LiveVox Study Reveals Contact Centers Have Increased Adoption of AI, But Struggle to Capture ROI
May 16 2022 - 8:30AM
Business Wire
The research study finds that despite increased
interest in AI technology, only 44% of organizations experience
benefits from implementing AI tools in their contact center
LiveVox Holdings, Inc. (“LiveVox” or the “Company”) (NASDAQ:
LVOX), a leading cloud-based provider of customer service and
digital engagement tools, today released the results of a
commissioned study conducted by Forrester Consulting to identify
the key use cases and challenges when deploying AI technology in
the contact center. The study, entitled “Contact Centers and AI:
Sounds Like You Need Help Unlocking Full Benefits” surveyed 315 IT
and operations leaders responsible for AI contact center technology
in U.S. companies and found that while AI technology adoption
within the contact center has increased and resulted in improved
customer experience (CX), measurable ROI has been delayed by a
number of significant challenges.
The top ranked obstacles preventing contact centers from
achieving ROI from AI technology investments include: the high cost
of implementation (43% -top three rank), not having access to
necessary customer data (40%), and a lack of skilled in-house staff
(38%). Additional findings include:
- AI Adoption is Well Underway. On average, executives
report that they are using three AI tools in their contact centers
today, with a quarter of respondents reporting use of more than
four. Even so, only about half are using chatbots, AI virtual
agents, real-time speech and text analytics, and agent assist.
Overall, by wide margins, contact centers with 100 to 250 agents
lead the way in adoption of AI and are using a range of tools
including robotic process automation, chatbots, and virtual
agents.
- Delays During Initial Deployment and Routine Updates are
Widespread. Over 50% of contact center decision-makers say they
are unable to make the changes needed to machine learning (ML)
models and AI tools because they depend on vendors and lack the
staff and expertise to do so themselves. Additionally, high
implementation costs, limited data access, and the need for
integration with legacy CRMs slow down initial deployment for 40%
of firms.
- High Expectations, Low Measurable ROI. Although many
contact center leaders believe AI tools will raise both customer
and agent satisfaction, fewer than half of respondents experienced
benefits from implementing AI tools. However, 80% still agree that
a pre-integrated AI solution could provide greater flexibility to
deploy, test, and change applications quickly.
“The adoption of AI within contact centers remains both the
largest potential benefit and biggest challenge to delivering an
exceptional agent and customer experience,” said Louis Summe, CEO
and co-founder, LiveVox. “In order to remove the barriers around AI
adoption and implementation, contact centers need to partner with
technology companies that understand the application of practical
AI and how the technology can be seamlessly integrated within
agents’ workflows. AI is not a silver bullet; the technology must
be easy to implement and manage, informed by data, supported by
informed people, and consistently applied throughout the customer
journey to deliver tangible, measurable ROI.”
To learn how your contact center can take advantage of AI
technology and see the benefits, register for LiveVox’s upcoming
webinar featuring Forrester on Thursday, May 19th at 11am PT / 2pm
ET. Register here.
To download the full study, click here.
About LiveVox
LiveVox (Nasdaq: LVOX) is a next generation contact center
platform that powers more than 14 billion omnichannel interactions
a year. By seamlessly unifying blended omnichannel communications,
CRM, AI, and WEM capabilities, the Company’s technology delivers
exceptional agent and customer experiences, while helping to
mitigate 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 650
global employees and is headquartered in San Francisco, with
offices in Atlanta; Columbus; Denver; St. Louis; Medellin,
Colombia; and Bangalore, India. To stay up to date with everything
LiveVox, follow us at @LiveVox or visit livevox.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
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“estimates,” “targets,” “projects,” “should,” “could,” “would,”
“may,” “will,” “forecast,” “opportunity” and other similar
expressions are intended to identify forward-looking statements.
All forward-looking statements are based upon management estimates
and forecasts and reflect the views, assumptions, expectations, and
opinions of the Company as of the date of this press release, and
may include, without limitation, changes in general economic
conditions, including as a result of COVID-19, all of which are
accordingly subject to change. Any such estimates, assumptions,
expectations, forecasts, views or opinions set forth in this press
release constitute the Company’s judgments and should be regarded
as indicative, preliminary and for illustrative purposes only. The
forward-looking statements contained in this press release are
subject to a number of factors, risks and uncertainties, some of
which are not currently known to the Company, which may cause the
Company’s actual results, performance or financial condition to be
materially different from the expectations of future results,
performance of financial condition. Important factors, among
others, that may affect actual results are described in the
Company’s filings with the Securities and Exchange Commission
(“SEC”), including our Form 10-K filed with the SEC on March 11,
2022. Although forward-looking statements have been made in good
faith and are based on assumptions that the Company believes to be
reasonable, there is no assurance that the expected results will be
achieved. The Company’s actual results may differ materially from
the results discussed in forward-looking statements. Readers are
cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. These
forward-looking statements are made only as of the date hereof, and
the Company does not undertake any obligations to update or revise
the forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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PR for LiveVox Katie Creaser LiveVoxPR@ICRInc.com
IR for LiveVox Ryan Gardella LiveVoxIR@ICRInc.com
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