DEMONSTRATING CUSTOMER ENGAGEMENT SUCCESS THROUGH ROI MODELS
Are you engaged in a customer engagement optimization initiative that you feel has the potential for broad impact at your organization?
Are you working on an automation or robotics project where you wish you could have just one more round of funding from your business unit’s budget—or just one more shared resource from the IT group?
The intelligence created through customer engagement and customer experience initiatives can facilitate quick, informed decision making, drive positive customer and business outcomes, empower and engage employees—and drive meaningful ROI.
If you introduce ROI models and assumptions early in your planning, you can potentially amplify the momentum of your project and clearly show the business impact of project outcomes.
Much ROI model information is available online—one of the more comprehensive ROI toolsets I’ve seen is an offering from Harvard Business Review’s (HBR) resource library. While the HBR ROI tools cost $29.95, they are well worth the investment. The toolkit comes with several files including a glossary of ROI terms, the four fundamentals for calculating ROI, a module on understanding the key concepts and logic around ROI, and comprehensive Excel templates that you can use right away.
Click here to read more about the toolkit on the HBR Web site
What might some ROI business case outcomes look like? Here are some ROI examples from Verint customers who have driven results at their organizations:
Back office automation improves efficiency at a financial services firm by 10% in 18 months, saving $1.5M
A financial services firm with more than $600B in assets and over 5,000 employees in 13 countries is rewriting the rules of workforce optimization by creating significant value with automation. The operations group responsible for the back-end execution of financial transactions lacked reliable, operational information needed for data-driven decision making—this made it difficult to pinpoint where it could improve efficiency and effectiveness.
The organization leveraged desktop and process analytics and workforce management for back-office operations and improved efficiency by 10% in 18 months. They calculated a $1.5M in cost savings through headcount redeployment, reductions in idle time and overtime, as well as increased productivity for hundreds of employees. They also reduced idle time by 50%, decreased overtime by 37%, and increased associate activity by 9%. Additionally, they gained management insight into whether or not associates were using the appropriate means and data to resolve customer issues.
Analytics powers $1M in savings for a leading retail bank
A global provider of business process management (BPM) services leveraged multi-channel insights to drive an 18% reduction in cost-to-serve for a savings of more than $1 million per year for a leading retail bank. Before the project was implemented, only 45% of customers engaging the bank’s contact centers were getting their issues resolved—19% of calls resulted in call-backs, 17% were transferred, and another 14% were referred to a local branch office.
The organization introduced text analytics and speech analytics to analyze more than 11,000 calls and customer comments from customer satisfaction surveys. This integrated approach revealed root causes ranging from too many website contact numbers, to a non-intuitive IVR, to a flawed call-back process. So after making modifications to bank technologies and processes based on the insights, the retail bank achieved significant cost-to-serve savings—a $400,000 reduction in call-backs, another $400,000 saved in IVR processing, and $300,000 saved on website service.
If you leverage some of the tools and ideas above, you too may be able to amplify customer engagement optimization at your organization. Take the next steps and execute on your ideas for ROI creation—and you also might find significant benefits to your career path.
Thursday, April 16, 2020
Thursday, April 9, 2020