Total Economic Impact Study Shows 554% ROI Over Three Years From Solvvy Chatbot and Automated Support Platform
Analysis shows $9.3 million in cost savings by delivering faster resolutions to customer issues and improved agent handle time using AI-powered automations and personalized customer journeys
Solvvy, the next-gen chatbot and automation solution for customer support, today announced findings from a commissioned Total Economic Impact™ analysis conducted by Forrester Consulting on behalf of Solvvy. The analysis calculated the return on investment (ROI) achieved by deploying Solvvy’s Next-Gen Chatbot & Automation Platform for a large multinational B2C subscription e-commerce leader and found that Solvvy delivers a total ROI of 554% and $9.3M in cost savings over a three-year timeframe.
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Forrester’s in-depth analysis of the Solvvy customer support platform found that, “It allows organizations to deliver immediate resolutions to customer issues and handle the most common online customer inquiries by using AI and natural language processing and understanding. Solvvy’s platform reliably handles inquiry volume surges by automating unique and even complex workflows such as returns, cancellations and subscription management. Solvvy can also collect relevant information from customers, and smoothly hand that information off to customer care agents to reduce handle time and ensure a seamless customer experience.”
In addition, Forrester’s research and analysis yielded the following impacts of adopting Solvvy:
- Significant improvement in self-service resolution (SSR) rates. Rates more than doubled — from an average 21% in previous years to 43% globally — within weeks of rolling out the self-service automations of Solvvy. This resulted in cost savings of over $6.3M.
- High-quality customer support delivered, without the business needing to expand its customer care organization. 10% to 15% of additional hiring would have been required to handle the increased call volumes in the absence of Solvvy.
- Reduction in overall incident handle times from deploying customer self-authentication workflows, valued over $2.9M. The organization Forrester worked with is reducing the average incident handling time by 16% for requests that still escalate to customer care.
“We hear directly from our customers that Solvvy allows them to orchestrate highly personalized customer experiences via automation unlike any other platform. This leads to higher self-service rates, faster agent resolution times, and a better user experience,” said Mahesh Ram, Chief Executive Officer of Solvvy. “This study clearly illustrates the benefits and full economic value of our platform on a global scale. Solvvy delivers an amazing blend of outcomes for large enterprises with global footprints. We’re excited for prospective customers to have this Forrester resource at their fingertips as they invest in upgrading their customer experience technology stacks to a modern platform.”
The Total Economic Impact™ is a methodology developed by Forrester Research that enhances a company’s technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders. For this study, Forrester interviewed the head of IT services and the director of customer care at a subscription E-commerce company using Solvvy in their interactions with millions of users around the world. Forrester used their testimony to create a three-year financial analysis.
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