The ROI criteria of a Voicebot (or how to measure the success of your investment)

13 February The ROI criteria of a Voicebot (or how to measure the success of your investment)

Return on Investment (ROI) is the main management indicator which makes it possible to evaluate the efficiency and profitability of a project.

The implementation of a Voicebot must also have its ROI indicator, the key to good management of any organization.

This is why we aim to present here the ROI elements to remember for a Voicebot, and to determine how to measure the success of this type of investment from a financial level.

Reducing operational costs

The first measure of the ROI of a Voicebot is determined by the reduction in operational costs relating to:

• Workforce : since the Voicebot is deployed to carry out tasks previously carried out by human agents, it is easy to evaluate the savings made in terms of busy salaries and working hours for the tasks carried out by the Voicebot. In addition, this economy allows human agents to shift to other tasks with higher added value.
• Treatment costs : by measuring the processing times of requests by the Voicebot compared to manual processes, the differences observed make it possible to establish a level of savings made. These differences can be determined at the finest level by including the difference between the cost of fixed assets linked to the Voicebot, which occupies a very limited space, and that of the office space allocated to staff previously assigned to Voicebot tasks.
• Mistakes : correctly programmed, a Voicebot mechanically reduces the number of errors previously generated by human agents. Reducing errors automatically leads to a reduction in the cost of correcting these errors and the reimbursements to be made on a commercial level, thus generating new sources of savings.

Improving the customer experience

A positive customer experience with a voicebot has a direct impact on customer loyalty, which in turn impacts future sales.

To measure them and conclude that the customer experience has improved, three data points must be taken into account:

• Feedback through surveys with scores given by customers to measure their level of satisfaction, which in turn allows them to identify potential improvements to be made;
• Waiting time reductions : this indicator contributes to a positive experience generally validated by customer feedback notes;
• Precision in the answers : greater precision provided by the Voicebot compared to human agents can also strengthen customer trust.

Development of sales and profits

Any voicebot can contribute to increased sales and profits. Therefore, ROI metrics can be implemented for the following actions:

• Incentivized cross-selling: Since any voicebot can be programmed to recommend related products or services, additional sales opportunities can be identified and then generated by these recommendations.
• Improved Conversion Rate : The voicebot can guide users through the purchasing process, thereby increasing the conversion rate
• Reducing Cart Abandonment Rate in Ecommerce : thanks to better customer support provided by the Voicebot and, of course, adequate programming, cart abandonment can be significantly reduced.

Data analysis as a decision support tool

The ROI of a Voicebot can of course also be evaluated based on its ability to provide usable data to become a real decision-making tool through:

• Data collection : regular assessment of the quality of the data collected by the Voicebot makes future analyzes of this data more reliable;
• Data analysis : identifying the use of data and then analyzing it makes it possible to improve processes as well as decision-making;\The impact on Innovation: Like any other tool, the voicebot can help generate ideas and innovations through data analysis.

Integration into Information Systems (IS)

A Voicebot can contribute to a positive ROI in terms of IT, for example by using the following criteria:

• Ease of integration with external systems : assess and evaluate in terms of time spent and the rate of technical incidents the ease with which the Voicebot integrates with existing systems, such as a CRM or an ERP;
• Scalability : establish a measure of the voicebot's ability to evolve to meet new requirements and increasing workloads.

Conclusion

Like any ROI calculation, that of a voicebot can be more or less complex to define due to the number of variables to take into account. By combining the correct assessment of operational costs, improved customer experience, increased sales and revenue, data analysis and capacity for integration and scalability, it is possible to draw up a very reliable picture of the success of an investment in a Voicebot.

This conclusion cannot be complete without recalling that the ROI of a Voicebot will necessarily evolve over time, as it is optimized and adapted based on user feedback, as well as the evolution of the needs of the voicebot. any organization.

To summarize, a well-chosen and correctly implemented Voicebot will provide significant benefits on three levels: in terms of cost reduction, in terms of improving the customer experience and in terms of developing profitability.