Total Economic Impact Study of Verint Finds an ROI of 391 Percent Over Three Years with a Payback in Less Than Six Months
August 19 2021 - 8:30AM
Business Wire
New Independent Study Demonstrates How Verint Empowers
Organizations to Support Customer Engagement Operations Efficiency,
up to $52.4 Million in Net Benefits
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.
Click the link for more information on the Total Economic
Impact™ study, download the complete study and view the companion
infographic.
About 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.
VERINT, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER
ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER
ENGAGEMENT are trademarks of Verint Systems Inc. or its
subsidiaries. Verint and other parties may also have trademark
rights in other terms used herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20210819005209/en/
Media Relations Amy Curry amy.curry@verint.com
Investor Relations Matthew Frankel
matthew.frankel@verint.com Analyst Relations Ryan Zuk
ryan.zuk@verint.com
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