Independent study evaluates the financial impact of deploying LiveVox’s Blended Omnichannel and purpose-built CRM together for improved agent and customer experience
LiveVox Holdings, Inc., a leading cloud-based provider of customer service and digital engagement tools, has released the results of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of LiveVox. The study examines the potential return on investment (ROI) enterprises may realize by deploying LiveVox’s Blended Omnichannel and purpose-built customer relationship management (CRM). Guest speakers, Forrester’s Art Schoeller and Nick Ferrif, will present key findings from the study on August 11th during a LiveVox webinar.
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“Our customer services team is only using inbound, and the platform is so simple for them to use it’s almost self-sufficient. It’s almost on autopilot.”
To better understand the benefits, costs, and risks associated with an investment in LiveVox’s Blended Omnichannel and CRM, Forrester used first-party research and analysis on the Company’s solutions and conducted independent customer interviews. For the purposes of the study, Forrester aggregated the experiences of the interviewed customers and combined the results into a single composite organization.
Prior to using LiveVox’s platform, the customers interviewed used different vendors across various communication channels. As such, they had no tailored, unified desktop for agents and they lacked automation capabilities for capturing or deflecting inbound calls. Moreover, prior attempts to resolve these issues yielded limited success, leaving agents with siloed data stacks and causing friction with customers during calls or other interactions. These limitations led to an increasing number of missed inbound calls, an inability to track customers across channels, low deliverability, and poor customer and agent experiences. After the investment in LiveVox, interviewed customers were able to take advantage of an integrated communications stack while reducing compliance risk and improving KPIs.
“The results from Forrester’s TEI study are further validation that our approach to cloud-based customer service and digital engagement solutions are solving critical challenges for our customers,” said LiveVox CEO Louis Summe. “The contact center software market is at an inflection point as some are estimating the market to grow to as large as $83 billion around 2030. Our capabilities, including an increased focus on automation and AI-assisted tools, will allow our customers to thrive by helping them innovate quickly to best meet the needs of their customers.”
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Key findings from the study include:
- A three-year 229% ROI and payback in less than 6 months
- Inbound contact savings from call deflection to self-service capabilities and reduced average handle time (AHT) totaled $3.8 million
- Outbound contact savings through self-service deflection and reduced AHT totaled $2.9 million
- By switching to LiveVox and replacing legacy CRM solutions and eliminating associated support costs, customers saved $1.5 million
- LiveVox enables organizations to improve their email and call deliverability rates, resulting in increased penetration, allowing organizations to improve their operating income by up to 3% or $1.3 million
- Improved agent capacity planning enabled by LiveVox saves customers $1.2 million
- Cost reductions from contact center technology managementtotaled $1.1 million
- Supervisor efficiency gains represent $705,000 in savings
LiveVox’s customers in the study have seen significant increases in efficiency and revenues after unifying their operations with the Company’s Blended Omnichannel and purpose-built CRM:
“LiveVox is an omnichannel solution that gives us a full view of each customer’s journey. We can now be efficient and nimble while empowering agents with the tools and data they need to be successful.”
— COO, financial services
“I can tell you without a doubt that our contact rates have improved, our sales rates have improved, and we probably wouldn’t have survived 2020 without LiveVox.”
— Senior director of operations, consumer finance
“Our customer services team is only using inbound, and the platform is so simple for them to use it’s almost self-sufficient. It’s almost on autopilot.”
—Director of credit business systems, retail
“We’ve had a huge jump in efficiency because of our self-service options that LiveVox has made available to us.”
— COO, financial services
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