We’ve all heard the old saying “penny wise and pound foolish.” When it comes to the contact center, the growing costs of sustaining outdated multivendor infrastructure has become a clear example of this common financial mistake. For many companies, continuing the struggle of maintaining disparate contact center technologies and solutions that don’t effectively work together results in diminishing levels of customer service and increasing costs.
In the first two posts of my five-part series on understanding the potential return on investment of deploying the Genesys Customer Experience Platform, I highlighted how having the necessary infrastructure in place that supports omnichannel customer engagement improves agent handling time and reduces infrastructure costs. When combined, the savings from these improvements amounted to an average of $37.3 million over five years for the companies that participated in our commissioned Total Economic Impact™ study. These companies also saw more than just cost savings after upgrading their contact center infrastructure. They discovered revenue-generating opportunities that further demonstrate that updating contact center infrastructure is a wise business investment.
Improved eCommerce Conversions
For many companies, customer journeys are beginning on the web, and sales are increasingly taking place on mobile devices. While self-service can be very convenient for customers, it can also be frustrating for them when they hit a snag in completing a transaction. This creates a key point when customers abandon their journeys and their shopping carts, resulting in lost sales. By adding a web chat feature, customers can conveniently move from self- to assisted-service to gain access to the help they need, exactly when they need it. In the TEI study, companies that added web chat reduced customer abandonment by 30%. For those that had sales-related interactions, this directly resulted in increased revenue from improved conversion rates.
Improved Voice Conversions
The TEI study also highlighted that deploying the Genesys Customer Experience Platform creates new opportunities for agents to close, upsell, and cross-sell products and services at critical moments in the customer journey. With infrastructure in place that breaks down siloed communication channels and supports an omnichannel customer experience, agents gain better access to historic and real-time customer data from a single omnichannel desktop to seamlessly drive conversations with customers. They also can leverage speech analytics and predictive analytics to guide how these conversations are managed. Improved routing intelligence also helps drive revenue-generating opportunities. In the TEI study, the companies interviewed saw an average increase in net revenue of $1.1 million over five years from improved voice conversion rates.
Lower Costs Combined with Increased Revenue
As with any major business investment, it’s important to calculate the total cost and the return on investment in deploying new contact center infrastructure. In the case of the Genesys Customer Experience Platform, the financial benefits can be found in both cost-savings and increased sales. In my next post, I’ll be delving into how the platform can also reduce costs to integrate new contact center agents by up to 50%.
Want to find out what your return on investment may be by transforming your contact center into an omnichannel engagement center?
- Use our online calculator
- Explore our infographic on benefits your business can obtain
- Read the complete Forrester Study: Total Economic Impact of Genesys Omnichannel Engagement Center Solution