Five9 has announced the results of a commissioned Forrester Consulting Total Economic Impact (TEI) study, revealing that enterprises deploying Five9 solutions can realize a return on investment (ROI) of 213%.
Forrester interviewed four Five9 enterprise customers in multiple industries to understand the benefits, costs, and risks of moving on-premises contact centres to the cloud and deploying AI solutions.
Their experiences were aggregated, and a composite organization was defined to form the basis for the study.
According to Forrester, “The representative interviews and financial analysis found that a composite organization experiences benefits of $27.58 million over three years versus costs of $8.81 million, adding up to a net present value (NPV) of $18.77 million.”
“Contact centres are mission-critical, especially during an economic slowdown,” said Rowan Trollope, CEO, Five9.
“When customers and businesses are stressed, providing an efficient and effective CX becomes even more paramount.
“We believe Forrester’s findings in this study show that contact centres that make the move to the cloud and start to invest in AI can not only see results in triple digit ROI and payback periods measured in months; they can also deliver improved experiences to their customers and employees resulting in greater brand loyalty.”
Before implementing Five9, interviewees noted challenges with their on-premises contact centres, including: the inability to scale to meet seasonal demands, an inability to accommodate organizational growth; recurring outages that could be several hours to days long; and lack of unified reporting, leading to the inability to collaborate between lines of business.
Realizing the need to update old, legacy systems, those interviewed revealed how leveraging the Five9 platform improved their overall business operations.
The three-year, risk-adjusted present value (PV) quantified benefits for the composite organization include:
- Automating repetitive tasks: Using Five9 Intelligent Virtual Agent (IVA) to handle repetitive calls and tasks delivered a cost savings of $15.8 million from call containment within the IVA.
- Reduced handle time: Agent call handle time dropped 5% with intelligent routing and integration with CRM (Customer Relationship Management) systems.
- Avoiding on-premises downtime: Contact centres implementing Five9 reduced the costs of downtime, saving $3.4 million from greater system reliability.
- Retiring old systems: By retiring on-premises environments, baseline cost savings are $3.6 million.
- Accelerated training: Utilizing Five9 Agent Assist streamlined onboarding for new agents and enabled a faster ramp time, which allows them to support the business a day earlier. Accelerated training drove cost savings of $242,100.
“We are making our agents more effective by automating the front-end support by bringing in the chatbots and IVA,” said an IT manager in automotive retail who was interviewed by Forrester as part of the study.
Other notable benefits revealed in the study include streamlining business operations by consolidating multiple domains and global locations; improved customer retention using natural language with the IVA; centralized data to provide better visibility, allowing agents to see what was needed to improve CX; and increased operational flexibility, enabling agents to continue working remotely post pandemic.
Read the full study to learn more.
To find out more about Five9, visit their website.