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ROI and Business Benefits of Omnichannel Customer Engagement

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Page 1: ROI and Business Benefits of Omnichannel Customer Engagement
Page 2: ROI and Business Benefits of Omnichannel Customer Engagement
Page 3: ROI and Business Benefits of Omnichannel Customer Engagement

© 2016 Forrester Research, Inc. Reproduction Prohibited 3

55% will abandon online purchases if they can’t find a quick answer

For 77%, valuingtheir time is the most

important thing a company can do to provide good service

› Source: January 2015, “Channel Management Core To Your Customer Service Strategy”

Customers expect effortless service

Page 4: ROI and Business Benefits of Omnichannel Customer Engagement

© 2016 Forrester Research, Inc. Reproduction Prohibited 4

Customers rely more on self-­service

76%Help or FAQs on a company website

73% Phone

68% Email

58% Chat

37% Twitter

Source: January 20, 2015, “Channel Management: Core To Your Customer Service Strategy” Forrester report

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Many centers are planning for growth

13%

51%

29%

6% 0% 1%

Increase more than 10%Increase 5% to 10%About the sameDecrease 5% to 10%Decrease more than 10%Don't know

Source: ForrsightsNetworks and Telecommunications Survey, Q1 2015Base: 1022 contact center decision-­makerswith 20+ employees and 50+ seat contact center

How do you expect your firm's overall number of contact center seatsto change during the next 12 months?

Page 7: ROI and Business Benefits of Omnichannel Customer Engagement

© 2016 Forrester Research, Inc. Reproduction Prohibited 7

Staffing – do you hire multi-­channel skilled agents?

In general, what is your contact center's approach to having agents serve customers through multiple channels?

Base: 1022 contact center decision-­makers with 20+ employees and 50+ seat contact center

Source: Forrsights Networks And Telecommunications Survey, Q1 2015

30%

47%

19%

3% 1% All of our agents support multiple channels (e.g., voice, chat, email)

Most of our agents support multiple channels, but some are specialists (e.g., social media)Most or all of our agents are specialists and support only a single channelDoes not apply -­ our contact center only has one mode of communication (e.g., voice)Don't know

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How Schuh uses video chat

Source: April 23, 2014, “See Me, Serve Me: Video Chat For Customer Service Starts To Take Hold” Forrester report

Schuh uses video to:› Provide an extension of the retail experience on

schuh.co.uk

› Offer video to visitors both proactively and reactively

› Guide visitors through the site with co-browsing

Contact center environment› Approximately 80 agents; all of them multichannel,

including video

› Located alongside a warehouse so agents can show merchandise

› Used initially for in-store experience; now training includes the same customer interaction courses in-store employees go through

› Grew from three video desks to 17 (using Vee24’s solution) within two years

Results› 4x lift in conversion rates

› 10% increase in average order value

› 78% average NPS

Page 9: ROI and Business Benefits of Omnichannel Customer Engagement

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Key attributes for a cross-­channel integration architecture

Source: February 2014 “Connect The Dots Between Customer Self-­Service And Contact Centers”

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Upgrade priorities

0% 5% 10% 15% 20% 25%

Support for home workersProactive outbound notification

Upgrade interactive voice response (IVR)Adding video as a communication channel

UC integration for presence and access to othersAdding chat as a communication channel

Adding social media as a communications channelAdd speech-­recognition applications to IVR

Mobile application integration for scheduled call backComputer telephony integration (CTI)Upgrade the contact center to VoIP

Multichannel integration

Which of the following are the highest priority queuing and routing upgrades for your firm when planning to implement for your contact center(s)?

Base: 531 contact center decision-­makers with 20+ employees and 50+ seat contact center

Source: Forrsights Networks And Telecommunications Survey, Q1 2015

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Results: Forrester Total Economic Impact (TEI) Study

Page 15: ROI and Business Benefits of Omnichannel Customer Engagement

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Key challenges

›Outdated, inflexible multivendor environment›Expensive, difficult to maintain› Increased call handle times and transfers›Frustrated customers;

hurting customer experience›Outsourced contact centers

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From fragmented to Omnichannel

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We had no standardized desktop for the agents to be able to handle interactions from different contact types, as well as no true cradle-­to-­grave reporting. We definitely had a clear need to centralize and provide an actual enterprise platform that keeps the intelligence in-­house while still having the flexibility to leverage any other partner for agent services.

System Architect, financial services ”

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© 2016 Forrester Research, Inc. Reproduction Prohibited 18

We have an increasing number of customers who want to self-­service —they don’t want to go into the stores or through the third party. Whether it’s to sign up as a brand new customer or upgrade their contract, we have to provide them alternate channels.

Head of Online and Self-­service, African telecommunications provider”“

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After Genesys: Omnichannel Customer Engagement

We did an extremely thorough analysis and full RFP to compare the top three vendors, and there was truly no comparable platform. The Genesyssolution provides an omnichannelexperience, is fully integrated and scalable, and is competitive cost-­wise. We have a strong ROI.

System Architect, financial services

”Before Genesys: fragmented contact center approach• Outdated, multivendor environment ― inflexible,siloed, and did not integrate seamlessly across allchannels and agents.• Expensive and difficult to maintain, increased callhandle times and transfers.• Frustrated customers;; organization not nimble withregard to its customer experience strategies.

After Genesys: omnichannel engagement• Reliable, faster, and more-­customized experienceno matter the channel.• Better visibility into the customer journey acrosschannels and more opportunity to convert customersor upsell them in the customer journey.• Reduced infrastructure costs and complexity, canremain nimble to accommodate the changingdemands of business and customers.

Benefits of $37,283,799versus implementationcosts of $14,458,945present value over fiveyears, resulting in a netpresent value (NPV)of $22,824,854

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© 2016 Forrester Research, Inc. Reproduction Prohibited 20

Results: high level

ROI158%

Payback12.8months

$

NPV$22.8M

$

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Total economic impact process

STEP 1

PerformDue

Diligence

STEP 2

ConductCustomerInterviews

STEP 3

DesignCompositeOrganization

STEP 4Construct

Financial ModelUsing TEIFramework

STEP 5

WriteCase Study

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Composite organization

For this study, Forrester conducted interviews with enterprise organizations, including:

Two global financial services corporations

A multi-­billion dollar Chinese multi-­national computer technology company

A global event e-­commerce leader

An African mobile communications company

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Total benefits

Total Benefits(present value)

$37.3 MFive year analysis

40%Improved agent handling

time

38%Infrastructurecost savings

17%Reduced headcount

3%Increased revenue through improved conversion rates

2%Reduced cost to integrate

new contact center

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Benefit: improved agent handle time

› 12.5% reduction in agent handle time.› Increased access to customer data and history in one workspace.

› Reduced manual process of reviewing email and social content.

Across the board, the agents are extremely happy with the single interface for interaction handling, including email. We definitely received really good feedback from the agents on having that single desktop interface. It has greatly increased their ability to focus on the important interactions and has enhanced customer satisfaction.

System Architect, financial services organization

“ ”

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Benefit: reduced infrastructure and operations costs

› Drives 55% of the benefits› Lowered hardware and server upfront and maintenance costs

› Centralize IT staff into one contact center team› Overall agent efficiency and use levels increased

We really wanted to lighten up all of the physical forms of connectivity from a hardware perspective and virtualize as much as we could. And the maintenance fees were also extremely expensive on the infrastructure we had ― it was just inefficient. We wanted to gain efficiencies in how we deliver the calls to the agents, making sure that we had the best call agents to handle the call without having several calls all over the place.

SVP, global contact center technology

“ ”

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Benefit: increased revenue through improved eCommerce conversion rates

› 50% reduction in customer abandonment at key points in the customer journey

› Implemented Genesys Web Chat at those points, to great effect.

› Hired chat agents skilled in this area.

One out of every five interactions on the website prompts a customer Net Promoter Score survey. We found that after we’d implemented our chat features, our NPS had gone up quite significantly ― customers were enjoying the experience a whole lot more.

Head of online and self-­service, global telecommunications organization

“ ”

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Benefit: increased net revenue from improved voice conversion rates: upsell & cross-­sell

› Genesys customers were able to increase revenue significantly.

› The Omnichannel Engagement Center Solution enabled the agent to upsell and cross-­sell products.

› Increase in conversions for inbound voice calls after implementing Genesys.

The personalization and optimization of the call routing provided by Genesys allowed us to improve our sales by 20%.

Leader of omnichannel experience, Latin American financial services organization

“ ”

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Benefit: reduced cost to integrate new contact center agents

› Throughout the five-­year implementation, customers needed to integrate with new contact center agents, including acquisitions and contracting with third-­party outsourcers.

› Able to cut integration costs for additional agents by half.

To add contact centers, we are able to buy just merely configuration of the new agents and set up the appropriate roles and give them access to skills-­based routing within our environment. We were able to reduce the implementation cost by half which -­-­ I was really happy. One of our project managers was looking at all the financials after the fact and pointed that out to everyone – it was very eye-­opening.

Lead systems architect, financial services provider

“ ”

Page 29: ROI and Business Benefits of Omnichannel Customer Engagement

Practical steps to building an Omnichannel Engagement Center

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30

Step 1: Deliver a Personalized Experience without Silos

SS Action

Route

Best Agent

Notification

Orchestrated Next Action

Rules

Context

Orchestration

Self-­‐Service Event

OR

InteractionRequest

Events

Interactions

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31

Step 2: Improve Agent Turnover and Poor Performance

Omnichannel WFO

Impact

Best Agent RoutingContext Omnichannel

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32

Step 3: Manage a Multi-­‐Vendor Environment

OmnichannelInbound &Outbound

360Monitoring& Analytics

JourneyOrchestration1 2 3

OmnichannelSelf-­‐Service Context WFOOpen

Impact

Cloud Hybrid On-­‐Premises

Page 33: ROI and Business Benefits of Omnichannel Customer Engagement

33

Manage Customer Engagement Lifecycle

Contact Center

SalesVoice IVR

Website

Mobile App

Store/Branch

Back OfficeMarketingSocial

Page 34: ROI and Business Benefits of Omnichannel Customer Engagement

34

Contact Center

SalesVoice IVR

Website

Mobile App

Store/Branch

Back OfficeMarketingSocial

Omnichannel Engagement Center

System of Engagement

OMNIC

HANNEL ENGAGEMENT CENTER

Page 35: ROI and Business Benefits of Omnichannel Customer Engagement

35

Genesys Omnichannel Engagement Center Solution

Return on Investment: 158% Net Present Value: $22.8 Payback Period: 12.8 months

Based on an analysis of Genesys customer feedback, Forrester has determined the GenesysOmnichannel Engagement Center solution has the following three-­year risk-­adjusted financial impact:

EXECUTIVE SUMMARY

Increased Agent Productivity

Improved Customer Experience Increased Revenue

Improving customer experience and sales conversionswhile reducing handling time

Source: The Total Economic Impact of Genesys Omnichannel Engagement Center Solution 02/2016