Total Economic Impact Study of Verint Experience Management Solutions Finds a Return on Investment of 219 Percent
New Independent Study Demonstrates that Verint Experience Management Empowers Organizations to Elevate Customer Experience Through Data-Driven Insights, Providing Nearly $2.5 Million in Benefits
Verint , The Customer Engagement Company, released a commissioned study conducted by Forrester Consulting on The Total Economic Impact™ (TEI) of Verint Experience Management (XM) solutions, part of the Verint Customer Engagement Cloud Platform™.
It’s imperative that organizations understand customer behavior to take the necessary actions to improve the customer experience. Verint XM solutions help companies collect feedback, analyze trends, and take actions based on data-driven customer insights, using automation, predictive modeling, and artificial intelligence (AI) to unlock deeper insights and analyze customer data at scale.
The Forrester TEI study examined the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint XM solutions. Through customer interviews and financial analysis, Forrester found that in a three-year timeframe, a composite organization experiences benefits of $2.49 million versus costs of $781,000, to realize a 219 percent return on investment over three years.
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“Understanding customer interactions and experiences across all channels and engagement touch points continues to be a business priority to drive growth and build loyalty”
Examples of benefits include:
- Decreased online order abandonment, adding $1.1 million from revenue improvements.
- Improved product fulfillment practices, yielding $1.3 million from avoided returns.
- Streamlined feedback analysis and reporting efficacy, totaling $149,000 in financial benefit.
- Improved CSAT scores up to 80 percent and increased Net Promoter Scores (NPS)* up to 15 points.
Prior to using Verint XM, interviewees noted how their organizations struggled to collect customer feedback in a streamlined and unified way. The feedback mechanisms that interviewees had in place were often limited or lacking in sophistication. At the same time, the previous processes and systems used to analyze customer data were often siloed, which meant that reviewing and consolidating feedback was time-consuming and disjointed.
Notably, after the investment in Verint XM, the interviewees felt like they had a clearer understanding of the key customer feedback trends affecting their business. With this deeper level of customer insights, decision-makers were able to know which issues were impacting customers the most and could then prioritize what actions to take to troubleshoot problems and improve the customer experience.
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The study also reveals additional benefits to organizations using Verint XM, including:
- Improved customer experience – By responding to customer feedback and acting quickly to alleviate customers’ concerns, interviewees saw improvements in customer satisfaction metrics, Net Promoter Scores, and brand loyalty program membership. Interviewees felt that these trending improvements in customer experience (CX) metrics were at least partly attributable to the customer insights gained through Verint XM technologies.
- Enhanced messaging and marketing tactics – Interviewees recalled multiple examples of how Verint XM allowed them to test and adjust their marketing messaging and ad placement. The ability to assess customer feedback in real time helped interviewees to quickly course correct accordingly.
“Understanding customer interactions and experiences across all channels and engagement touch points continues to be a business priority to drive growth and build loyalty,” says Verint’s David Singer, vice president, GTM strategy. “With Verint XM solutions, our customers can ‘see’ everything and can leverage customers insights to create a holistic, cross-channel view that improves CX and drives better business decisions. We’re proud of our continued partnership with Forrester to share the compelling business benefits and cost savings that Verint’s Customer Engagement Cloud Platform enables for our customers.”
Verint will present a one-hour webinar at 2 p.m. ET on Nov. 17 on the TEI study findings and how this ROI can be achieved. Featured speakers include Judy Weader, senior analyst, and Leigh Greene, TEI consultant, Forrester, and Verint’s Avanti Joglekar, senior content manager and Aditi Mehta, director, go-to-market. To register, visit Forrester TEI Verint Experience Management webinar.