Maxicare Transforms Customer Experience with NICE Workforce Management
Nice NICE has revealed that Maxicare, a top Health Maintenance Organization in the Philippines, has significantly improved its contact center operations using NICE Workforce Management (WFM).
By adopting this collaboration, Maxicare has empowered its agents and enhanced customer experience (CX) through the elimination of silos and the optimization of processes with various BPO partners.
Thanks to data-driven insights and streamlined workflows, Maxicare has reported improvements in crucial performance metrics such as average handle time, response time, and call abandonment rates.
NICE’s Product Range Supports Customer Growth
NICE’s WFM solution has led to a 10% boost in forecast accuracy, which in turn has reduced overscheduling and operational costs. As a testament to this success, Maxicare has achieved a 90% customer satisfaction rate and aims to continue enhancing service quality.
Price Movement and Consensus for NICE
NICE price-consensus-chart | Nice Quote
NICE’s extensive portfolio, which includes products like Actimize, Evidencentral, CXone, and Inform Elite, is increasingly popular. The focus on cloud offerings, particularly the CXone platform, has been a substantial driver of growth.
In the third quarter of 2024, NICE reported cloud revenues totaling $500 million, reflecting a 24% increase compared to the previous year. This growth indicates a rising demand for cloud-native solutions across various industries.
Additionally, AUSIEX has adopted the NICE CXone cloud-native contact center platform, which has enhanced customer engagement and operational capabilities, resulting in a remarkable 33% increase in customer engagement.
In November, NICE unveiled CXone Mpower SmartSpeak, an AI-driven solution that provides real-time language interpretation for effective global communication in customer service and sales. Enabled by One Meta, SmartSpeak supports nearly 100 languages, allowing businesses to cater to international customers without requiring extra multilingual support.
NICE Attracts Growing Clientele
The diversity of NICE’s product portfolio is drawing in new customers. Significant partnerships with AT&T T and Microsoft MSFT have played a crucial role in this expansion.
In August, NICE broadened its collaboration with AT&T to develop a unified incident capture and data analytics solution for NextGen 9-1-1 centers, which was showcased at APCO 2024.
A notable enhancement in partnership with Microsoft has enabled the integration of the NTR-X Compliance Recording and Assurance Solution into the Microsoft Azure Marketplace, which enhances NICE’s compliance offerings within its Compliancentral suite.
Positive Revisions for NICE Estimates
NICE’s commitment to improving customer experience through solid cloud solutions is anticipated to fuel revenue growth.
For the fourth quarter of 2024, the Zacks Consensus Estimate projects revenues of $713.01 million, reflecting a year-over-year growth of 14.41%.
The consensus earnings estimate stands at $2.96 per share, marking a 4.96% increase over the past month and projecting a 25.42% rise from the previous year.
To find the latest EPS estimates and surprises, check out Zacks Earnings Calendar.
Challenges from Competition
Despite a robust product pipeline, NICE is facing challenges from foreign exchange fluctuations in the APAC market. Increased competition is also expected to impact the company’s revenue growth negatively.
NICE shares have seen an 8.5% decline year-to-date, contrasting with the broader Zacks Computer & Technology sector, which has gained 27.6% during the same period.
This downturn can be attributed to stiff competition from other players like Five9 FIVN, Salesforce, and 8X8, who are all enhancing their offerings in the CX market.
In June, Five9 announced a new partnership with Salesforce that integrates AI-powered solutions aimed at improving customer experiences in contact centers through real-time agent support and conversation intelligence.
In Summary
Currently, NICE’s stock appears to be relatively expensive, characterized by a Value Score of C, indicating a higher valuation at this time.
NICE holds a Zacks Rank #3 (Hold), suggesting that investors may want to consider waiting for a more opportune moment to enter the stock. You can access the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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