When the former CEO of Intel Corporation, Andy Grove, titled his best-selling book, “Only The Paranoid Survive,” he knew a thing or two about survival. Because he was a veteran of the semiconductor business battles.
One of the most famous crises he faced was the demise of the company’s DRAM memory chip business to the Japanese. In 1974, Intel commanded about 83 percent market share. By 1984, it had about two percent.
Grove knew that if Intel were to survive, the company had to face a painful choice: exit the DRAM business entirely or face a 100-million-dollar capital investment to keep pace. Today, the average cost to build a semiconductor factory is about $10 billion.
He, along with Intel management, chose the latter. From that point, Intel devoted its resources to microprocessors. The rest is history.
Along Came COVID: Only the Adaptable Survived
Speaking of history, when the pandemic arrived, no one was ready. One day everything was open. The next day it was shut. Even Andy Grove couldn’t have seen it coming.
For Call Recording Companies, Gifts Came in Unexpected Ways
Who could have seen the dramatic ascendance of remote and hybrid work? Who could have predicted the meteoric rise of conferencing tools from Microsoft Teams and others?
Once, compliance call recording solutions were almost an afterthought. The pandemic completely changed all that.
While compliance standards remained constant, the shift to remote work meant call recording companies had to meet entirely new challenges. For some, their survival was at stake.
With the shutdown came remote workers who used at-home devices, which included their smartphones, laptops and desktop systems. Compliance standards continued to apply, even though remote workers were untethered from office-based systems.
Oak Innovation is a call recording company with a long history in the business phone space. But when COVID came, it took a long hard look at the threat – and the opportunities.
“We could have decided not to create cloud-based recording solutions. But had we not, we wouldn’t have survived,” said Phillip Reynolds, CEO at Oak Innovation.
Let’s face it. There’s no going back to 2019 or 2020. Remote and hybrid work is here to stay. And Oak Innovation noticed an opportunity long before Microsoft announced that there were 270 million active MS Teams users. The company was well-positioned to capitalize on that growth because it had already invested in advanced call recording solutions at the start of the pandemic.
Suddenly, compliance recording became a top-of-mind issue – with financial service firms, for instance.
They were already expected to comply with the Financial Conduct Authority (FCA) in the UK, MiFID II regulations in Europe and Dodd-Frank in the US, which requires the capture everything related to a transaction.
“Even though there was some regulatory leniency as the world adjusted to working from home, these legal obligations were soon reinforced,” Reynolds said.
“For Teams, it means audio and video calls, meetings, and shared screens. It means capturing internal discussions, calls with clients, Teams to Teams calls and Teams to PBXs. It’s no small thing because compliance applies to every industry,” he explained.
Let’s Get Clear – With ClarifyGo
ClarifyGo, from Oak Innovation, is a complete compliance recording platform for Teams. The company is one of only 14 that recently passed the rigorous Microsoft certification process and uses Microsoft’s Graph API to deliver optimum capabilities.
With ClarifyGo, companies can:
- Capture all internal and external Teams communications – audio, video and screen sharing.
- Ensure PCI compliance. Card payments aren’t recorded.
- Ensure all recordings are encrypted and stored. Meets MiFID II, Dodd-Frank and HIPAA.
- Customise recording rules and view GDPR reports.
- Easily filter and retrieve recordings, with tags, flags and notes.
- Deploy AI-based speech analytics.
- Measure quality management.
- Available with on-prem, Teams, traditional telephony, cloud or virtual environments.
Survival depends on many conditions. Adapt, adjust, pivot. Discern the threat from the opportunity. COVID forced us to do all that. Oak Innovation knows first-hand about adaptability, and it can support your compliance requirements in the post-COVID era.
To learn more about ClarifyGo, click here. Because there’s no better time to adapt.
