.entersekt.com/resources/white-papers/revisiting-authentication-src-3ds

 

This is a Sponsored Feature

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