Wolken Software is a SaaS company that aims to help transform the relationship between modern organizations and their customers and employees by bringing excellent service support within the reach of every company. Headquartered in Bengaluru, Wolken’s primary offerings include- Customer Service Desk and Enterprise Service Management. The organization was established in the year 2011 as a privately held software company with offices in Palo Alto, California, and Bangalore, India. Now it caters to 20+ customers from varied sectors and industries including some Industry Leaders from the Fortune 100 & 200 lists of companies. Wolken also has 5000+ customer service agents, a 7M+ annual count of tickets flowing through the system, and 50 million+ active end users.
Below is a transcript from a recent interaction with Rohan Joshi, Co-Founder, CEO of Wolken Software:
Prateek: Please throw some light on the Inception & journey of Wolken Software.
Rohan Joshi: Wolken Software conceptualized the Wolken ServiceDesk sometime in September 2011. We spent about 6 months building the design, database, designing the UI, identifying the tech stack, etc. all with one consulting product architect and one key developer.
We met over 25 CIOs in the industry from India to Europe to the US to understand the pain points and the key requirements in a service desk for an enterprise.
In the First pivot from 2011 to 2014, Wolken had its product development in IT collaboration software called Team Toq and was successful in reaching various industries and sectors.
In the second pivot from 2014 to 2017, Wolken had developed the IT service management tool to monitor the company’s IT assets with Intelligent dashboards. Wolken’s ITSM software is equipped with dedicated Asset Management, Problem Management, and other IT modules ensuring enhanced productivity. It is easy to use and facilitates quick communication and the problem-solving modules ensure higher productivity and constant employee satisfaction.
In the third pivot, Wolken software set out to help modern organizations transform their relationships with customers and employees with out-of-the-box, configurable, and scalable enterprise-class ServiceDesk solutions deployed on the cloud.
Thereby helping enterprises increase agent efficiency, improve customer satisfaction, and reduce overall support costs by up to 35% by minimizing the number of Tier 1 support staff required.
Prateek: How is Wolken planning on aiding Small and Medium Indian businesses with its impeccable service support?
Rohan Joshi: Wolken believes that every business, big or small deserves to provide nothing but the best to their customers. With Wolken Care, our self-service customer care platform we aim at revolutionizing the way SMB’s can start using a tool to provide an exceptional experience to their customers while operating with limited budgets and achieving 100% customer satisfaction. Small business entities can largely benefit from this approach positively impacting society. Today customer experience determines the business’s success and is essential to govern the CX strategy prioritizing the customer. A Hubspot study reports there is a 75% chance that a customer with one bad experience will swear off your business forever.
Wolken’s key purpose of our latest offering Wolken Care is all about providing customer ServiceDesk solutions to the smallest of enterprises at the click of a button. It is well equipped with features like a top-notch Knowledge base to give immediate assistance to agents and customers saving their time, and omnichannel support to connect to the customers on any platform they want.
Prateek: What sectors bring the most traction for the company?
Rohan Joshi: Wolken Software’s enterprise version has largely benefited customers from industries like Semiconductor, Electronics, Software, and Fintech but with the launch of Wolken Care, we plan to penetrate into banking and financial services, retail, and manufacturing globally.
Prateek: What are some of the global impacts of the pandemic on cloud market size? What will be the future ahead?
Rohan Joshi: According to Global News wire, The global SaaS market is expected to grow from $225.6 billion in 2020 to $272.49 billion in 2021 at a compound annual growth rate (CAGR) of 20.8%. The market is also expected to reach $436.9 billion in 2025 at a CAGR of 12.5%. The Global Market Report on SaaS highlights the enormous benefits the market has reaped from the rapid changes in business dynamics and growth in demand for cloud-based solutions to support commercial operations.
With distinct competitive advantages enhanced by a level playing field around the world, Indian-heritage SaaS Customer Service companies are well poised to reach $32billion in revenue, $20 billion in the unexplored market, and capture a 7% to 9% share of the global SaaS market by 2022.
Prateek: What will be the roadmap for growth in the coming years?
Rohan Joshi: We deployed our ServiceDesk for 12 new clients remotely between March 2020 and April 2021 of which four are Fortune 200 Companies. We are looking forward to adding more enterprise, medium, and small-scale industries to our growing clientele with Wolken Care.
We have been working endlessly to build a self-service customer care product “Wolken Care” which is all set to launch. It will open great opportunities and adjacent markets for Wolken.
The goal is to be amongst the top Saas service providers for Customer Service & Enterprise Service Management globally. We also want to enter unexplored markets like South Africa and Australia and hit our revenues of $100M in 4-5 years & be profitable all along.
Prateek: What SaaS trends we must look for?
Rohan Joshi: Over the last five years, the number of Indian-funded SaaS companies has doubled up and the number of SaaS companies drawing Series C or late-stage capital has quadrupled, representing significant growth. Top Saas trends we must look out for in the coming years would be –
- Mobile Optimization
- Vertical Saas
- White label saas
- Centralized analytics
- Micro- Saas
- Migration to Paas
- Machine learning
- Low code optimization
- API connections
- Artificial intelligence
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