LiveVox commissioned Forrester Consulting to conduct a Total Economic Impact™ study in June 2021 to evaluate LiveVox’s cost of ownership and return on investment across a variety of different factors in the contact center.
The study revealed numerous benefits for a composite organization based on interviewed customers. Their findings include benefits such as an overall reduction in operational spending, an uptick in manager and agent efficiency, and a streamlined technology stack that enabled smoother customer experiences.
Access the study in full here, and read on for some key highlights.
Dramatically increase ROI with a unified customer engagement platform
The most striking benefit found by Forrester: the composite, or average, the customer saw a 229% ROI and payback in less than 6 months with LiveVox’s unified contact center platform.
Adaptability and flexibility are the core needs of today’s contact center operators, and the study identifies several key service requirements that LiveVox’s platform brings to customers. According to Forrester “LiveVox provides contact center agents with the tools they need to effectively perform their jobs and deliver smooth customer experiences. Reduced waiting, easier authentication, and agents armed with the full history and context of each customer interaction all help improve the overall experience.”
The interviewed customers represented financial services, consumer finance, and retail organizations. They struggled with common challenges ranging from managing high call volumes and a lack of omnichannel cohesion that resulted in subpar agent and customer experiences. Some of the qualitative benefits the customers relayed to Forrester in the research about using LiveVox were:
The study evaluated the return on investment for contact centers that use LiveVox’s Contact Center Platform, which is powered by a purpose-built CRM that unifies channels, interaction history, ticketing, and more.
The risk-adjusted results include:
- A 229% ROI and the net present value of $8.7M over three years
- $6.7M in cost savings from call deflection and reduced AHT over three years
- Increased operating income by $1.3M over three years
- $1.5M in cost savings by replacing legacy solutions
- Payback in less than 6 months.
- $1.2M saved in improved agent capacity planning
- Inbound contact savings from deflection and reduced AHT, saving $4.5 million over three years.
- Outbound contact savings through deflection and reduced AHT, saving $2.9 million over three years.
- Supervisor efficiency gains represent $470K over three years.
Forrester noted significant savings related to legacy system maintenance as shown in this figure from the study.
LiveVox’s impact on contact centers
According to Forrester’s research, another critical area where LiveVox has an impact is in helping customers to increase operating income through improved customer penetration and success.