Forrester is known for delivering insightful analyses that empower businesses to make informed decisions in the ever-evolving technology landscape. Their December 2023 enterprise video platform guide dives into the growing value of Enterprise Video Platforms (EVPs), by capturing how they can impact revenue growth and cost management. The guide helps technology leaders select the right EVP solution, with particular emphasis on understanding and prioritizing product capabilities and emerging features.
As a leader in the Enterprise Video Platform (EVP) category, SundaySky is not only excited to share these insights, but we’re also committed to being at the forefront of innovation in video technology – helping you unlock new levels of enterprise value through strategic video content.
In this blog post, we define the Enterprise Video Platform (EVP) category and its key value propositions and provide a glimpse into some of the best practices covered in the report.
What is an Enterprise Video Platform?
In a world where video content consumption has skyrocketed and only continues to accelerate, businesses are seeking new and innovative ways to engage their consumers and internal stakeholders (i.e. employees). Enterprise Video Platforms, or EVPs, represent a powerful tool that enable your businesses to capitalize on this growing trend, even if you don’t have the requisite in-house resources to create high-quality, professional videos.
Enterprise Video Platforms provide your organization with enhanced video management and curation capabilities, including comprehensive tools for creating, editing, optimizing and securely distributing video assets. This empowers you to create video content that showcases your brand, fosters high levels of engagement, and drives business impact.
How can businesses benefit from incorporating an Enterprise Video Platform?
As businesses adapt to changing consumer behavior, hybrid work models, and an evolving technological landscape, tailored video experiences are becoming crucial for effective engagement and communication, whether internal or external.
Forrester’s report underscores the need for executives to select and implement EVPs strategically, with a particular focus on boosting profitability, enhancing operational efficiency, and delivering a positive return on investment.
Use cases for EVPs are expanding quickly, and it’s important to align on the value drivers that will serve as your organization’s destination and motivation for embarking on an EVP initiative. The below table reveals some of those drivers, which are explored in greater depth in the report.
| Value Drivers for Enterprise Video Platforms | |
| Revenue Drivers – New customer acquisition – Account growth – Time to market for demand generation | Cost Drivers – Reduce asset production spend – Facilitate guided experiences – Reduce customer support spend – Reduce customer churn |
Which capabilities should you look for in an Enterprise Video Platform?
To make an informed decision, your organization should understand the distinction between capabilities and emerging features when evaluating EVP solutions.
“Capabilities” refers to the set of packaged features that deliver business value, and only products that provide all capabilities can be considered complete category solutions. This refers to functionalities like video creation and editing, video distribution, and digital rights management.
Meanwhile, “emerging features” add an extra layer of innovation, enhancing the product’s competitiveness in the market. Unlike capabilities, not all emerging features are provided by every vendor.
SundaySky, as a leader in the EVP category, stands out for not only providing comprehensive capabilities, but also for staying at the forefront of emerging features – such as our new generative AI Copilot, CRM data-pass-through personalization capabilities, and more.
For a detailed list of capabilities and emerging features to look for in an Enterprise Video Platform (EVP), be sure to check out the full Forrester enterprise video guide.
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How do I evaluate if my business is ready for an Enterprise Video Platform?
To choose the right EVP solution and avoid unnecessary technical challenges, businesses should evaluate their existing systems. The goal is to identify what capabilities are lacking, detect potential overlaps, understand how much integration is needed, and assess whether new features would bring added value to the business.
Taking the process one step further, you could carry out a Gap Analysis that matches product capabilities with the impact they could have on your key value drivers. To help you map out this analysis, a sample matrix is provided in the full Forrester report.
It’s important to achieve organizational buy-in and ensure everyone is on the same page. Therefore, tech executives and relevant teams should discuss how Enterprise Video Platform (EVP) capabilities align with their overall business strategy and specific team objectives – be it increasing retention, driving upsell behavior, or improving customer satisfaction scores. This approach will help you evaluate solutions based on their importance, potential impact, and how well they fit the organization’s goals.
Developing a Plan for Enterprise Video Adoption
The last piece of the puzzle is to develop a plan prior to purchasing an EVP solution or submitting a request for proposal (RFP). For example, you may need to:
- Conduct a video asset audit. This can be relevant if, for example, you plan to reuse existing video assets and need to determine the size of video migration to the platform and the associated effort.
- Identify reusable video assets before investing in net new content. This would allow you to create a video strategy that prioritizes the generation of video through stitching and editing of existing content.
- Evaluate integrations with CRMs and customer data platforms (CDPs). This would allow you to maximize business value through emerging features like personalization and monetization.
Work with business teams to understand all customer and employee touchpoints where video can impact their journey, as well as overall business success.
How is SundaySky a Leader in the Enterprise Video Category?
SundaySky’s commitment to delivering enterprise value is consistent with the principles and best practices outlined in the Forrester enterprise video guide. By offering a holistic approach to video creation, editing, distribution and personalized experiences, the SundaySky Video Platform stands out as a complete category solution.
In addition, our innovative product roadmap ensures your business will stay ahead of the curve in the ever-evolving landscape of video technologies. You can unlock additional value with emerging features like our new generative AI Copilot and industry-leading video personalization capabilities, which make it possible to deliver personalized video experiences at scale.
Ready to Dive In?
Forrester’s report emphasizes the importance of a strategic approach to EVP selection, focusing on business value and a thorough analysis of capabilities and features. Following these best practices can help your organization make informed decisions and minimize technical debt in the selection process.
SundaySky is a clear leader in EVP solutions. We provide not only the necessary capabilities to be considered a complete solution, but also provide many emerging features that meet the dynamic needs of businesses and help you achieve engaging and impactful communications.
As you begin exploring the landscape of Enterprise Video Platform solutions, make sure to get your complimentary copy of this enterprise video guide!
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