Egnyte

For SaaS companies, customer churn is closely tied to growth. From an industry standpoint, the average churn rate for mid-market companies is between 12% and 13%. With renewal-based revenue models, churn directly affects both topline and bottom line. At Egnyte, AI and Machine Learning have been pivotal in our journey to improving customer retention and reducing churn. We have noted a 2.5 to 3 points reduction in churn rate by deploying AI programs that are actionable for both our customers and CSM teams. AI can offer powerful capabilities to help SaaS companies significantly reduce churn by enabling proactive and data-driven customer retention strategies. Some of these strategies are: 1. Predictive Churn Analytics Machine Learning models analyze vast amounts of customer data (usage patterns, support interactions, billing history, feature adoption, login frequency, etc.) to identify subtle patterns that precede churn. They can flag customers as "at-risk" before they can explicitly signal dissatisfaction, allowing for proactive intervention. It can further assign a "churn risk score" to each customer/ user, enabling customer success teams to prioritize their efforts on the most vulnerable and valuable accounts. The actionable operational data that we received by employing ML is the essence of churn analytics. 2. Hyper-Personalized Customer Experiences AI allows SaaS companies to move beyond generic communication to highly tailored interactions based on user behavior and feature adoption. AI can suggest relevant features, integrations, or workflows that the user might find valuable but hasn't yet discovered. AI can also determine the optimal timing and channel of customer-focused content, such as help desk articles, feature awareness videos, and case studies. 3. Automated Customer Support and Engagement AI can enhance customer support, making it more efficient and impactful. AI-powered chatbots can handle common customer queries 24/7, reducing wait times and providing instant solutions. Advanced chatbots use Natural Language Processing (NLP) to understand complex queries and provide personalized responses. It also helps in online enablement, reducing onboarding costs. While these strategies are already redefining the way CSM and enablement teams service customers, their significance in the cadence of customer retention strategies is going to increase hereon. Enterprises need to use AI intelligently and efficiently and focus on gleaning actionable insights from their AI strategies. #B2BSaaS #Churn #CustomerRetention

Today is AI Appreciation Day, and while this day celebrates AI's positive achievements for humanity, it'd be remiss not to acknowledge the amazing humans who work tirelessly to ensure we can! Let's be honest, without the incredibly dedicated engineers, data scientists, product managers, and every single person who touches our AI initiatives, "AI" would just be a very fancy, very expensive paperweight. While Egnyte’s AI-powered solution helps customers securely collaborate using their mission-critical content, our teams' ingenuity, innovation, and boundless creativity power these solutions. They teach the platform, refine responses, and ensure it understands the context of our customers' mission-critical data. So, to the team that makes our AI seem effortlessly intelligent and the minds that turn abstract ideas into tangible products – thank you. Happy AI Appreciation Day, everyone! Amrit Jassal Prasad Gune Ashwin Manekar Tal Broner Shishir Sharma Sachin Shetty #AIApreciationDay #TeamAppreciation

Construction teams, streamline your workflows with ease. Trunk Tools' powerful integration with Egnyte is designed to simplify your project data and document management like never before. ✅ Automate tedious tasks ✅ Instantly access up-to-date project data ✅ Reduce costly errors and rework ✅ Keep your documents in sync—effortlessly Empower your team with AI-powered efficiency and collaboration. Say goodbye to manual hassles and hello to smarter, streamlined construction workflows! Discover more about this impactful integration here: 🔗 https://hubs.la/Q03wFR5Y0 #ConstructionTech #LetBuildersBuild #Egnyte #TrunkTools