NICE inContact, a NICE business, announced that the Total Economic ImpactTM of NICE inContact CXone, a study conducted by independent research firm Forrester Consulting and commissioned by NICE inContact, reveals CXone delivers a three-year total benefit of $25.9 million and a net present value (NPV) of $19.8 million for a composite contact center operation of 1,100 seats; the composite represents aggregated feedback from multiple CXone customers.
The study also cites a rapid payback period of just over three months.
A total benefit of $25.9 million drove the CXone three-year ROI of 323 percent, which includes:
- Improved customer experience with a cost savings of $22.4 million
- Incremental gross profit of $1.1 million
- Reduced contact center cost of $2.4 million
The Total Economic Impact of NICE inContact CXone models a composite based on a typical enterprise customer characterized by complex and custom needs. The modelled deployment includes connectivity needs across applications, infrastructure and multiple vendor telephony systems, and involves a comprehensive customer success model that minimizes operational risks, sets strategic direction and continually improves operations and processes in order to create significant business value.
“The $25.9 million total benefit for a typical 1,100 seat organization demonstrates that CXone is able to deliver a big payoff for complex customer needs in a short payoff window,” said Paul Jarman, CEO of NICE inContact.
Forrester captured and aggregated feedback from companies that migrated from on-premises contact center technology to NICE inContact CXone. The study covers the financial benefits of migrating from on-premises contact center technology to NICE inContact CXone – a unified, scalable cloud customer experience platform – while also demonstrating how CXone can improve customer experience and efficiency for large contact centers.
The study cites additional unquantified benefits of moving to the NICE inContact CXone cloud platform, including improved customer satisfaction. One customer who switched to the CXone platform:
- Achieved a 10 percent reduction in average handle time
- Improved first call resolution from 40 percent to 70 percent
- Increased customer satisfaction scores from 59 percent to 85 percent
The CXone platform also delivers enhanced self-service capabilities that enable businesses to automate administrative tasks, free-up agent resources and improve overall contact center efficiency. One customer systematically removed 10 to 20 percent of calls from live agent queues by deploying a virtual agent through NICE inContact CXone.
Businesses need a robust contact center solution that improves agent efficiency, reduces cost to serve and improves customer experience – as well as one that offers easy measurement of ROI, as with the commissioned NICE inContact CXone ROI Estimator delivered by Forrester Consulting. The Total Economic Impact study quantifies cost, benefit and strategic value of migrating from on-premises contact centers to NICE inContact CXone. Businesses looking to modernize and improve ROI can move from multiple disparate and inflexible on-premises systems to CXone in the cloud.
NICE inContact CXone is the leading cloud customer experience platform. Only CXone unifies Omnichannel Routing, Omnichannel Analytics, Workforce Optimization, and Automation & Artificial Intelligence – providing a seamless customer and agent experience – as part of one enterprise-grade, cloud native platform. With its Open Cloud Foundation, CXone powers rapid innovation via open APIs, leading scalability and reliability (guaranteed 99.99 percent uptime), and carrier-grade connectivity (guaranteed voice quality).
“At NICE inContact, we are committed to helping our customers transform their customer experience, while improving efficiency, scalability and ROI. Large contact centers are at the tipping point of modernizing legacy on-premises technology to cloud,” said Paul Jarman, CEO of NICE inContact. “We believe Forrester’s Total Economic Impact Study validates how the CXone cloud customer experience platform is driving business benefits in enterprise environments, while improving agent and customer experiences.
“Investing in customer experience technologies are a priority to win, serve, and retain customers [in the age of the customer]. … Companies also have to provide ease through omnichannel engagement, effectiveness in first call resolution, and emotional connections that showcase preemptive or proactive care. Fulfilling these needs will require a contact center that can easily and quickly scale up agents … as well as leveraging CRM integrations and real-time data analytics to resolve customer issues more effectively,” according to the Forrester study. The Total Economic Impact of NICE inContact CXone found a three-year composite financial impact of 323 percent ROI when migrating to NICE inContact CXone from on-premises contact center systems.
Download Forrester’s full Total Economic ImpactTM of NICE inContact CXone.