Oracle ORCL recently announced that Zoom Video Communications ZM and Sprinklr have selected its Oracle Fusion Cloud Customer Experience suite to provide customers with improved engagement and interaction.
The company also updated its Oracle Unity platform to help B2B (business to business) and B2C (business to consumer) clients to improve customer interaction and boost revenues.
The new product enhancements are expected to boost the uptake of its cloud service offerings and in turn, bolster cloud revenues in the coming quarters. This is likely to instil investors’ optimism in the company’s stock, which carries a Zacks Rank #3 (Hold), has inched up 12.2% compared with the industry’s rally of 30%.
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Focus on Improving Customer Experience Augurs Well
Zoom Video integrated Oracle’s Eloqua offering with its platform to enable marketers to improve the quality of digital events like webinars by providing insights into data like registration for the event and boost customer engagement utilizing other communication channels like emails and landing pages.
Oracle’s Fusion Cloud Sales capabilities will also enable sales teams to utilize Zoom video calling to boost sales by offering customers personalised experience. The Zoom meetings can be stored on the cloud for future reference.
Further, integration with Fusion Cloud Service capabilities will assist service agents to alleviate issues faced by the customer faster and forge better communication across the remotely working team by using Zoom video.
Zoom Video has been one of the biggest beneficiaries of the coronavirus-induced stay-at-home, work from home and online learning wave. The company is constantly upgrading its platform services to gain more subscribers. The integration with Oracle’s Fusion Cloud Customer Experience services will help attract more subscribers as remote working situation is unlikely to abate any time soon.
Meanwhile, Sprinklr, which is a well-known Customer Experience Management (CXM) platform, will deploy Oracle’s Eloqua services to target customers across social media channels and improve customer conversion numbers by syncing messaging, social media and digital advertising channels.
Utilizing Oracle B2C service, which is a part of the Oracle Cloud Customer Experience Suite, Sprinklr aims to help enterprises cater to customers’ needs on a proactive basis based on customer interaction that span social media, messaging and SMS channel.
Updates to Oracle Unity Platform
Oracle also added new B2B behavioural data capabilities along with B2B marketing capabilities as well as improved data collection/ importing facilities to its Oracle Unity platform.
Established in 2018, Unity Platform is a customer data management platform that uses ML to offer best course of action to the businesses after analysing all data sources pertaining to customers.
Unity platform also boasts of collaborations with Sourcepoint and One Trust, which are consent management platforms. The partnership will facilitate marketers using Oracle Unity to adhere to compliance requirements regarding security and data privacy.
Growth in Enterprise Data Management Market Augurs Well
Enterprise Data Management (EDM) services assist organisations to utilize the power of their extensive databases which drives business performance.
Per a MarketsAndMarkets report, the explosive growth in data due to digitalization and adoption of innovative technologies like AI and IoT as well as increasing need for data compliance amid increasing instances of security violations has led to a strong demand for enterprise data management solutions.
Also, increasing migration of enterprise workloads to cloud has boosted the demand for cloud based EDM solutions as cloud offers ease of data accessibility and higher storage capabilities at relatively lower costs.
The worldwide enterprise data management market is projected to reach $122.9 billion by 2025 at a CAGR of 9.5% between 2020 and 2025, added the report.
Oracle’s Fusion Cloud Customer Experience solutions encompass a wide range of services including marketing, sales, service, and commerce that help clients in adopting a more personalised B2B approach along with improving B2C sales channels. It also assists in in generating insights on a real time basis to improve engagement with customers.
Oracle is one of the many leading players in the EDM market driven by the company’s enormous strength in cloud technology. New product introductions are likely to boost growth in this category.
However, stiff competition from other technology giants like International Business Machines IBM, SAP SE, and Teradata Corporation TDC in the EDM space is a concern. Also, increasing investments toward strengthening its cloud offerings is likely to put pressure on margins at least in the near term.
Also, coronavirus crisis-triggered sluggish spending across small and medium businesses owing to restricted economic activity, and weak job market are likely to exert pressure on adoption of Oracle’s cloud offerings in the foreseeable future.
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