Artificial Intelligence
Duos Technologies Group Reports First Quarter 2023 Results
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Strong First Quarter Performance Driven by 84% Revenue Increase to $2.64 Million
Continued Progress in Artificial Intelligence Development with Over 50 Planned Use Cases by Year-end
JACKSONVILLE, Fla., May 15, 2023 (GLOBE NEWSWIRE) — Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, reported financial results for the first quarter (“Q1 2023”) ended March 31, 2023.
First Quarter 2023 and Recent Operational Highlights
- Announced an add-on award of $1.9 million for the enhancement of a planned Railcar Inspection Portal (“rip®” or “RIP®”) system in the passenger transportation sector, pushing the total contract value to more than $13.5 million. This latest addition is part of a long-term installation of the Company’s most advanced RIP system, which will capture high-speed images of railcars at up to 125 miles per hour.
- Performed over 1.7 million comprehensive railcar scans in the first quarter across 11 portals, of which more than 238,000 were unique railcars. This metric encompasses all railcars scanned at locations across the U.S., Canada, and Mexico, representing approximately 15% of the total freight car population in North America.
- Released eight new AI detection models for use within the Company’s RIP solution since the beginning of the year. The Company currently has 37 models deployed and operational for freight and transit customers with plans to deploy more than 50 different models by the end of 2023.
- Signed strategic partnership with a regional railroad to identify and deploy RIPs to monitor their railcar fleet.
- Filed two additional patent applications related to the process and method for detecting defects on moving trains and inspecting aircraft during ground operations.
- Provided input to the Rail Safety Act of 2023 on technology for wayside detection. This Bill recently made it through the U.S. Senate Committee on Commerce, Science, and Transportation. It is expected to be voted upon in the full Senate.
- As of the end of the first quarter, the Company had $9.4 million of revenue in backlog and expects $7.7 million to be recognized during the remainder 2023.
First Quarter 2023 Financial Results
It should be noted that the following Financial Results represent the consolidation of the Company with its subsidiary Duos Technologies, Inc.
Total revenues for Q1 2023 increased 84% to $2.64 million compared to $1.44 million in the first quarter of 2022 (“Q1 2022”). Total revenue for Q1 2023 represents an aggregate of approximately $1.82 million of technology systems revenue and approximately $816,000 in recurring services and consulting revenue. The increase in revenues was driven by the manufacturing of two high-speed, bespoke RIPs for a transit customer and the successful delivery of AI detection models for a number of freight rail customers.
Cost of revenues for Q1 2023 increased 73% to $2.11 million compared to $1.22 million for Q1 2022. The increase in cost of revenues was driven by a similar increase in technology systems revenue primarily stemming from the manufacturing of two high-speed passenger RIPs.
Gross margin for Q1 2023 increased 142% to $537,000 compared to $222,000 for Q1 2022. The improvement in gross margin was driven by higher revenues related to two high-speed passenger RIPs coupled with additional algorithms deployed during the first quarter of 2023.
Operating expenses for Q1 2023 decreased 6% to $2.68 million compared to $2.86 million for Q1 2022. There was an increase in sales and marketing costs related to additional investment in staff. This was offset by a decrease in general and administrative costs primarily due to a year-over-year reduction in non-cash employee compensation charges.
Net operating loss for Q1 2023 totaled $2.14 million compared to net operating loss of $2.64 million for Q1 2022. The decrease in net operating loss was driven by the improved margins noted in the recurring services as well as project revenues as it progresses toward manufacturing and subsequent installation activities.
Net loss for Q1 2023 totaled $2.14 million compared to net loss of $2.64 million for Q1 2022. The improvement in net loss was driven by higher margins stemming from RIP projects and increased services and consulting revenues with minimal change in operating expenses.
Cash and cash equivalents at March 31, 2023 totaled $4.34 million compared to $1.12 million at December 31, 2022. As of quarter end, the Company had an additional $717,000 in receivables, bolstering its liquidity position to approximately $5.06 million. Duos also had an additional $1.53 million in inventory as of March 31, 2023, consisting primarily of long-lead items for future RIP installations.
In March 2023, the Company entered into a securities purchase agreement with certain existing investors resulting in the issuance of an aggregate of 4,000 shares of a newly authorized Series E Convertible Preferred Stock which is convertible common stock at an equivalent of $3.00 per share. Duos received aggregate proceeds of $4.00 million through the transaction.
Financial Outlook
At the end of the first quarter, the Company’s contracts in backlog represented approximately $9.4 million in revenue, of which approximately $7.7 million is expected to be recognized during the remainder of 2023. The balance of contract backlog is comprised of multi-year service and software agreements as well as project revenues spanning into fiscal 2024.
Based on these committed contracts and near-term pending orders that are already performing or scheduled to be executed throughout the course of 2023 as well as the planned expansion of the Company’s subscription business model and other contributing factors, Duos is reiterating its previously stated revenue expectations for the fiscal year ending December 31, 2023. The Company expects total revenue for 2023 to range between $20.0 million and $21.0 million, representing an increase of 33% to 40% compared to 2022.
Duos expects its improvement in operating results to be reflected over the course of the full year in 2023. As a result of timing and other factors, the Company expects revenues in the second quarter of 2023 to be in-line with the first quarter of 2023 before ramping more significantly in the latter half of the year.
Management Commentary
“We began the year building on the significant momentum we’ve generated over the last several quarters, which has us on track to deliver on our financial and operational goals for 2023,” said Duos Chief Executive Officer Chuck Ferry. “Over the last twelve months, we’ve generated approximately $16.2 million in revenues, underscoring our ability to deliver long-term performance over a sustained period and outside of quarterly fluctuations. Growth has come from a diversified pool of new customer contracts, add-on sales to existing agreements, and an increasing stream of recurring revenues as we expand our customer base as well as the breadth of our AI offerings. By the end of this year, we expect to have more than 50 commercialized AI use cases covering a wide range of railcar inspection points for both freight and passenger railcars.
“We have also remained in active discussions with many congressional leaders, regulators, rail operators, and other major stakeholders in providing support for potential new legislation, which is continuing to advance through the Congress. While our operational roadmap is not reliant on this bill, we have seen increased levels of interest from a wide range of railcar operators and owners who are looking to accelerate their technology investments to improve safety standards. Looking ahead, we are making encouraging progress in building out our new subscription offering, which is still planned to come online later this year. With our backlog at $9.4 million, we believe we have strong visibility into expected performance over the coming quarters as well as further confidence in our long-term growth outlook.”
Conference Call
The Company’s management will host a conference call today, May 15, 2023, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Date: Monday, May 15, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in: 877-407-3088
International dial-in: 201-389-0927
Confirmation: 13738333
Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.
If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live via telephone and available for online replay via the investor section of the Company’s website here.
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates intelligent vision based technology solutions supporting rail, logistics, intermodal and government customers that streamline operations, improve safety and reduce costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
Forward- Looking Statements
This news release includes forward-looking statements regarding the Company’s financial results and estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. The forward-looking statements in this news release relate to, among other things, information regarding anticipated timing for the installation, development and delivery dates of our systems; anticipated entry into additional contracts; anticipated effects of macro-economic factors (including effects relating to supply chain disruptions and inflation); timing with respect to revenue recognition; trends in the rate at which our costs increase relative to increases in our revenue; anticipated reductions in costs due to changes in the Company’s organizational structure; potential increases in revenue, including increases in recurring revenue; potential changes in gross margin (including the timing thereof); statements regarding our backlog and potential revenues deriving therefrom; and statements about future profitability and potential growth of the Company. Words such as “believe,” “expect,” “anticipate,” “should,” “plan,” “aim,” “will,” “may,” “should,” “could,” “intend,” “estimate,” “project,” “forecast,” “target,” “potential” and other words and terms of similar meaning, typically identify such forward-looking statements. Forward-looking statements involve risks and uncertainties and there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the Company’s ability to continue as a going concern, the Company’s ability to generate sufficient cash to continue and expand operations, the competitive environment generally and in the Company’s specific market areas, changes in technology, the availability of and the terms of financing, changes in costs and availability of goods and services, economic conditions in general and in the Company’s specific market areas, changes in federal, state and/or local government laws and regulations potentially affecting the use of the Company’s technology, changes in operating strategy or development plans and the ability to attract and retain qualified personnel. The Company cautions that the foregoing list of risks, uncertainties and factors is not exclusive. Additional information concerning these and other risk factors is contained in the Company’s most recently filed Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other filings filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, http://www.sec.gov. The Company believes its plans, intentions and expectations reflected in or suggested by these forward-looking statements are based on reasonable assumptions. No assurance, however, can be given that the Company will achieve or realize these plans, intentions or expectations. Indeed, it is likely that some of the Company’s assumptions may prove to be incorrect. The Company’s actual results and financial position may vary from those projected or implied in the forward-looking statements and the variances may be material. Each forward-looking statement speaks only as of the date of the particular statement. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (Unaudited) | |||||||||
| For the Three Months Ended | |||||||||
| March 31 | |||||||||
| 2023 | 2022 | ||||||||
| REVENUES: | |||||||||
| Technology systems | $ | 1,827,764 | $ | 783,269 | |||||
| Services and consulting | 816,524 | 656,047 | |||||||
| Total Revenues | 2,644,288 | 1,439,316 | |||||||
| COST OF REVENUES: | |||||||||
| Technology systems | 1,767,209 | 865,487 | |||||||
| Services and consulting | 339,907 | 351,762 | |||||||
| Total Cost of Revenues | 2,107,116 | 1,217,250 | |||||||
| GROSS MARGIN | 537,172 | 222,066 | |||||||
| OPERATING EXPENSES: | |||||||||
| Sales and marketing | 307,577 | 283,894 | |||||||
| Research and development | 404,885 | 436,717 | |||||||
| General and Administration | 1,971,508 | 2,143,073 | |||||||
| Total Operating Expenses | 2,683,970 | 2,863,684 | |||||||
| LOSS FROM OPERATIONS | (2,146,798 | ) | (2,641,618 | ) | |||||
| OTHER INCOME (EXPENSES): | |||||||||
| Interest expense | (1,180 | ) | (3,180 | ) | |||||
| Other income, net | 4,295 | 182 | |||||||
| Total Other Income (Expenses) | 3,115 | (2,998 | ) | ||||||
| NET LOSS | $ | (2,143,683 | ) | $ | (2,644,616 | ) | |||
| Basic and Diluted Net Loss Per Share | $ | (0.30 | ) | $ | (0.49 | ) | |||
| Weighted Average Shares-Basic and Diluted | 7,156,876 | 5,353,620 | |||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| March 31 | December 31 | ||||||||||
| 2023 | 2022 | ||||||||||
| (Unaudited) | |||||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash | $ | 4,340,947 | $ | 1,121,092 | |||||||
| Accounts receivable, net | 717,345 | 3,418,263 | |||||||||
| Contract assets | 1,426,312 | 425,722 | |||||||||
| Inventory | 1,529,530 | 1,428,360 | |||||||||
| Prepaid expenses and other current assets | 532,381 | 441,320 | |||||||||
| Total Current Assets | 8,546,516 | 6,834,757 | |||||||||
| Property and equipment, net | 579,689 | 629,490 | |||||||||
| Operating lease right of use asset | 4,612,830 | 4,689,931 | |||||||||
| Security deposit | 600,000 | 600,000 | |||||||||
| OTHER ASSETS: | |||||||||||
| Patents and trademarks, net | 75,017 | 69,733 | |||||||||
| Software development costs, net | 454,280 | 265,208 | |||||||||
| Total Other Assets | 529,297 | 334,941 | |||||||||
| TOTAL ASSETS | $ | 14,868,332 | $ | 13,089,119 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| CURRENT LIABILITIES: | |||||||||||
| Accounts payable | $ | 1,282,184 | $ | 2,290,390 | |||||||
| Notes payable – financing agreements | 193,094 | 74,575 | |||||||||
| Accrued expenses | 367,652 | 453,023 | |||||||||
| Equipment financing payable-current portion | 11,566 | 22,851 | |||||||||
| Operating lease obligations-current portion | 764,820 | 696,869 | |||||||||
| Contract liabilities | 2,066,861 | 957,997 | |||||||||
| Total Current Liabilities | 4,686,177 | 4,495,705 | |||||||||
| Equipment financing payable, less current portion | – | – | |||||||||
| Operating lease obligations, less current portion | 4,466,884 | 4,542,943 | |||||||||
| Total Liabilities | 9,153,061 | 9,038,648 | |||||||||
| Commitments and Contingencies (Note 4) | |||||||||||
| STOCKHOLDERS’ EQUITY: | |||||||||||
| Preferred stock: $0.001 par value, 10,000,000 shares authorized, 9,476,000 shares available to be designated | |||||||||||
| Series A redeemable convertible preferred stock, $10 stated value per share, | |||||||||||
| 500,000 shares designated; 0 issued and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $6.30 per share | |||||||||||
| Series B convertible preferred stock, $1,000 stated value per share, | |||||||||||
| 15,000 shares designated; 0 and 0 issued and outstanding at March 31, 2023 | |||||||||||
| and December 31, 2022, respectively, convertible into common stock at $7 per share | |||||||||||
| Series C convertible preferred stock, $1,000 stated value per share, | |||||||||||
| 5,000 shares designated; 0 and 0 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $5.50 per share | |||||||||||
| Series D convertible preferred stock $0.001 par value, $1,000 stated value per share, | 1 | 1 | |||||||||
| 4,000 shares designated; 1,299 and 1,299 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | |||||||||||
| convertible into common stock at $3 per share | |||||||||||
| Series E convertible preferred stock, $1,000 stated value per share $1,000 stated value, | |||||||||||
| 30,000 shares designated; 4,000 and 0 issued | |||||||||||
| and outstanding at March 31, 2023 and December 31, 2022, respectively, | 4 | – | |||||||||
| convertible into common stock at $3 per share | |||||||||||
| Common stock: $0.001 par value; 500,000,000 shares authorized, | |||||||||||
| 7,169,339 and 7,156,876 shares issued, 7,168,015 and 7,155,552 | 7,168 | 7,156 | |||||||||
| shares outstanding at March 31, 2023 and December 31, 2022, respectively | |||||||||||
| Additional paid-in-capital | 60,371,067 | 56,562,600 | |||||||||
| Total stock & paid-in-capital | 60,378,240 | 56,569,757 | |||||||||
| Accumulated deficit | (54,505,517 | ) | (52,361,834 | ) | |||||||
| Sub-total | 5,872,723 | 4,207,923 | |||||||||
| Less: Treasury stock (1,324 shares of common stock | |||||||||||
| at September 30, 2022 and December 31, 2021) | (157,452 | ) | (157,452 | ) | |||||||
| Total Stockholders’ Equity | 5,715,271 | 4,050,471 | |||||||||
| Total Liabilities and Stockholders’ Equity | $ | 14,868,332 | $ | 13,089,119 | |||||||
| DUOS TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| For the Three Months Ended | |||||||
| March 31 | |||||||
| 2023 | 2022 | ||||||
| Cash from operating activities: | |||||||
| Net loss | $ | (2,143,683 | ) | $ | (2,644,616 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 116,588 | 73,628 | |||||
| Stock based compensation | 75,128 | 250,577 | |||||
| Stock issued for services | 32,500 | 40,000 | |||||
| Capital of operating lease right of use asset | 77,101 | 77,636 | |||||
| Changes in assets and liabilities: | |||||||
| Accounts receivable | 2,700,917 | 1,449,908 | |||||
| Contract assets | (1,000,590 | ) | (264,223 | ) | |||
| Inventory | (101,167 | ) | (24,426 | ) | |||
| Prepaid expenses and other current assets | 228,941 | (264,687 | ) | ||||
| Accounts payable | (1,008,207 | ) | (95,708 | ) | |||
| Accrued expenses | (85,371 | ) | (30,622 | ) | |||
| Operating lease obligation | (8,108 | ) | 70,094 | ||||
| Contract liabilities | 1,108,864 | 534,706 | |||||
| Net cash used in operating activities | (7,086 | ) | (827,733 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchase of patents/trademarks | (7,339 | ) | (600 | ) | |||
| Purchase of software development | (212,067 | ) | – | ||||
| Purchase of fixed assets | (41,738 | ) | (101,478 | ) | |||
| Net cash used in investing activities | (261,144 | ) | (102,078 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayments of insurance and equipment financing | (201,485 | ) | (128,437 | ) | |||
| Repayment of finance lease | (11,285 | ) | (23,959 | ) | |||
| Proceeds from common stock issued | – | 6,095,000 | |||||
| Issuance cost | (299,145 | ) | (576,650 | ) | |||
| Proceeds from preferred stock issued | 4,000,000 | – | |||||
| Net cash provided by financing activities | 3,488,085 | 5,365,954 | |||||
| Net increase (decrease) in cash | 3,219,855 | 4,436,143 | |||||
| Cash, beginning of period | 1,121,092 | 893,720 | |||||
| Cash, end of period | $ | 4,340,947 | $ | 5,329,863 | |||
| Supplemental Disclosure of Cash Flow Information: | |||||||
| Interest paid | $ | 1,180 | $ | 3,180 | |||
| Taxes paid | $ | – | $ | – | |||
| Supplemental Non-Cash Investing and Financing Activities: | |||||||
| Notes issued for financing of insurance premiums | $ | 320,004 | $ | 242,591 | |||
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5aae4ae6-f020-4046-a4c5-9367e165e3ea
Artificial Intelligence
Identity Governance & Administration Market Projected to Reach $24.42 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 25, 2024 /PRNewswire/ — The report titled “Identity Governance & Administration Market by Component (Services, Solution), Modules (Access Certification & Compliance Control, Access Management, Identity Lifecycle Management), Organization Size, Deployment, Vertical – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $8.46 billion in 2023 to reach $24.42 billion by 2030, at a CAGR of 16.34% over the forecast period.
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“Navigating the New Normal With The Crucial Role of Identity Governance in Securing Hybrid Work Environments”
As businesses globally embrace the fusion of remote and traditional office work, the need for secure, hybrid workspaces becomes paramount. The shift toward flexible working models, accelerated by the COVID-19 pandemic, highlights the importance of cybersecurity and accessibility in ensuring operational continuity and a better work-life balance. Identity governance & administration (IGA) systems emerge as essential tools within this evolving work landscape. They enable organizations to manage digital identities and access rights effectively, safeguarding sensitive data against unauthorized access across diverse working environments. By ensuring that only credentialed employees can access critical information, regardless of their physical location, IGA solutions stand at the forefront of maintaining cybersecurity compliance and operational integrity. This development signifies a growing demand for robust identity governance frameworks, ensuring businesses remain resilient and secure in remote work and beyond.
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“International Business Machines Corporation at the Forefront of Identity Governance & Administration Market with a Strong 7.09% Market Share”
The key players in the Identity Governance & Administration Market include Broadcom, Inc., SAP SE, Oracle Corporation, Microsoft Corporation, International Business Machines Corporation, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
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Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
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