Five9 Analyst Summit 2024 

One of the most spectacular locales played host to Five9’s annual analyst summit and the CCaaS unicorn did not let the venue down.

A genuinely spectacular Mexican Baja coast resort was the venue for Five9’s Analyst Summit this year and the quality was reflected in both the location (known for its silver – puns to come) and the content. Five9 is now well established as a contact-centre-as-a-service (CCaaS) market leader with hundreds of thousands of users globally leveraging its AI-enhanced platform to deliver customer joy. 

“A lot of organisations are still struggling to provide seamless, connected, personalised customer experience – I believe that Five9 has the opportunity to provide the technology to enable this journey.” – Five9’s CEO, Mike Burkland 

There were several key aspects of the event that stood out as clear differentiators for Five9. The CX industry, and CCaaS market within, is becoming one technology’s most competitive areas as companies converge on the space from almost all angles, looking to leverage some of the Mexican silver buried within. The promise of high margins and rapidly growing dynamic markets appeal to entrants from unified communications, data management, information, and even infrastructure and platform providers; although tapping into the treasure has been more difficult. 

Five9, however, has proven to be a particularly adept miner of the CCaaS silver so far. It has seen 32% CAGR since 2009, grown to 2,700 employees globally, and with revenues nearly reaching $1 billion, the silver lining (last one) is undeniable. Let’s explore the event’s most impressive takeaways from the perspective of Cavell. 

FIVE9 DEMONSTRATES IT MARKET LEADING PRODUCT AND PERSONNEL  

You can’t grow as rapidly as Five9 has over time, while also targeting consistently larger and larger customers, without having a market leading product. CCaaS, even with its complexities, already has strong, well-established leaders in NICE and Genesys, particularly in the large enterprise sector. Five9 though is openly shooting for them with a silver bullet (actually the last one). 

The product that has allowed Five9 to do this is undeniably one of the best available. A pure cloud true multi-tenant solution which can demonstrate extensive reliability and now covers a wider and wider cross section of the CCaaS product suite, and wider CX stack. 

Figure 1. Convergence has led to an extensive CCaaS product portfolio – Cavell CCaaS Market Evolution Report 2023 

Covering a wider and wider proportion of the potential CCaaS portfolio has required rapid development from the Five9 team.  

The wider Five9 portfolio now incorporates its omnichannel core platform, for inbound and outbound communication with all the capabilities you would expect, alongside a host of supplementary areas across: UC and CRM integrations, its own workforce optimization software (WFO), workflow construction, intelligent virtual agents (IVAs), and agent assistance tools. The individual features and platform areas are too many to mention here. All of these features are now available with advanced analytical capabilities and APIs allowing customers flexibility to bring third-party systems and Five9’s platform together. 

This level of platform innovation, feature development, and deployment demonstrates impressive internal technical capabilities. Five9 has added hundreds of these over the last 6 months and doesn’t plan to stop there. 

For this level of development, you need coding. Five9 is planning to massively increase the number of developers it has, who will allow it focus more acutely on innovation in AI, next-generation automatic call distribution technology (ACD), and enhanced digital communication capabilities.  

The point about expanding its developer base leads on to another of Five9’s most critical assets. Its personnel. Five9 was able to demonstrate the combined power of its technical, support, and customer success teams during the event. Industry leading satisfaction scores combined with other metrics show that it’s the personnel capabilities it has internally that provide it with a particular advantage. It should also be mentioned that the sales and marketing engines that were examined during the event were also extremely impressive, but for a technology company, the real strength should be in the technical teams. Five9 certainly possesses that. 

The rapid pace of its, industry-accredited, development and use of cutting-edge technology, in combination with a customer success team described by a seasoned BPO customer as ‘the best in the business’, is a powerful combo. 

The customer success team at Five9 encompasses professional and managed services roles within the business and on average staff have more than 14 years’ industry tenure. Their focus is to ensure that every Five9 deployment hits the mark across key areas including value calculation and realisation, AI application success, and they have a particular focus on helping larger customers with their complex contact centre challenges.  

It’s rare at an event you get some much detail on the technical and support capabilities of a company and in Five9’s case it was extremely impressive.  

DIFFERENTIATED AI ENHANCEMENT 

Everything has or is artificial intelligence now. At least it is easy to think that way if you believe the marketing hype and don’t dive any deeper into technology systems in 2024. Generative AI (GenAI) goes a step further. At the start of 2023, with the whole industry apparently joining the Large Language Model bandwagon, it became hard to differentiate offerings. 

In fact, lots of people, who are far more technical and gifted than I, have told me that AI features and functions have become less differentiated already as their presence in the market has matured. Lots of companies have…