Good morning. How’s everybody doing? Woo. So good to be here. Just taking this all in. What a room. Hey, welcome to Las Vegas and welcome to Experience 25. I’m Mark Bischof, newly minted. I guess I own it now. It’s been three months CEO of Medallia. And happy to be here. Want to thank everybody for taking all the time and effort and cost to come out here and spend time with us.
You guys represent the best of the best in cx. These are the top brands. We love you, we appreciate you, and I always look forward to these things. They’re just energizing. And we’ve got a action packed agenda for you. We’ve been spending a lot of time burning the midnight all [00:02:00] figuring out vision, collateral here, how we’re going to market, what’s what company are we building, and we’ll take you through all that.
So again, thanks. When we came here we brought about 15 executives and we made a lot of changes in a short amount of time here at Medallia. And it’s been it’s been challenging. It’s been fun. We I’ve been in this industry, in the CX industry for about. 10 years. I’ve been in the enterprise industrial strength dealing with all of you for about 40 years.
So I’m the old guy. I don’t know when that happened, but I’m the old guy and but I get I’ll work all you. So I’m really excited to be here. So when we look at transforming, like we’re at a sort of an intersection between, customer experience, artificial intelligence. And so when I started considering coming at the helm here, I started looking at it and, talking to Sid and Fabrice and a bunch of others and our investors and, when [00:03:00] I look at the customer experience space, has been doing AI in some way, shape, or form, probably for 10, 12 years.
So it’s nothing new. The tools have changed, the underlying engines have changed, but fundamentally we’ve been doing this for a long time now. Most of this has been in surveys. In a previous life, we were all about omnichannel, conversational analytics, and using AI for that purpose. And so that’s where we’re gonna go.
But when I look at Medallia, I’ve always admired Medallia. When we competed against Medallia, it was tough. You knew you were in for it. Deep expertise, industrial strength, big scale tons of experts and so happy to be here. And it’s I’ve been really thrilled just meeting the teams and going through our process and our customers and just regular, business as usual.
But when we look to transform an industry, you want to start with a company like Medallia, and I’ll tell you why. So big industrial strength [00:04:00] customers, like every brand, every industry, top of the list big data. So in order to do artificial intelligence properly. It’s a lot of it’s text-based.
And so we need lots and lots of data to train our models and just to understand what our customers are saying they speak all the time, different channels, websites, apps, locations, stores, hospitals, and contact centers. Are you listening? And so the other thing that really gets me excited here is that we deal with the big challenges.
If you want a small challenge, a small little market research project, go to the other guy. We deal with big industrial strength problems. We move the needle. We help transform businesses here. Super excited to be here. Before I get started, I want to thank our partners. We’re never, life’s all about picking your partners and so we will be spending a lot of time building out an ecosystem here.
I’m a firm believer in this I [00:05:00] got started as a management consultant. I was a partner at Deloitte, so I see Deloitte, my Alma Ma is here. Happy, best and brightest and I guess once in never out. So happy to see those guys here. User testing, five, nine, Ipsos and Kantar. The license list goes on.
But really do appreciate you guys being here, spending time and just, partnering with us to make our customers successful. Our goal here is to create global CX programs. In order to do that, we have the world’s leading platform and we will keep investing in that. We’ve got some of the world’s leading experts and process, and we have a teachable point of view, but we need other people to do this.
So the partners are gonna be key to this. More to come on that, but we can’t do this by ourselves. Okay, so this is what gets me fired up, and thank you all for being here again the the world class CX programs on this, on these screens. Just amazing. So Bank of America. And we spent some time [00:06:00] yesterday with those folks, and that’s probably the largest, most successful CX program that I know of.
And I’ve been doing this quite a while. We got Walmart, we got Apple at and t, meta visa list goes on and on. But you can see just the sampling of our top customers here. They are literally a who’s who, they move the needle. This is how the world runs with these brands. And we’re happy and privileged and honored to be, the platform of choice for you guys.
And we take that very seriously. So I’ve spent over the last 90 days probably 30 to 40 customer visits talking with a lot of you. And here’s what I’ve heard. I got an earful just to be totally frank, just saying I remember I just, I’m new so we can fix it. I can’t do anything about the past, but I can fix the future.
So what I heard is slow to innovate. So we’ve got we’re announcing seven new AI innovations and solutions that are available today. There’s a press release that [00:07:00] went out. We’ll take you through that. Sid and Fabrice will take you through it. But we’re super proud of this and a lot of folks, I spent, two years on the sidelines looking at this whole thing and just shaking my head like, we’ve been throwing Gen AI on every survey out there.
And again, it just gets you so far what we spent our time and we were late in delivering some of this. I don’t know, I guess we got ahead of our skis and actually gave you dates. In the future. We’re not giving you dates. We’ll let you know when the things are available so you can plan avail accordingly.
But like at the end of the day I. These AI innovations are text-based, and so you need structured and unstructured data, but the unstructured data is super important. And so I’m happy to report today that we’re the first and only CX provider that has these AI solutions for both structured and unstructured data.
Calls, chats, all the things that matter. So a hundred percent of the data that you bring in, we can process on a single platform across all [00:08:00] channels and data. I’ve heard we’re not seeing the ROI and so a lot of the, a lot of you have started out with CX programs for CX buyers with surveys, and it’s awesome.
It’s what got us here. We built a very large business and the industry started this way, and that was the state of the art. But guess what? The art changed. The world changed. And so we had to change with that. And like at the end of the day here, we’re gonna basically. Try to start pivoting, building off of those survey programs into the future.
More to come on that. Lacking self-service. And so I, I’ve heard that, I’ve heard that, for the last 10 years. Yeah, Medallia’s great. They’ve got experts, but it takes an army to go, change a survey and so happy to report that. As of today, or actually we’ve been delivering this, no one’s actually told you about this.
We’ve got agile research, so if you want to do and throw out re research [00:09:00] surveys, it’s now included in the platform. All you need to do is turn it on and go crazy. It’s already included everyone. It’s super easy and it’s all self-service. Lack of executive engagement. That’s the one that really bothers me.
Because like at the end of the day, this is a re this experience. Customer experience is really about, superior relationship building. At the end of the day, it’s Hey, we need to have a relationship with you. Things are gonna go bump in the night, but when we have a really solid relationship, think about it, and it all walks of life, you got a great relationship.
Life’s just easy, right? You just build off of each other and you start drafting off each other. And so these executive engagements I personally and what you’ll know from our team we actually know a lot of you from our previous life. And we need to get back in front of you, spend time with your teams, get closer to the flame, understand where you are, do some assessments.
So we’re coming into this a [00:10:00] little, 90 days in, and again, we’ve probably seen 60, 70 customers. And it’s not just about us, it’s about our entire team. But we’re gonna be the vanguard here. And so we’re all over this. And so you have my commitment that we are basically going to put, customer experience back into Medallia as of today.
Okay. There you go. Thank you. Hold me to it. All right, so when we talk about Medallia’s Industrial Strength, enterprise, cx, big scale, what are we actually talking about? So let’s go through it. So 3.2 billion customer interactions process per year. That’s a staggering amount of surveys, calls, chats, rating, and reviews.
Like we’re listening a hundred percent of the time. We processed over a billion calls. This is an area that we’re gonna hit hard with all of you. And so when you ask us, Hey, you guys are the experts, what should we be doing? We’re not getting the [00:11:00] ROII. I’ll tell you what, in the contact centers, the calls, when we, how many have a voice of the customer program?
Back at home, probably all of you, right? Don’t be bashful. Yeah. So the voice of the customer, quite frankly is the calls in the contact center. It’s not a survey. And so understanding and processing, like use the ai, we have the ability to basically take those calls, turn it into text and analyze that all day long.
And so you can do a hundred percent of the calls, figure this stuff out and save just a whack of money. The ROI is staggering in these contact centers and will pay for everything else that you’re doing and will this week and the next week to come will be on going on city tours. We’ll, this is not the last time you’ll see us, trust me.
And so we will be coming to you and yours and showing and putting our money where our mouth is and demonstrating the full power of what we do. So this one was staggering to me. On average we connect [00:12:00] to 35. Systems operational systems systems of insight, and that’s on average.
There’s plenty of customers where we’re doing 150, 200 integrations. That’s sticky, that’s hard to do. The other guys can’t do this at scale. 60 million closed loop alerts this year. One of the things that really got me excited about Medallia, is their ability to close the loop. It’s always been, so when you have a customer issue, you’re a frontline manager, I got a problem.
I call my customer and I go solve his problem. I get at least calm ’em down, offer ’em something all the rest of it. Collecting information, analyzing that information. It’s like reading the newspaper if you don’t take any action. And so most of the CX providers out there, they’re not closing the loop, both the inner and the outer loop.
So with your frontline customers as well as the rest of the lines of business. And so that’s something that like, we do that better than [00:13:00] anybody. And so now with automation and AI automation coming in, we’ve got, this org hierarchy that we have where we can understand you’ve got 350,000 employees, we understand the hierarchies and all that.
People move, people, change jobs and we have the right insights to the right people and now to the right systems in automation. And so more to come on that. And then this one was a real shocker. When we talked, I got an earful from all, Hey, we’re not innovating fast enough. We’ve got 101.2 million daily active AI users using, banging away on our platform every day.
Like I said, we’ve been doing this for a long time and so like we can do it at scale so that a lot of people can put Gen AI on top of text file and get some insights. That’s easy. At the end of the day, it’s about doing this at scale with Security. Bank of America’s got 5 billion attacks coming in over, over the over the internet every [00:14:00] day.
You can’t just mess around with this. And casually, some of the startups, they’ve got 10 customers. This is easy. If you’re greenfield, if you have an embedded, integrated base, this becomes a lot harder. You need to leave it to the professionals. Okay, so we’ve invested in this dream team.
One of the, one of the prerequisites for me coming here is Hey, this is just so much I can do. Let’s go find the best and the brightest in the industry and bring ’em in here. If we really want to transform this and we really want to do this the right way, we need talented people. We need exceptional people.
We need brilliant people. Guess what? We’ve put ’em all together here. I’ve been doing this for 40 years. This is the best team I’ve ever seen. It’s absolutely the best team, and I’ve been at most of these places. It’s definitely the best team in the CX space. So we’ve taken the best of Medallia, Ben, Robert, Jody, and Steph.
We’ve got Jamie our new Chief of staff and head [00:15:00] of corporate development. Carrie Parker just joined today. Chief me chief Medical Officer, chief Marketing Officer. That’s my other job. And then all the my amigos at from Clarabridge and Qualtrics. So I was the chief. We sold our business to Qualtrics.
If you guys have, don’t know that. About four years ago I was the chief business officer. Spent two years and then left. And then all of these guys follow suit. And so like Sid, he is the best of the best. Like he, he actually helped found. Customer experience. MIT guy, brilliant, A little crazy, but he’s just so much fun to work with.
And he’ll be out here in a minute and you guys will really enjoy him. I always learn something when I talk to Sid and Fe. I learn most things from these guys. Fabrice, Rahm Baca, these guys are the best technologists in the industry. They know this space cold. They grew up in this space.
They grew up in data analytics. And so we got the same vision, the same experiences, [00:16:00] the same management system, and really the same desire to take Medallia to the next level.
Okay. Let’s talk about vision. So again, talking to a lot of you and just looking at, some of the industry reports and that kind of thing, it’s okay, so what’s your guys vision? What are you up to? Where’s the puck going? There’s a lot of change here. This AI stuff, what’s that all about?
And so we spent a bunch of time, probably over the last couple of months, like in earnest saying, okay, where is the puck going? And so this is the company, this is our company mandate. This is what we’re building. Take out your pens and pen, pencils, write it down and hold us to it. We are gonna create a market leading world class company at the intersection of customer experience and artificial intelligence that delivers transformative business outcomes and redefines how business businesses interact and grow with their customers.
This isn’t [00:17:00] just, Hey, let’s sell more surveys, or Let’s go into unstructured data. This is changing the game. This game will change, the markets will change. If there’s anything that we know, this thing will absolutely change. And we’re gonna be front and center in this, and we’re gearing up for a big fight here in the last 90 days.
Again, we’ve made a lot of leadership changes getting the friction out of your customer journey, our customer journey, how we interact with you. This has become a real issue. I think this is the biggest issue that I’ve heard from you guys. It’s the change teams change. They’re not as good as they used to.
Some teams love us. So when we have a one Medallia kind of mentality, we are as good as it gets or none left to its own devices. We tend to get creative and, my experience and what we are, we’re telling our company is that [00:18:00] the world class nature of any delivery and sales team is the predictable nature, is the repeatability, is the consistent superior process and outcome that, that we get for our customers.
And so we are gonna demand that of ourselves. You should demand that of us. And again, holding people accountable here and then focusing on your business outcomes and ROI, you’re gonna hear this over and over again. It’s okay, we’re dealing with humans. You gotta, it, it takes three, three times longer to longer than it should to come up.
Coming up with the right answers, easy actually getting people to change their minds. And we have to enlist an army here in order to transform things. And so I’m enlisting all of you, I’m enlisting our company. Like we are going on a transformation here and it’s all about business outcomes. And ROI if we’re not delivering a clear business outcome and a clear ROI, you should not be doing business with us.
It’s ah, don’t worry about it. We’ll figure it [00:19:00] out. Hold us to a higher standard ’cause I’m gonna hold everybody to a higher standard. So we are moving from surveys and signals to conversations and automation and we’ll, we will get into that right now.
Okay. So a representation. When you, when I think about a customer journey, it’s about customers go to your website, they go to apps, they go to locations, they go to contact centers, and the structured data represents about 10%. Basically, surveys represents 10% of the data that’s out there. So it’s administered each step of the way.
So we, a customer goes to the website, we give ’em a survey, goes to the app, we give ’em a survey, locations survey after survey, contact center, post call surveys. So we’re basically inundating people to the point where they’re saying, enough I can’t do it anymore. They’re important. And usually you get Hey, if they’re really happy, great.
If they’re not they’re gonna [00:20:00] fill out a survey. And so we’re not abandoning surveys. It’s a fundamental premise for what we do. But we need to pivot from that and build on it. They’re easy. So we, we create baselines of customer behavior for over years, right? So it’s super important that we keep going.
We’ve established a metric NPS, right? A lot of people get paid on that metric, but at the end of the day, if it goes up or it goes down, nobody knows why you need the unstructured data in order to get there. And so the unstructured data is like calls, chats, rating and reviews, social, all of the text space they’re digital.
They’re, they are conversational in nature. Two-way conversations. That’s where the meat is, that’s where the crown jewels are. It’s just shocking when you compare just survey responses to the rest of the 90%. And so as we keep going right across each of [00:21:00] these. Customer journeys. We have, the ability to really start looking at this stuff and saying, all right, from a digital, trans digital journey, we can go follow the customer and figure out what’s going on.
We can look at, the, just the regular customer journey and figure out where they’re interacting and compare these things. So we listen everywhere. We analyze using the best AI technology out there, text analytics, gen ai, speech analytics, and then we act, we automate, we solve problems, we close the loop.
And when we get to, so why are where the majority of the conversations are in the context center, we established that we can save between 15 and 20% of the total cost of your contact center by analyzing a lot of the data and just looking at traditional contact center kinds of use cases.
In addition, we have CX use cases that are sit on top of those. And so when we look at it, about 25% of the data that goes into a contact center only gets back to the [00:22:00] lines of business. So if there’s a product issue, you’ve got a car, your BMW or whatever, Volkswagen, and you’re got a problem with, I don’t know, your radio people call service centers.
They call contact centers. A lot of times those things don’t get back to product. Probably a Volkswagen, they do ’cause they’re a customer, but it is just an example. But yeah we coach agents, we coach salespeople. We make them better. We’re all about making money, saving money, reducing risk.
Okay, so it’s time to pivot. You’re gonna hear a lot about this all for the next two days weeks and months. This is where the whole thing’s going. So again, we need to move and add on to these CX Pro programs. Get out of just the cx buying into the rest of the lines of business that gets into omni-channel.
All of those text-based rich sources, big CX curated data for training. LLMs we’ve got an [00:23:00] unbelievable, we want do ai, you need data. This, that’s the fuel. So we have a single platform architecture in order to do this. And so again, it’s like we’re, we have a platform that’s geared for this.
And we’re the only vendor that does unstructured data and surveys. So as we go, so here’s the good news. So everyone’s been waiting for this stuff. It’s ready. We’ve had our engineers, we’ve had, I can’t tell you how many countless meetings because you’re sure it’s ready. You’re sure. Show me.
Let me see. And so it’s ready. Fabrice will take you through this in, in, in a lot more detail. I’m just introducing it and picking off a couple of these, and it’s indicative of where we’re going as a company. But this Ask Athena root cause assist, so like senior executives and frontline managers, they don’t care about dashboards, they don’t care about Medallia, they don’t care about data analytics.
All they want to do is ask a question, get some data, figure out the problem and go [00:24:00] fix it. And they want it unfiltered and they want it in their own conversational language, right? If I speak English, German, French, Swahili, we have the ability to do this with root cause assist. And we’re trying to find out, hey let’s listen to all these calls last month and find out what in the hell’s going on.
I’m an executive, I can just start typing. I don’t have to go to a dashboard and then I get recommendations based on that. This is fire a caveman kind of stuff. Yeah, very cool. And so that’s where the future is. There’s like these dashboards that are important. Oh, and by the way, if you want to dashboard a report said you can type in get, make a dashboard out of this.
But I don’t have to go through, bank of America was telling me yesterday I have 150 of these damn dashboards they have to go figure out. And it’s you’re hurting my head. All I want to do is ask a couple of questions and get on with my life. And so we’re there. Intelligent summaries.
Another one. [00:25:00] So again, gen AI is really good at analyzing lots of data. And so when these calls and chats and millions of records that are coming in that go unnoticed and unlistened to unprocessed, we have the ability to do this. And now all the people that you know, your call agents, they don’t have to go sit there every day at $5 and 50 cents a call.
On average and do the post-call work for a summary. We have the ability now to just say, Hey, process this is all done right? And we save you millions and millions of dollars to do this that you can apply other places in your CX business. Very exciting stuff. More to come on this. You’ll hear about it all day and we’re super excited.
So again, Medallia’s strengths, and I just can’t hit this hard being in this industry for a long time, you hear, oh yeah, we can do this. That’s easy. Don’t worry about it. We’ll figure it out. This stuff is not easy to do at scale, particularly now with, AI coming in. This stuff gets really [00:26:00] complicated really fast, and security and governance and ethics all start coming into play, right?
There are futile fiefdoms in all your organizations and they don’t get along. And so trying to say, yeah, we’ll just do this and just flip it on it’s not that easy. And so we have the expertise, the enterprise scale and management. The quality and accuracy of our text analytics, our gen AI solutions and speech analytics are none the best in the industry.
Single architecture enables us to process all data on one platform. Again, no one else can do this. It enables us to provide CX and customer experience and employee experience on the same platform. Super important. And we have a bunch of tracks that will take you through that. And then this operational hierarchy, that’s the game changer.
That’s really hard. It’s voodoo magic. And we spend a lot of time and effort and resources maintaining that. And that really is our secret sauce. [00:27:00] So our commitment to you, my commitment to you, executive sponsorship, you will have somebody that you can talk to at all times, guaranteed.
I put my, my cell phone on, all my communications. Call me. I’m open twenty four seven, three hundred sixty five days of the year. Joint customer reviews on value like this. If you’re not getting value, I want to know about it. Our team wants to know about it, and we want to do something about it.
All this is fixable. I tell you, the best customers that I have over the last 40 years are the ones that were, had a hard time. We screwed up. And so the ability for us to fix that problem, regain your trust, re regain that relationship. It makes it hardened. It makes it easy for us to go past where we think we can go.
And I’m telling you like, th this is my best customers are the ones where, we screwed up and we fixed it. We’re gonna have [00:28:00] twice a year roadmaps, Fabrice. We’re gonna strap a airplane to his ass and he’s gonna come and visit with all of you twice a year. And tell you what’s going on.
Like you guys are running, it basically it businesses, right? Technical businesses. And so you have, you need to rely on our roadmap. We totally understand that. And by not doing that I get why, the heat that comes from that. And so we’ll fix that. And then we will show up and deal with your issues.
I think some of it, some of our reps, CSMs services people, it’s Ooh, that one’s not good, so I’m gonna go do this one. And so we’re gonna, we’re gonna start tackling the hard problems. So we have all the customers that are what we call red, and we are gonna come visit you, we’re gonna go fix your problems.
It may take a little bit. But we are 100% about building lasting relationships that you get business outcomes. So that’s my commitment to you. What I’m looking from you. [00:29:00] Commitment I need is Hey, we’ve got the McLaren, we’ve got the best platform in the industry, but without the gas, we’re going nowhere.
And so if we’re just staying with structured data, we’re not gonna get very far. And so we need you to break down barriers, start looking to give us more data. Let’s figure out how to start integrating the company. If you’re in marketing, if you’re in a line of business, have a p and l and you’re in a contact center, or you’re in a store or a hospital, like all these people need to talk to one another.
Right now it’s highly fragmented. You all have different survey programs, you have different CX programs, conversational analytics chats, depending on if it’s North America, amea, Asia Pac, it’s a dog’s breakfast. And we need to say, Hey, let’s go figure out, there’s a better way to do this. And so it’s not gonna happen over overnight, but we need your data, we need your ideas, and we need your trust.
And together there’s, we’re gonna go transform this market. So in closing have a great time this week. This [00:30:00] is always energizing for me. Get to meet as many of you as I can. Mix it up with our teams network. There’s so many people here. You can learn from your peers and figure out having a teachable point of view.
Like from Medallia, every company I go. That teachable point of view is so important. Like you need to get closer to the flame, understand what’s going on at a teachable level. And if you can do that, you’re like so far ahead of everybody else. So get that teachable point of view. We’ve got all kinds of classes.
This really is, a bootcamp to, learn the, learn what’s going on here. So with that, I want to thank you and it is my pleasure to introduce somebody who really doesn’t need an introduction. Sid is a pioneer. He’s been doing this for 20 something years, founder of Clarabridge.
So when we talk about unstructured data analytics, he is the father of that super fun guy, and he lives at the intersection of customer experience and artificial intelligence. Please welcome to the stage [00:31:00] my friend Sid Banerjee.
