The Total Economic Impact of Verint Experience Management
What is impact? For customer experience, it might be moving the needle on customer satisfaction or speeding time to action. Though the benefits of CX improvement can feel intangible, the truth is that it is not only possible, but vital to measure the return on investment (ROI) from your CX efforts. Especially when your organisation makes choices about what products to invest in, which approaches to use and what projects to prioritise—having concrete value data is critical.
Verint Experience Management is a powerful offering for businesses trying to understand and better shape their customer experience. In fact, one of the core capabilities we’re proud of is making it easier for businesses to understand what value their CX projects deliver.
However, you may still be wondering what value does Verint Experience Management deliver exactly? We’ve produced a quick video to help share the value Verint can generate, based on feedback from our customers and analysis from Forrester Consulting.
Forrester Consulting produces studies on the Total Economic Impact (TEI) of various offerings. In their recently released TEI of Experience Management study, they surveyed Verint Customers, collected data and found that over a three-year period companies could expect a 219% ROI when using Verint Experience Management. This is because of three key benefits, namely decreased online order abandonment, improved product fulfillment practices, and streamlined feedback analysis and reporting efficiency. We explore how Verint delivers value across each of these areas below, but we invite you to check out the full TEI study on Verint.com.
Decreased Online Order Abandonment
It can be surprisingly difficult for consumers to buy things online. Despite UI and UX investments, ecommerce technology innovations and multiple generations of web design, sometimes digital experiences are just broken.
The good news is that the problems are almost always fixable once a business knows what’s gone wrong.
“We do see these types of errors, or, more importantly, what the customer perceives as an error. The customer will say, ‘This coupon doesn’t work,’ or ‘I got this code, you texted me to save $10, it doesn’t work,’ and that kind of thing. And that allows us to look at the issue, resolve it with the customer, and make improvements to that process for the next time.”
–Customer Service and Fulfillment Manager, Footwear Retailer
Forrester Consulting found that Verint Experience Management delivered significant value by helping brands identify where gaps occur in the customer experience, where customers are leaving the buying process and key areas for improvement. By recapturing these customers and addressing issues in the online order process, Verint Experience Management can deliver real value on the order of millions of dollars to a large business.
Improved Product Fulfillment
When customers expect a product or service from a brand, meeting their expectations is key. At the heart of fulfillment efficiency is the challenge of balancing availability, delivery timetables, and customer satisfaction with operational and cost savings.
“One of the teams that had benefited from Verint feedback is our fulfillment operations team. They’re the people who are looking at availability and seeing how orders route through our system to the most eligible local vendor. So that eligibility obviously is based on refund rate, NPS, and quality of product delivered…and we’ve seen our refund rates improve by 10% year over year because the customer feedback has helped us to optimise that fulfillment algorithm.”
–Director CX Insights, Gifting Company
One of the big value drivers that Forrester Consulting found for Verint Experience Management was the ability to understand how customer behavior and fulfillment team capacity interact. By highlighting engagement capacity gaps and identifying return rates, NPS and other information to help businesses make decisions, Verint Experience Management helped our clients save money and build efficiencies.
Streamlined Feedback Analysis and Reporting Efficiency
As much as a lack of information can present challenges for analysis, so too does inadequate reporting prevent real action. Brands need to be able to not only collect feedback in the form of surveys, free responses, unstructured data, and behavioral data underlying customer experiences, but they also need to be able to communicate that information across the business.
“The Verint engine better suits the needs of our senior leaders. Verint allows us to be able to move data in and out of the areas we need it – whether it’s sourced from a survey or it’s aggregating website data. To have the flexibility is a huge advantage and has helped us secure this relationship for the future”.
–SVP Service Quality, Financial Services
The primary savings that Forrester Consulting attributes to Verint Experience Management in the field of streamlined feedback analysis and reporting efficiency is from the time saved analysing data. When brands struggle to understand the data they have or have information coming from many sources without a central tool to manage responses, it can be difficult to then communicate that information across the organisation.
By shaving weeks off analysis time, Verint Experience Management helps get companies to results faster and more effectively, saving them time.
The ROI of Experience Management
Customer experience management can be hard to quantify. The truth is that some of the benefits are not quantitative but rather qualitative. Customer joy, frustration and loyalty can be tracked and have numbers assigned, but the intangibles do matter in their own right.
All the same, having proof of value and economic impact helps make the case for additional investment in CX and allows for better experience management.
If you’re interested in learning more about the total economic impact of Verint Experience Management, check out our video on the topic, or read the full TEI study on Verint.com.
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