IVR Optimization Improves Service and Reduces Costs
By Donna Fluss
In many customer service contact centers, the interactive voice response (IVR) system handles approximately 55 to 95 percent of the calls, depending on the vertical and the effectiveness of the system. An IVR can save companies millions of dollars; a typical customer service call handled by a live agent costs $3.00 to $6.50, while an IVR transaction costs $0.03 to $0.25 per minute.
IVRs are so good at deflecting routine calls from agents that companies often take them for granted and do not give them the attention they deserve. The issue is that over time, business requirements and customer expectations change, while many IVRs do not. This costly oversight can be addressed with a small and continuous investment in your IVR application.
DMG research shows that both baby boomers and millennials prefer to use self-service solutions to resolve an issue, but they will interact with a live representative when the automated tools are not successful. This indicates great potential for self-service solutions: Companies can improve their customer experience (CX) by enhancing their IVR. When an IVR is well designed, easy to use, and effective in giving callers the information and answers they need, it’s no longer an issue of customers tolerating the IVR; it becomes a preference instead.
A small ongoing investment in your IVR will make a major contribution to your contact center or enterprise’s bottom line. As importantly, since self-service is a valuable step in the customer journey and plays an influential role in the overall CX, keeping an IVR current, relevant, and easy to use is a necessity for your brand. An IVR optimization initiative delivers significant benefits because it enhances the customer experience while reducing operating costs and improving agent engagement.
IVR optimization efforts are intended to address many activities, such as identifying and eliminating impediments that prevent callers from completing a transaction, improving the process flow to make it easier for callers to address their needs, enhancing grammars (for speech-enabled solutions), replacing outdated and awkward phrases, reducing the number of times a phrase is repeated, and changing the pace of communication.
The enhancements required during an optimization effort depend on a business’s current needs, which change as the market and consumer expectations mature. If a company is willing to develop a personalized and adaptive IVR application, the benefits will be even greater, but this may require an investment in new technology in addition to a major usability refresh.
Customer expectations have changed since the early 1980s when IVRs were first rolled out. These days, many callers are happy to use an IVR, and many even prefer it for simple activities—if it is well designed and allows them to quickly and easily conduct business and transfer to an agent when necessary.
Visit www.dmgconsult.com/your-customers-deserve-a-better-ivr/e to see IVR optimization return on investment (ROI) models that show the monthly and annual savings that can be achieved by enhancing your IVR self-service solution. You can also find best practices for building an IVR optimization program to deliver ongoing benefits to your customers and organization.