Return on Investment

Maximizing Business Outcomes: Exploring the Multifaceted ROI of AuditWise in Enhancing Efficiency, Customer Satisfaction, and Compliance

ROI There are many ways in which a business can benefit from returns on investment through the implementation of AuditWise. These can vary greatly depending upon such factors including the size of the business, the volume and complexity of customer interactions as well as the cost of the solution. Some of the benefits and cost savings contributing to the ROI calculation are as follows:

Efficiency in Training & Coaching: Through the analysis of interactions, AuditWise can pinpoint specific areas where agents need improvement, making training more targeted and efficient. Not only will this improve the skills of existing agents but can also shorten the initial training period for new agents.

Increased First Contact Resolution: Through the timely analysis of interactions, AuditWise can provide insight into the reasons for calling and most common issues. We usually see a reduction of between 10% and 40% in FCR; this is directly linked to customer satisfaction and reduced operational costs.

Decreased Turnover: Better training and support can lead to increased job satisfaction which in turn can reduce employee turnover – a significant cost to businesses where recruiting and training new employees is expensive and time consuming.

Enhanced Customer Satisfaction: Higher quality interactions can lead to improved customer satisfaction, resulting in higher retention rates and potentially more sales and / or upgraded services.

Scalability & Flexibility: AuditWise can easily scale to handle large call volumes, which is beneficial for businesses with fluctuating or seasonal call volumes without the need to proportionally increase staff.

Improved Call Quality and Compliance: AuditWise can easily identify any interactions that fall below the quality thresholds or fail to comply with regulations. Ensure that all interactions adhere to industry regulations or company policies alerting supervisors to potential breaches.

Reduced Operational Costs: By automating a large proportion of quality monitoring, businesses can negate the need for a large quality assurance team, leading to direct savings on labour costs.

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To illustrate how the above benefits can translate into ROI, check out the example below:

  1. Cost of AI Monitoring tool: £67,500 per year (based on 5,000 hours WiseScoring per month)
  2. Increased revenue from improved CSAT and Customer Retention: £30,000
  3. Savings from improved operational efficiency (reduced AHT / Increased FCR): £20,000
  4. Reduction in FTE for QA / Admin: £35,000
  5. Lowered staff turnover: £20,000
  6. Reduction in regulatory fines: £10,000

Total Annual Benefit = £30,000 + £20,000 + £35,000 + £20,000 + £10,000 = £115,000

Therefore, the ROI calculation would be:

Total Annual Benefit / Cost of AuditWise Wise Scoring * 100 = 170%

This means that for every pound invested in AuditWise, the business is getting £1.70 back in value. It is important to note that this is a simplified example and actual ROI would need to be calculated on actual data from the business. It is also essential to factor in the time to achieve ROI, as there may be an initial period where costs are higher due to implementation and training before the full benefits are realised.