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November 2, 2020

Conversational IVR: Deploy a Virtual Agent for High ROI at Low TCO

Customer service agents have a big load to carry. Intelligent virtual agents can efficiently shoulder more of the weight when it comes to customer service.They also save time.  Inbound call volumes have increased by 16% this year alone. Intelligent virtual agents can be used with IVR to effectively tackle this surge in inbound volume. 

Thanks to creative applications of artificial intelligence and machine learning, IVRs can now gather information more accurately, predict customer’s needs, and save valuable time. 

Benefits of Conversational IVR

First, what is conversational IVR? 

Conversational IVR is a voice-driven self-service solution that relies on natural language processing (NLP) to resolve queries.

Using it with intelligent routing can save agents and customers time and frustration because front-end information gathering helps agents better serve customers. 

When customers can tell the IVR exactly what they want and receive the necessary information for resolution before ever having to interact with a human agent, everyone saves time. Conversational IVR also gives you the ability to automate routine calls. Instead of answering mundane FAQ’s or scheduling appointments, human agents can be used where their specific knowledge and experience is needed most. 

But, I’m not an engineer! 

Conversational IVR and intelligent virtual agents use machine learning and NLP to gather and sort  information. But, how do you effectively tell your virtual agents what information to gather? How do you program the IVR workflow if you don’t have engineering knowledge or resources? The task of programming a virtual agent can seem like a daunting one, but it doesn’t have to. 

A no-code IVR software solution can greatly simplify this process. Let’s take a look at what kind of effort contact centers must exert when deploying a virtual agent traditionally. 

Initial setup

Investing time into the initial setup of the virtual agents pays off, literally. Businesses that take care when setting up a virtual agent see a decrease in inbound call volume that must be handled by human agents. IVR software that works with a no-code graphical interface limits the amount of machine learning knowledge necessary during setup to almost none. Business can create virtual agents quickly and easily. 

The graphical interface of  IVR software makes developing IVR workflows as easy as dragging and dropping. IVR workflows can be configured and viewed in a way that allows contact centers to get a full grasp of how customers will be approached by virtual agents. 

With NLPand AI, virtual agents can understand and record responses. They can then “learn” from these interactions. Using a graphical interface human agents can review how the IVR workflow is being updated. Using AI-driven insights contact centers can even see where further automation in the customer service process can be applied. 

Maintenance

IVR of the past used a project rather than product based format when rolling out virtual agents. Every IVR workflow had to be reworked each time a project changed, costing time, energy and money. 

But now, with no-code conversational IVR, contact centers can reduce maintenance costs and become more agile as their IVR use cases or workflows evolve.

 A product-focused approach creates virtual agents that can be utilized in not just one area of your business but many. It also can save as much as 10-20 seconds of human agent time per call by front-loading the information gathering process.The cost of having to do constant maintenance to fit the changing needs of your business is minimized. 

When the focus of IVR software is on coding rather than configuration, businesses must rely on IT or outside consultants for changes in the system. The graphical drag-and-drop interface of a no-code solution allows contact centers to make changes to the IVR workflow without the help of an outside, tech-savvy source. 

High ROI at low TCO

When considering whether or not deploying virtual agents is beneficial to your business your ROI and TCO must be taken into consideration. Ideally, as in most business scenarios the ROI is high and the TCO is low. 

Deploying virtual agents is:

  • Easy to set up when done in a product vs. project implementation (minimal maintenance)
  • Low cost to maintain
  • Low reliance on outside sources to maintain
  • Time saving
  • Effective use of human agents (10-20 seconds per call time savings for escalations)

IBM recently estimated that $1.3 trillion is spent on customer service. When you calculate the savings gained from 10-20 seconds per call that equates to millions kept in your coffers.

 If you are pursuing a more effective customer service strategy deploying an intelligent virtual agent is top priority. No-code virtual agents make this priority well within reach. 

About LiveVox 

LiveVox is a leading provider of enterprise cloud contact center solutions, managing more than 14+ billion interactions a year across a multichannel environment. With over 15 years of pure cloud expertise, we empower contact center leaders to drive effective engagement strategies on the consumer’s channel of choice. Our leading-edge risk mitigation and security capabilities help clients quickly adapt to a changing business environment. With new features released quarterly, LiveVox remains at the forefront of cloud contact center innovation. Supported by over 450 employees and rapidly growing, we are headquartered in San Francisco with offices in Atlanta, Denver, Bangalore, and Colombia. To learn more, schedule a demo today.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next-generation contact center platform that powers more than 14 billion interactions a year. By seamlessly integrating omnichannel communications, CRM, AI, and WFO capabilities, the Company’s technology delivers an exceptional agent and customer experience while reducing compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 500 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; New York City; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit livevox.com.

To stay up to date with everything LiveVox, follow us at @LiveVox, visit www.livevox.com or call one of our specialists at (844) 207-6663.

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