Every good software selection process begins with a good business case. This allows organizations to understand the costs and benefits of the new system and can reassure the CFO that the expense is worth it. Even if the existing contact center software is on its last legs and it's obvious that a replacement is in order, developing a business case is still a worthwhile effort. It will yield project-related metrics that can be used to measure the financial effectiveness of the new software.
The best contact center software can yield benefits that will please even the most skeptical CFOs. These tangible benefits fall into several categories, including labor management and impact to agents and customers. Every organization is unique and not all of these will apply to their specific situation, but all these benefits should be considered when putting together a business case for implementing the best contact center software.
Estimating the tangible benefits of implementing world-class software is a worthwhile exercise. Contact centers should also calculate the actual benefits once the new system is in place.
Customer-related benefits
The best contact center software can transform customer experience by providing channel choice, omnichannel interactions, personalization, and more. This can lead to the following benefits.
1. Bigger share of wallet
Take good care of your customers and they will reward you with more business. According to our most recent consumer benchmark study, 87% of consumers are willing to purchase more products from businesses that provide them with exceptional customer service.
2. More customer recommendations
The same benchmark study also revealed that 81% of consumers are more likely to recommend a company that provides great customer service. Studies show that word-of-mouth referrals are more effective than paid advertising because the information is coming from a trusted source. Therefore, more referrals can lead to more sales.
3. Reduce customer churn
A PWC study revealed that one out of three consumers would leave a brand they love after just one bad experience. That's terrifying. When the stakes are this high, the best contact center software can help mitigate the risks of driving loyal customers away.
Labor Costs
The best contact center software can help reduce labor costs through automation and improved ability to manage the agent workforce. Here are some examples.
1. Better labor management
Agent wages represent a contact center's largest cost category, so any tool that helps manage labor more effectively has the potential to substantially improve the bottom line. Workforce management software can do that by forecasting interaction volume, generating optimized schedules to avoid overstaffing, and facilitating intraday adjustments to keep staffing levels where they need to be to meet demand.
2. Automation that enables self-service
The best contact center software includes tools that facilitate customer self-service. For example, IVRs can automate certain account transactions and chatbots can answer frequently asked questions. If organizations can automate some of their more common contact types, the labor cost savings will add up.
3. Lower average handle time (AHT)
It's important not to overlook the positive impact new software can have on AHT. For example, more sophisticated routing can ensure each contact goes to the most qualified agent, rather than one that will burn up time trying to handle an issue he doesn't understand. Additionally, IVRs and chatbots can gather customer information so that the agent-interaction portion of the contact is shorter and adds more value.
Agent-related benefits
Agents certainly aren't just a cost line item on a ledger - they're also a contact center's greatest asset and satisfying them by giving them great tools can yield tangible benefits.
1. Lower agent attrition
The best contact center software can increase agent satisfaction and reduce turnover by making agents feel well-equipped to do their jobs. According to an article from SWPP, the estimated cost of attrition is $10,000 per lost agent. Reducing agent attrition even by a few points can yield meaningful benefits.
2. Increase agent likelihood to recommend
Contact centers are always looking for good employees and those satisfied agents we just talked about can be highly effective recruiters. According to ContactBabel, a majority of contact centers report that it costs between $750 and $3,500 to recruit a new agent. Referrals from loyal agents can reduce these costs.
Other
1. Reduced facilities costs
The best contact center software enables an at-home agent model. Organizations that embrace a work-from-home model can realize several benefits, including a substantial reduction in facilities costs. This can include rent, furnishings, and utilities, and the savings can really add up.