Verint® (NASDAQ: VRNT), the Customer Engagement Company™, today released a commissioned study conducted by Forrester Consulting on The Total Economic Impact™ of Verint.
The study examines the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint solutions. Through customer interviews and financial analysis, Forrester found that a composite organization experiences benefits of $52.4 million over three years versus costs of $10.68 million, and a 391 percent return on investment over three years with a payback period of under six months.
The Forrester TEI study shows many quantifiable benefits achieved by companies using Verint, which are based on a composite of five Verint customers that Forrester interviewed, collectively handling a total of 10 million interactions annually. Customers have a mix of Verint solutions, running 100 percent in the cloud, 100 percent on-premises, or in a hybrid-cloud deployment model.
Examples of these benefits include:
- 50% increase in revenue from cross-selling
- 45% deflection of calls to less expensive channels
- 44% improvement in contact center efficiency
- 43% reduction in average handle times
- 20% improvement in agent productivity
- 8% reduction in employee turnover
One of the most significant benefits was shown in the area of revenue generation from cross-selling. One interviewee – a workforce manager of a healthcare organization handling 1.2 million customer interactions annually remarked, “We used Verint to understand what folks are talking about during successful cross-selling calls and we increased our cross-selling from $800,000 to $1.2 million.”
In addition to workforce management value, Verint is leading the way with digital engagement and automation. Significant impact for organizations has been delivered by analyzing call and conversational intent and utilizing this data to inform call-deflection strategies. As a result, Verint customers were able to decrease the number of relatively expensive phone calls coming into their contact centers and increase their use of alternative channels, such as self-service or agent chat. Organizations were also able to increase deflection by 45 percent through automation and the use of intelligent virtual assistants (IVAs) or chat bots and interactive voice response (IVR).
Across the board, customer engagement operations efficiency empowered organizations to achieve the same or better levels of customer service with fewer employees. Interviewees reported strategically reallocating a percentage of their customer engagement employees to support important back-office operations. One interviewee said his organization was able to reallocate approximately 1.4 percent of its contact center staff to back-office roles each year; this added up to approximately 40 full-time equivalent (FTEs) staff over the course of the organization’s use of Verint.
In addition to the quantifiable benefits reported, the study found additional benefits to organizations using Verint, including:
- Improved CSAT scores – Interviewees said Verint contributed to improvements in CSAT scores by between two and three points annually, while some customers saw CSAT gains of more than 20 points.
- Decommissioning of legacy technologies and reduction of third-party vendors – Organizations reduced costs by decommissioning legacy technologies and rationalizing the number of business process outsourcing (BPO) vendors utilized regularly.
- Added business value – Organizations used Verint to share the voice of the customer with product teams resulting in product development and customer service improvements that contributed to increased memberships and related revenues.
- Improved compliance – Organizations found Verint was able to meet and exceed compliance needs, easing compliance related work around private customer data.
- Verint support – Organizations reported positive interactions with Verint support during implementation, easing deployment and facilitating goal achievement.
“Verint is proud to help organizations around the globe conquer their toughest customer engagement challenges and provide differentiated customer experiences at scale,” says Elan Moriah, president, Verint. “We believe the findings of the Forrester study prove that Verint is delivering on the metrics that matter for our customers and validate both the business value and economic impact of the Verint Cloud Platform which is designed to close the Engagement Capacity Gap.”
Verint will present a one-hour webinar on Aug. 24 at 1 p.m. ET to discuss the TEI study findings and just how this ROI can be achieved. Featured speakers include Tracy Malingo, Verint’s Global VP and GM, Intelligent Self Service, and guest speaker Dean Davison, Manager, Principal Consultant, for Forrester. To register, visit CRMXchange Webinar – The Total Economic Impact™ of Verint.
Verint® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement™ to help customers close The Engagement Capacity Gap™.
Verint. The Customer Engagement Company™. Learn more at Verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2021, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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