What changed in this filing

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Item 1. Business

2023-09-14 compared with 2022-09-13 · 53 added, 53 removed, 186 unchanged (36% of the section changed)

eGain automates customer engagement with an innovative knowledge hub, powered by conversational AI and analytics.

We sell mostly to large enterprises across financial services, telecommunications, retail, government, healthcare, and utilities.

That is, organizations seeking to better serve customers at scale while coping with content silos, process complexity, and regulatory compliance.

eGain automates customer engagement with an innovative knowledge hub, powered by conversational and generative AI and analytics.

We sell mostly to large enterprises across financial services, telecommunications, retail, government, healthcare, and utilities seeking to better serve customers at scale by eliminating content silos and helping to automate customer engagement processes of all levels of complexity that may also require regulatory compliance.

With our mantra of AX + BX + CX = DX™ , we guide clients to effortless digital experience (DX) by holistically optimizing agent experience (AX), business experience (BX) and customer experience (CX).

Leading brands use eGain’s cloud software to improve customer satisfaction, empower agents, reduce service cost, and boost sales.

Leading brands use eGain’s SaaS solution to improve customer satisfaction, empower agents, reduce service cost, and boost sales.

We are headquartered in the United States.

We also operate in United Kingdom and India.

We also operate in the United Kingdom and India.

Industry Background

According to Gartner, 84% of contact center agents surveyed are not satisfied with their desktop tools.

According to Gartner, a majority of contact center agents are not satisfied with their desktop tools.

Our assessment, based on two decades of serving clients is that contact center agents when serving customers ignore most of the information piled on their screens across multiple windows and tabs.

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And recall it contextually in the moment of truth when serving customers.

This growing knowledge and guidance gap for agents explains Gartner Research’s only technology recommendation for customer service and support leaders in 2022:

This growing knowledge and guidance gap for agents explains Gartner Research’s only technology recommendation for customer service and support leaders since 2022:

invest in knowledge management tools!

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This need has been amplified by the disruption of traditional work models by COVID-19.

Coming out of the pandemic tunnel and dealing with the new normal of millennial employee expectations, businesses realize that they need to invest in tools to quickly and easily empower agents, while ensuring customer satisfaction and compliance.

Not surprisingly, businesses are increasingly seeking modern knowledge management solutions to layer on top of traditional systems of record like CRM, contact centers, and content management.

Their goal is to empower contact center agents and automate customer self-service with relevant knowledge everywhere.

Coming out of the pandemic tunnel and dealing with the new normal of millennial and generation Z employee expectations, businesses realize that they need to invest in tools to quickly and easily empower agents, while ensuring customer satisfaction and compliance.

Not surprisingly, businesses are increasingly seeking modern knowledge management solutions to layer on top of traditional systems of record like Customer Relationship Management (CRM), Contact Center as a Service (CCaaS) solutions, and content management systems.

Their goal is to empower contact center agents and deliver customer self-service with relevant knowledge everywhere.

Knowledge-Powered Customer Engagement

Energized by big-data, cloud-computing and AI technologies in a digital world, Knowledge Hubs can deliver transformational value in customer engagement.

Energized by big-data, cloud-computing and most recently by generative AI, unsiloed Knowledge Hubs deliver transformational value in customer engagement.

Smart, connected experiences can be automated to successfully resolve majority of customer interactions.

The pressing challenge for solution buyers, however, is to separate the wheat from the chaff as they look for trusted, innovative, and aligned partners.

The pressing challenge for solution buyers, however, is to separate the wheat from the chaff as they look for trusted, innovative, and aligned partners that can also add quick business value.

So they seek sustained product leadership, at-scale proof points and no-risk trials.

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Contact centers offer significant opportunity to automate customer engagement.

Globally, there are close to 15 million contact center agents.

Globally, there were close to 17 million contact center agents in 2022 with 71% of contact centers looking to hire more, according to a 2023 Forrester survey.

Time-starved customers consuming complex products and grappling with marketing offers generate stubbornly high levels of customer contact.

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Cloud-based solutions and a growing Application Programming Interface (API) economy present exciting opportunities to connect, solve, and optimize customer interactions.

As predicted by industry analysts, the number of customer interactions involving emerging technology such as machine-learning applications, chatbots, or mobile messaging is increasing every day.

To effectively harness these novel capabilities, businesses are looking toward innovative platform providers with proof at scale to guide them on their automation journey.

Contact volumes are soaring and to handle them effectively while delivering great experiences, businesses are looking for innovative platform providers that harness AI, conversational interfaces, and digital channels with proof at scale to guide them on their automation journey.

The eGain Approach and Benefits

What Customers Want

Technology acceleration notwithstanding, human needs for customer engagement and service change slowly.

We believe what customers still want is help in three categories:

We believe where customers want help falls into three categories:

informational, transactional, and situational.

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During these interactions, customers increasingly want to be guided, even anticipated.

Siloed solutions like transactional, simplistic chatbots without contextual escalation or effective knowledge and guidance don’t work.

Siloed solutions like simplistic chatbots without contextual escalation or effective knowledge and guidance don’t work.

The eGain Solution is Comprehensive

eGain offers a comprehensive, unified Knowledge Hub solution to automate, augment and orchestrate customer engagement.

eGain offers a comprehensive, unified solution organized into three hubs—eGain Knowledge Hub™, eGain Conversation Hub™, and eGain Analytics Hub™, to automate, augment and orchestrate digital-first customer engagement.

Our feature-rich portfolio of applications empowers businesses to holistically connect, flexibly solve, and continuously optimize the experience for agents, businesses and customers.

Our solution experts and partners guide clients by aligning with their strategic priorities and demonstrating quick value across a series of agile sprints.

Our solution experts and partners guide clients by aligning with their strategic priorities and demonstrating quick value through agile sprints.

Connect with eGain Conversation Hub

Our Conversation Hub offers comprehensive, scalable capabilities for digital-first, omnichannel interaction management within a modern, purpose-built desktop.

Rich applications, powered by our Knowledge and AI capabilities (from our Knowledge Hub), proactively guide agents to efficiently interact with customers using messaging, short message service (SMS), chat, email, social media, phone, video, fax, and letter.

Rich applications, powered by our Knowledge and AI capabilities (from our Knowledge Hub), proactively guide agents to efficiently interact with customers using chatbots, messaging applications, short message service (SMS), chat, email, social media, phone, video, fax, and letter.

As part of our Conversation Hub, we offer a novel Bring Your Own (BYO) architecture to plug in external bots, messaging channels, and third-party agent desktops to compose differentiated customer experiences.

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Solve with eGain Knowledge Hub

Our Knowledge Hub helps businesses to centralize knowledge, policies, procedures, and best-practices, while delivering guided, personalized solutions to customers and agents across all touch points.

Our Knowledge Hub helps businesses to centralize knowledge, policies, procedures, situational expertise, and best-practices, while delivering guided, personalized solutions to customers and agents across all touch points.

Our guided knowledge and virtual assistance applications ensure that all agents effectively resolve all contact types, regardless of product or procedure.

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Optimize with eGain Analytics Hub

Our Analytics Hub enables clients to measure, manage and orchestrate their omnichannel service operations.

Our Analytics Hub enables clients to measure, manage and optimize their omnichannel service operations and knowledge.

In addition, embedded AI and Machine Learning (ML) helps clients generate product improvement and customer insights, while spotting opportunities to improve experience and automate processes.

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Our open, secure platform APIs enable clients and partners to extend and enhance our solutions and to integrate with enterprise assets to enable a single view of the customer.

Pre-built integrations include connectors to Adobe, Apple Business Chat, Avaya, Amazon, Cisco, Five9, Google Dialogflow, Genesys, IBM Watson, Microsoft Dynamics, Microsoft SharePoint, Salesforce, SAP and ServiceNow.

Pre-built integrations include connectors to Adobe, Apple Business Chat, Avaya, Amazon Connect, Cisco, Five9, Google Dialogflow, Genesys, Talkdesk, IBM Watson, Microsoft Dynamics, Microsoft SharePoint, Microsoft Teams, Salesforce, SAP and ServiceNow.

Compelling Benefits

We believe our solution delivers quick value, easy innovation, and big business impact.

Our solution delivers quick value, easy innovation, and big business impact.

Specifically, we help businesses:

o Enhance customer experience with digital-first, omnichannel service.

o Enhance customer experience with digital-first, omnichannel service, backed by AI knowledge.

o Reduce operating costs through self-service automation, improved first contact resolution, and compressed agent time-to-competence.

o Ensure compliance with regulations, policies, procedures, and best practices even as clients expand their product portfolio and serviced customer segments.

o Ensure compliance with regulations, policies, procedures, and best practices even as clients expand their product portfolio and customer segments.

This benefit is particularly sought after in regulated sectors like financial services and healthcare, as well as government.

o Deliver rich insights to enhance products and design new offerings.

o Deliver rich insights to improve service, enhance products and design new offerings.

Analyzing and learning from customer conversations provides a unique tool to quickly respond to customer dissatisfaction or agent challenges, while generating ideas for product innovation and process automation.

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Our cloud offering is secure, scalable, and offers unique capabilities.

With respect to security and certification, we offer SOC2, PCI, HIPAA, HITRUST, FedRAMP, and GDPR certification.

Two of the largest federal tax services, one in North America and the other in Europe, use eGain solutions served from the eGain Cloud.

With respect to security and certification, we offer SOC2, PCI, HIPAA, FedRAMP, and GDPR certification.

We are also approved as a supplier on Crown Commercial Service’s (CCS) G-Cloud Framework in the UK market.

The Internal Revenue Service uses our solutions served from the eGain Cloud.

Furthermore, we offer an “Always On” capability for businesses who cannot afford to be down at any time, day or night, for scheduled maintenance.

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Our solution delivers transformative value at scale today.

We believe that our understanding of the customer need and our ability to fulfil it at scale with enterprise-grade sophistication is unmatched.

From over a hundred thousand users at a healthcare client using our solution on a 24x7 basis to a P&C insurer with fifteen thousand contact center advisors and thirty-thousand field agents, we are the preferred choice for large brands looking to automate customer engagement.

We believe that our understanding of the customer need and our ability to fulfill it with enterprise-grade capability is unmatched.

From over a hundred thousand users at a healthcare client using our solution on a 24x7 basis to a Property and Casualty (P&C) insurer with fifteen thousand contact center advisors and thirty-thousand field agents, we are the preferred choice for large brands looking to automate customer engagement.

Market-leading Innovation with a Risk-free Trial Model

We are consistently seen as product leaders in knowledge-powered customer engagement by leading analysts.

Our enterprise-class virtual assistant – powered by AI, machine learning, and knowledge – delivers transformational impact in complex use cases to solve, guide, and coach agents and customers.

Our enterprise-class virtual assistance and agent augmentation – powered by AI, ML, and knowledge – delivers transformational impact in simple to sophisticated use cases to solve, guide, and coach agents and customers.

Our conversation hub, deeply integrated with our knowledge hub, enables plug and play of third-party bots, channels, and desktops.

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We take our solutions to market through a direct sales model, primarily in North America and Western Europe.

We complement direct sales with resell partnerships based on product connectors into Cloud Contact Center platforms, including Amazon, Avaya, Cisco, Five9 and Genesys.

We complement direct sales with resell partnerships based on product connectors into Cloud Contact Center platforms, including Amazon, Avaya, Cisco, Five9, Genesys, and Talkdesk.

We also partner with System Integrators and Managed Service Providers.

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For fiscal year 2023, North America (NA) and combined Europe, Middle East, and Africa (EMEA) revenue accounted for 78% and 22% of total revenue.

Two of our largest customers, who are also our partners, accounted for 21% and 11% of total revenue in fiscal year 2022.

We compete with application software providers, including LivePerson, Inc., NICE, Ltd, Oracle Corporation, and Verint Systems Inc..

One of our largest customers, who is also our partner, accounted for 20% of total revenue in fiscal year 2023.

We compete with application software providers, including LivePerson, Inc., NICE, Ltd, and Verint Systems Inc.

In addition, we occasionally compete with some of our platform partners where some of our product capabilities overlap, including Five9, Genesys, Microsoft, Salesforce, and ServiceNow.

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o speed and ease of implementation;

o product functionality;

o quick value realization;

o rich product functionality;

o strong analyst ratings;

o strong customer references;

o financial stability and viability of the vendor;

o product adoption;

o strong product adoption;

o ease of use and rates of user adoption;

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o performance, security, scalability, flexibility and reliability of the service;

o whether the software is delivered via the cloud or on-premises;

o ease of integration with existing applications;

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Invest in Direct Sales and Marketing

We are enhancing our digital marketing to boost brand awareness, based on client success, product leadership and no-risk trial offers.

To complement our marketing investment, we significantly expanded our field sales team to increase high-touch presence in target accounts.

We design and execute scalable and personalized marketing programs to boost brand awareness, based on client success, product leadership and no-risk trial offers.

To complement our marketing investment, we have built and trained a field sales team to maintain high-touch presence in target accounts.

Develop New Partner Relationships

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We are developing vertical solutions on our platform to better acquire and serve customers.

We continue to enhance our core capabilities to improve usability and personalization.

We are also leveraging generative AI technologies to reduce manual effort and accelerate automation in knowledge management and customer engagement.

We continue to enhance our core capabilities, while improving usability and personalization.

Selectively Pursue Acquisitions

From time to time, we pursue inorganic strategies to strengthen our product portfolio.

In 2014, we acquired Exony Limited, a provider of advanced contact center analytics software.

Moving forward, we will look for strategic acquisitions that we believe will deliver compelling value faster than organic options.

As opportunities arise, we look for strategic acquisitions we believe will deliver compelling value faster than organic options.

Sales and Marketing

Sales Strategy

Our sales strategy is to pursue targeted accounts, mostly B2C enterprises, through a combination of our direct sales force and partners.

Our sales strategy is to pursue targeted accounts, mostly B2C (Business-to-Consumer) enterprises and consumer-centric government agencies, through a combination of our direct sales force and partners.

These enterprises typically have thousands of customer service agents in their contact centers and, in the aggregate, communicate with billions of customers each year.

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Our marketing strategy is to build our brand around innovative and robust products trusted by leading enterprises.

We accomplish this via public relations, analyst relations, marketing communications and demand generation.

We accomplish this via public relations, analyst relations, marketing programs, and demand generation, infused with relevant content for our target audiences.

We employ a wide range of marketing avenues to deliver our message, including print and digital, targeted electronic and postal mailing, email newsletters, and a variety of trade shows, seminars, webinars, and interest groups.

Our marketing group produces sales tools, including product collateral, customer case studies, demonstrations, and presentations.

In addition, the group performs market analyses and customer reviews to identify and develop key partnership opportunities and product capabilities.

In addition, the group performs market and customer analyses to identify and develop key partnership opportunities and product capabilities.

We believe that our partners help extend the breadth and depth of our product offerings, drive market penetration, and augment our professional service capabilities.

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Customer Support

We offer 24 x 7 customer support via online and phone channels worldwide under support agreements.

Our customer support centers are in United States, United Kingdom, and India.

We offer 24/7 customer support via online and phone channels worldwide under support agreements.

Our customer support centers are in the United States, the United Kingdom, and India.

Research and Development

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As of June 30, 2023, we had 16 issued patents in the United States.

In addition, we have a number of pending patent applications in the United States, including one provisional filing and several non-provisional filings.

In addition, we have one pending patent application in the United States, which is a non-provisional filing.

Our issued U.S.

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Promod Narang

Senior Vice President of Products and Engineering

Chief Technology Officer

Ashutosh Roy co-founded eGain and has served as Chief Executive Officer and a Director of eGain since September 1997 and as President since October 1, 2003.

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Smit holds a Bachelor of Commerce in Accounting from Rhodes University, South Africa.

Promod Narang has served as Senior Vice President of Products and Engineering since March 2000.

Narang joined eGain in October 1998, and served as Director of Engineering prior to assuming his current position.

Promod Narang has served as Chief Technology Officer since November 2022.

Narang joined eGain in October 1998 and served as Director of Engineering and from March 2000 to October 2022, he served as Senior Vice President of Products and Engineering prior to assuming his current position.

Prior to joining eGain, Mr.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business