Increase workforce productivity 34%
New scheduling models increase occupancy & utilization.
Hit 150% of sales goals
Best-in-class, virtual learning programs improve cross-sell and up-sell.
Improve retention
Mature, gig-economy Service Partners increase NPS and build brand loyalty.
Reduce facilities
/ technology cost 12%
A turn-key, WFH CX platform lowers capital investments.
The modern Chief Financial Officer (CFO) is becoming the key driver of operational efficiency for businesses worldwide. Traditionally focused on financial planning and risk management, CFOs are now driving initiatives, like zero-based budgeting (ZBB), which take hard looks at everything from systems to logistics as a way to create a financially efficient business. Each department is being asked to evaluate everything they do and find new ways to execute. These initiatives are eliminating waste and driving transformation of strategies, systems, and processes. When looking for process improvements and cost savings, there is tremendous opportunity for significant transformation in Customer Care.
Modern CFOs are seeing the monumental ways that COVID-19 has changed customer behaviors. With Brands spending between 3% to 5% of their budget on Customer Care (Everest Group), they recognize that now is the time to take advantage of these changes to redesign Customer Care to be more cost efficient and focused on revenue generation. The basic model of staffing, training, and scheduling Customer Care agents hasn't changed since the 1990s even though every other department in an enterprise looks nothing like it did 30 years ago. Customer Care represents the next big opportunity to improve efficiency, reduce costs, and improve customer satisfaction. Here are major opportunities for transformation:
Traditional BPO workforce planning means agents only speak with customers 50-70% of each paid hour.
Improving utilization and occupancy can help reduce headcount by up to 25%.
Technology and facilities costs are drastically reduced by virtual-first CX.
Virtual learning programs can reduce curriculum time by up to 38% and decrease attrition.
Traditional BPOs accept abandon rates of 8-12% costing millions in lifetime revenue value.
Companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience (source).
CX transformation can lead to hundreds of millions of dollars in incremental revenue for every 1-point increase in the CX Index™ (source). Only if you have extraordinary spend would it outweigh these financial advantages.
There has never been a more opportune moment to overhaul Customer Care. COVID-19 has driven more customers to shop online and over the phone. Customers have fully embraced asynchronous chat on text, email, and social media platforms. Customer behaviors have changed and are never going back. This transformation of customer expectations presents an incredible opportunity to transform CX, get closer to customers, and eliminate the cost inefficiency that has been part of traditional BPOs.
Download this whitepaper in PDF format and schedule a consultation led by David Sokolitz, Vice President of Solution Design at Arise Virtual Solutions, to determine your Brand’s full cost savings.
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