This is part one of a four-part series on the economic value of NICE inContact CXone
We are now entering an experience economy. Price and product are no longer considered key differentiators. Customer experience is now becoming the new tool to compete in this experience economy. Customers are no longer looking for the right service at the right time, they are looking for proactive service that is engaging, immersive and leads them to the next best action. Investing in customer experience technologies has become more critical than ever because it directly impacts top line and bottom line. Enhanced customer experience helps you get new customers easily, retain them longer and grow them bigger. But, the challenge is to quantify the true economic value of investing in customer experience technologies so you can build a much stronger business case. This gets even more critical in enterprise market, where the buying process is long, complex and involves multiple stakeholders from Operations, IT and Finance who all need to be convinced and committed on the huge investment.
Quantifying benefits of investment in customer experience technologies is a very involved process. NICE inContact commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying NICE inContact CXone – the cloud customer experience platform. Forrester interviewed several NICE inContact customers as well as their industry analysts to come up with The Total Economic Impact of NICE inContact CXone which models an 1,100 seat composite organization. The composite is a typical enterprise customer characterized by complex and custom needs, one that moved from a legacy, inflexible and non-scalable premise system to a unified, scalable cloud customer experience NICE inContact CXone platform. Catering to a typical enterprise customer, this model includes connectivity needs across applications, infrastructure and multiple vendor telephony systems, as well as a comprehensive customer success model that minimizes operational risks, sets strategic direction and continually improves operations to create significant business value.
Here are some key take aways from the study
- NICE inContact CXone showed a rapid payback in just over 3 months with a 323% ROI and NPV of $19.8M
- Delivered a three-year total benefit of $25.9M through
- $22.4M reduced cost of improved customer experience, that includes reduced AHT from improved routing and queuing across geographies, increased first call resolution (FCR) and optimized agent utilization
- $1.1M incremental gross profit, with incremental revenue opportunities through NICE inContact CXone outbound dialer
- $2.4M reduced contact center cost, through infrastructure refresh and maintenance costs avoidance, migrating off of a premise solution to NICE inContact’s cloud platform
- Improved customer experience with as much as 44% increase in CSAT scores as evidenced in a customer situation
- Reduced up to 20% agents through enhanced self service options as evidenced in a customer situation
The study gives a great foundation to model economic value of NICE inContact CXone and how it can improve various metrics and KPIs. It not only quantifies this for the composite organization but also provides a plug and play online calculator that can help you see the ROI for your specific contact center environment. Try our online calculator, arm yourself with validated, organization specific data and take the first step to building your tailored business case for investing in customer experience technologies. Involve all your key stakeholders right from the get go and show the true value of investment. Check out more in our press release on Forrester TEI on NICE inContact CXone and stay tuned for a deeper look at some of the key benefit levers when implementing NICE inContact CXone.