Nearly every business today understands the necessity of leveraging AI as part of their digital engagement strategy. Yet even as companies shift from piloting AI projects to operationalizing them, it’s still often difficult to discern the ROI of AI across an organization.
At Verint, we wanted to better understand how companies are experiencing the value of our AI-powered Digital-First Engagement Solutions and how they have truly impacted their bottom lines. So we commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment enterprises can realize with Verint.
Verint offers AI-powered solutions that help organizations improve their customer relationships by connecting work, data and experiences across the enterprise. Forrester looked to better understand the benefits, costs and risks associated with this investment, and interviewed Verint customers to aggregate their experiences.
Automating processes offered immediate opportunities to improve the management of their customer engagement operations. Prior to using Verint, the interviewed organizations were using inefficient, manual processes. For example, understanding the voice of their customers across the customer journey was crucial, yet incredibly inefficient, both in collecting and analyzing this information, with large time costs to manage customer engagement teams. This inefficiency limited organizations’ abilities to understand and respond to their customers' changing needs.
After investing in Verint’s AI-powered, Digital-First Engagement solutions, these organizations improved the efficiency of their customer engagement operations while also being able to quantify the performance of their customer support channels and the impact these improvements had on customer experience (CX). This enabled the organizations to implement better customer engagement strategies that benefited customers and improved the productivity and ongoing costs of their customer engagement operations.
There were five key areas where we were able to quantify the benefits of these deployments:
- Reduce customer engagement operating costs by 44%: Improving contact center agent productivity provides an immediate ROI by introducing scheduling automation and quantifying and disseminating agent performance data reduces productivity lost to labor shortages.<>
- Reduce costs by deflecting 45% of calls: By analyzing customer intent and using this data to inform call-deflection strategies, Verint customers were able to decrease the number of relatively expensive phone calls coming into their contact centers and increase their use of alternative channels, such as self-service or agent chat. Organizations were also able to increase resolution and deflection through the use of intelligent virtual assistants (IVAs) or chatbots and interactive voice response (IVR).
- Improve revenue from cross-selling by 50%: Using speech analytics to better understand cross-selling strategies and providing agents with customer information in real-time allowed organizations using Verint to improve cross-selling in their customer engagement centers.
- Save costs by reducing the average handle time of calls by 43%: Verint enabled the organizations to improve their analysis of customer contacts with speech and text analysis, uncovering the reasons why certain calls lasted longer than others. This informed the organizations’ training and knowledge resources that help agents address customer concerns sooner and bring down the average handle time of calls.
- Improve employee turnover rates from 35% to 27% annually: Verint impacted the organizations’ training operations and customer care employee satisfaction. Knowing the top reasons behind calls enabled the organizations to train support agents on fewer topics, which reduced training time. Supporting agents through performance quantification and improved training on fewer topics gave agents the desire and confidence to do their work, which improved agent turnover. Lastly, speech analytics enabled QA specialists to provide more than twice the number of evaluations than they could before.
There were also clear benefits that were not quantified for this study, but still provided a notable impact for organizations. Customer Satisfaction improved between two and three points annually, and some organizations even saw gains of more than 20 points. Likewise, decommissioning of legacy technologies and reduction of third-party vendors allowed organizations to save substantially on costs.
Verint also added distinct business value in allowing organizations to share the voice of the customer with product teams. This improved product development also provided better customer service that contributed to increased memberships and related revenues. Compliance also improved as Verint exceeded organization needs and eased their compliance work around private customer data. And finally, companies reported that Verint’s support greatly improved the effectiveness and use of the AI deployments.
Overall, with the costs of Verint solutions, training and ongoing management and support, the financial analysis found that a composite organization experiences benefits of $52.4 million over three years versus costs of $10.68 million, adding up to a net present value (NPV) of $41.72 million and an ROI of 391%.
At Verint, we believe that the next decade will be one of practical AI for businesses, and the most direct impact of those deployments will be in digital-first engagement that improves customer relationships. And closing the Engagement Capacity Gap — the chasm between what organizations need to do and the resources they have available to do it — requires an agile system of automation and human flexibility, a hybrid workforce of humans and bots. That’s not only good for customers and employees but for businesses’ bottom lines.
You can read the full Total Economic Benefit of Verint report here.