Total Economic Impact Study of Verint Digital-First Engagement Solutions Finds an ROI of 271 Percent Over Three Years with a Payback in Less Than Six Months
New Independent Study Demonstrates that Verint Empowers Organizations to Support Digital-First Customer Engagement Through Multiple Channels, Providing More Than $22 Million in Net Benefits
The Customer Engagement Company, today released a commissioned study conducted by Forrester Consulting on The Total Economic Impact of Verint Digital-First Engagement (DFE) solutions, part of the Verint Customer Engagement Cloud Platform.
As consumers shift to digital channels, brands are facing an increasing number of interactions and skyrocketing expectations. Verint solutions that support this shift to digital comprise conversational AI, engagement channels, engagement orchestration and knowledge management to help organizations successfully meet these challenges and create differentiated experiences.
The Forrester TEI study examines the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint’s solutions that support an organization as it engages with today’s digital-first consumer. Through customer interviews and financial analysis, Forrester found that in a three-year timeframe, a composite organization experiences benefits of $22.80 million versus costs of $6.14 million and realizes a 271 percent return on investment with a payback period of less than six months.
Examples of these benefits include:
- 20% deflection of inbound customer calls to the contact center, yielding $15.4 million in savings
- 10% reduction in average handle times, resulting in $6.9 million in savings
- 80% reduction in system updates via a single fully integrated knowledge management platform, producing $266K in savings
- 40% improvement in passing rates for training courses, yielding $250K in savings
The findings of the Forrester study examine brands that are engaging their consumers through Verint solutions, while also easing the burden on contact center teams and enabling self-service for a better overall customer experience.
Notably, interviewees experienced a reduction in repeat inquiries and a decrease in average handle time – two key factors which signify an increase in customers’ ability to self-service, allowing overall agent productivity to increase. These efficiencies simultaneously increased overall happiness and job satisfaction of agents and customer-facing employees.
The study found additional benefits to organizations using Verint, including:
- Reduced contact center outreach by enabling self-service solutions – Interviewees said their call volume dropped and their first-contact resolution improved thanks to improved self-service and better access to knowledge.
- Increased customer satisfaction – Customers said Verint solutions enable their customers to easily seek support through multiple channels to get answers quickly.
- Improved internal processes and job satisfaction – By deflecting a portion of inbound customer inquiries and reducing average handle time through Verint solutions, customer service agents are more productive and more satisfied with their job performance.
- Improved compliance – Organizations, particularly those from the financial and healthcare sectors, shared how Verint solutions help with adherence to rigorous quality standards and in maintaining information consistency.
- Unified knowledge and streamlined reporting – Verint helps customers overcome challenges in unifying knowledge, eliminating the need to navigate multiple separate knowledge systems that often lead to information siloes. Other customers indicated Verint provided a streamlined approach to reporting and KPI tracking to measure successes and challenges.
“Consumer priorities continue to evolve with a growing preference for digital-first, self-service options for customer service channels,” says Verint’s Heather Richards, vice president, GTM strategy, digital-first engagement. “Companies need to manage an increasing number of customer interactions and the workforce and channel silos created as a result. Verint’s Digital-First Engagement solutions can be combined with the other applications on the Verint Cloud Platform to do this with a very compelling value proposition.”
For more information on the Total Economic Impact of Verint Digital-First Engagement, download the complete study.