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2021 DNX Ventures B2B Summit Online — Key Takeaways

The DNX Ventures B2B Summit Online brings together industry leaders, experts, entrepreneurs, corporate executives, and investors to cover topics about the future of business. In this virtual format, the summit reaches a vast audience spanning across the Pacific Ocean. This event was focused on customer support and customer success in transformation, which is rapidly rising on C-level agendas in an increasingly digital business environment.

Key speakers at the event included:

Eva Nahari — Principal, DNX Ventures

Angus Klein — VP of Global Support, Snowflake

Hajime Hirose — CEO, Alphaus

Prosenjit Sen — CEO, Quark.ai

In the past, customer support and customer success acted as important efforts, yet separate from the larger corporate goals. However, they have now become essential and play a role at the center of business operations — affecting not only onboarding and churn, but directly driving functions such as sales and product development. This shift is a result of increasing digitalization and automation trends, and is the main force behind the need for new innovation in customer services. In this blog, we highlight some of the key takeaways from the DNX Ventures B2B Summit Online.

Digitalization pressures organizations by putting customer experience first

Digitalization, which has accelerated significantly as a response to the pandemic, has put the customer experience on the forefront of business top line agendas. This has resulted in a transformative shift on how organizations attract, nourish, and maintain customer relationships. At the same time, in a more distributed world, optimizing operations has become more challenging and led companies to turn to SaaS for simplification and offload, as well as increase focus on in-house automation, as explained by DNX Ventures Principal Eva Nahari. Digitalization brings consumers the benefit of convenience, with more options at their fingertips with minimal effort. For the providers, it means a major transformation in how sales, marketing, product, and customer support is delivered. Customer expectations as well as customer journeys have changed.

In Eva’s presentation, she emphasizes: “In a world of SaaS: every minute away from usage is revenue lost!” And concludes that organizations need to gear up, invest and innovate in integrated support, data-driven product optimization, and self-service product engagement and onboarding, as well as customer experience with all parts of your online business, if they are to be relevant in a growingly dense market place ahead.

The major challenge in customer support: providing instant problem resolution

In another segment of the event, we learned about such new innovations from Prosenjit Sen, CEO at Quark.ai, a DNX portfolio company. The problem facing today’s high tech and industrial companies is that customers require instant problem resolution which is expensive and time consuming. Further contributing to this problem are:

  • Complex products
  • Complex issues
  • Fragmented reference data
  • Inadequate tools

Keyword search, while once sufficient, can no longer problem solve efficiently enough. A solution to the many challenges listed above is offered by Quark.ai: an autonomous support startup, providing accurate answers to product questions and issues in real-time. Quark.ai utilizes Deep Learning, NLP, and Computer Vision, to eliminate the costly hours spent finding and reading documents and content to find the right answers to urgent customer questions and issues. Quark.ai is pioneering the future of customer success and support, and in the future will act as a pre-emptive autonomous tool to resolve issues before the user gets blocked in their path or are forced to switch context. Learn more about how Quark makes support organization productivity skyrocket here.

The rise of intent mapping to meet customer needs in-app

To achieve a high level of customer success in SaaS, knowing the customer and understanding how they use the product are key, as revealed by Angus Klain, VP of Global Support at Snowflake. As a thought-leader in customer success and customer support, and with a repeated high customer-centric innovation leading to high satisfaction scores, Angus joined DNX for a fireside chat on the necessary organizational constructs and key components that need to be part of customer support. One observation shared was that ML could help organizations understand their users better, and thereby can better help them address problems before they arise. Organizations need to meet customers where they are and utilize the opportunity of digital touchpoints to better optimize for the customer journey. With all of the data generated in-app through digital touchpoints along with large sets of information readily available about customers, it only follows that for a frictionless experience, customer support should exist in-app as well. If you are keen to learn more about the wise insights of Angus, please read our upcoming blog post on this topic.

Signal to noise ratio makes extracting data difficult

Many companies, especially in Japan, as revealed by Hajime Hirose, CEO of Alphaus, continue to be reactive in their support organizations and also, perhaps as a result, investing reactively in support functions. Ultimately, even the most capable people alone cannot extrapolate information from legacy systems, at least not at scale, so tooling and innovation are necessary. In Hajime’s discussion with Angus, it became clear that a data foundation is essential, and an analytics team needed to assist in clear actionable outcomes as well. Noisy systems signal inefficiency, and thus impact customer experience and at the same time present opportunities for improvement.

The above highlighted takeaways have merely scratched the surface of the vast insights shared at the 2021 DNX Ventures B2B Summit Online. To learn more about customer support and success, you can access the event recording here, and read our upcoming deep dive blog posts on each segment of the full event.

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DNX Ventures

DNX Ventures is an early stage VC firm focusing on B2B Startups that are shaping industries and transforming the way we live and work. https://www.dnx.vc/