Customer Service Excellence and Cost Savings Help Customers Score Big
At a recent Verint Americas Customer Advisory Council (CAC) meeting, the agenda included introducing new members, reviewing the 2015 member profile survey, and reviewing “creative practice” presentations from two CAC members. Both presenters discussed customer experience excellence and the importance of cost reduction and business optimization at their organizations—both topics very much top of mind for organizations in the current global macro-economic climate.
The first presenter, a large, global financial services organization, has an ongoing project to reduce costs by reducing repeat phone calls into their contact centers by leveraging customer analytics and root cause analysis. The organization determined that 15.2% of their overall annual call volume was a result of repeat calls.
Based on their creative use of speech analytics, the customer identified several workforce and business process issues that drove repeat calls. The top three were:
- Claims (12.5% of repeat calls): Managers didn’t call customers back within 48 hours, so customers had to call again.
- Customer Service (7.5%): Agents didn’t call customers back when accidental disconnects occurred.
- Telemarketing (6.5%): Underwriters didn’t follow up appropriately on customer applications and customers had to call again.
By implementing new callback guidelines and governance, this customer reduced callbacks, thereby reducing the contact center staffing needs by 12 full-time employees and driving real cost savings. The second presenter—one of North America’s largest insurance companies—leverages enterprise workforce optimization and analytics tools to help improve the customer experience in their contact centers and enterprise/back office. They also use speech analytics and customer survey tools and have improved first contact resolution (FCR) from 72% to 76%.
In fact, speech analytics is used in numerous projects at the organization and helps drive some of the most profound improvements in operational efficiency and customer engagement areas. The cumulative ROI of their business optimization projects has resulted in more than 216,000 calls deflected and over $1.1 million in cost savings.
Several other customers also discussed some of the cost saving goals that they had noted in their CAC member profile survey responses. One large cable company has a focus on reducing live contacts, increasing self-service and reducing service vehicle dispatches. A global beverage company has the mandate to operate lean and support customer experience excellence while decreasing service costs. A Fortune 100 healthcare organization wants to unify their disparate systems and optimize back office work functions.
What areas in your organization can you help focus on cost savings, process optimization and customer experience excellence as a joined-up strategy? See if you can help drive some of these projects—and help your organization drive business and workforce optimization projects that help decrease costs and drive service excellence.
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