DMG Consulting's fifth annual Interactive Voice Response (IVR) report concentrates on IVR Analytics, an emerging breakout segment of the broader customer experience analytics (CEA) market and an essential segment of the IVR market. The 2012 IVR Analytics Product and Market Report gives enterprises and business owners the information they need to choose the right solution and vendor partner for their organization. The Report defines IVR analytics and explains its value proposition, benefits and uses. It covers all known IVR analytics vendors who offer an application that can integrate with any IVR solution or platform. As the only comprehensive guide to the IVR analytics market, this 124-page Report looks at products and services, underlying technology, pricing, return on investment (ROI), go-to-market strategies, trends and challenges, and planned innovations to help users purchase and implement the IVR analytics solution that best meets their existing and future needs.
IVR systems handle anywhere from 10% to over 90% of incoming calls in the contact centers that use them. Although most consumers have learned to tolerate and even properly use IVR systems, these solutions are almost universally disliked. While IVRs have the potential to help companies reduce agent time and cost, most are neither used effectively nor optimally designed to deliver the best possible customer experience.
Sadly, little investment is being made to improve IVR effectiveness. If these systems were planned better, consumers would be happy to use them. It costs little to optimize an IVR, and the long-term customer satisfaction and bottom line benefits far exceed the investment. In many scenarios, an improvement of as little as 1% in the IVR containment rate may represent savings of more than $100,000 per year. In the 2012 IVR Analytics Product and Market Report, DMG asserts that there is no longer an excuse for having a poor IVR application.
IVR analytics systemically evaluates the "whole call" in order to improve the overall customer experience across all channels, automated and live, and to increase containment rates. This includes capturing, tracking and analyzing a call, in granular detail, from initial contact, which is often with the IVR, through resolution. The data captured is used to identify call reasons and outcomes, evaluate the caller experience, identify new automation opportunities, and pinpoint activities that impede an organization's ability to deliver an outstanding experience. These solutions deliver a rapid ROI and contribute to the success and profitability of companies of all sizes by helping to reduce servicing costs, increase and enhance self-service options, reduce wait time for service, improve first contact resolution (FCR), and enhance customer and agent satisfaction.
The world of IVR has changed dramatically in the last five years, as have business requirements and how end users interact with IVRs. DMG recommends that all organizations establish a process for identifying IVR enhancement opportunities on an ongoing basis, but even doing so just once a year can yield results that dramatically improve customer satisfaction and reduce operating costs. For organizations that have not optimized their IVR application in the last three years, DMG recommends immediately undertaking an IVR assessment to identify ways to improve their existing environment. The time is ideal for users to leverage technology advancements and new best practices to get the most from their systems.
The 2012 IVR Analytics Product and Market Report covers all aspects of this emerging market. It features a detailed analysis of the three IVR analytics competitors who can integrate with any third-party or home-grown IVR application, plus an appendix with a detailed list of competitors. The leading vendors covered in the 2012 IVR Analytics Product and Market Report are BBN Technologies, ClickFox and Nuance. These vendors' IVR analytics solutions are unique. Each takes a different approach to analyzing customer activity, and all are highly beneficial in their own right.