Can Voice AI Calls Save Operation Costs?
Can Voice AI Calls Save Operation Costs?
When it comes to customer service, the quest for efficiency without compromising quality is a balancing act that businesses have been striving to perfect. With Voice AI calls, the digital assistant can not just automate your business interactions but save costs in terms of the entire contact centre operations. But can these voice chatbots really help cut down operational costs?
The answer is an astonishing yes!
According to Juniper Research, businesses have saved $7.9B in 2023, alone, thanks to the adoption of voice AI technologies. Another study says that, businesses implementing AI-powered voice agents can see over 90% savings compared to the cost of using a live answering service or hiring staff to answer phones.
That’s not just a cost-saving move; it’s in literal terms business customer support saver. Before we dive into how voice AI can lighten the load on your budget, let’s explore why this technology has become a must-have for businesses to stay competitive in the market.
Voice AI Demystified
Voice AI refers to artificial intelligence-powered systems capable of understanding and responding to human speech. Unlike traditional IVR (Interactive Voice Response) systems, which rely on rigid menus, Voice AI uses advanced technologies like natural language processing (NLP), machine learning and the newly launched LLM models to deliver conversational, context-aware interactions.
Let us tell you a story, that will help you understand what voice AI calls are, and how they aid your business.
A bustling retail company, “StyleSync,” struggled to keep up with customer inquiries during its annual sales event. Customers were left waiting in long queues, leading to frustration and even lost sales. Enter Voice AI. By implementing a voice chatbot, StyleSync automated responses for common queries such as order tracking, return policies, and store locations. Within weeks, their call wait times dropped by 40%, and customer satisfaction soared. Not only did this free up human agents for complex issues, but it also saved StyleSync thousands of dollars in operational costs.
Voice AI technology doesn’t just handle calls. It converts them into opportunities for seamless, efficient, and personalised customer service. Now let’s delve deeper into why businesses are turning to this innovative technology.
Why Businesses Need Voice AI?
Gen AI voice AI calls is a present-day necessity for businesses aiming to keep up with evolving customer expectations. As the demand for instant, human-like, 24/7 support grows, traditional call centre setups often fall short, unable to deliver the speed, efficiency, and scale required. Voice AI fills this gap by providing an intelligent, responsive solution that doesn’t just enhance customer experiences but also optimises business operations.
Customers Expect Instant Gratification
In a world where people demand answers yesterday, voice AI steps up to deliver real-time responses. The traditional call centre model, with long wait times and high staffing costs, struggles to keep pace with modern customer expectations. Voice AI ensures that customers aren’t kept waiting while also allowing businesses to scale without adding significant overhead.
Rising Operational Costs
Labour-intensive processes, high attrition rates, and training requirements make running a traditional support team an expensive endeavour. Voice AI can streamline operations, reducing the need for extensive human intervention and cutting overheads.
The Push for 24/7 Availability
Being available round the clock is no longer a luxury—it’s a necessity. Voice AI allows businesses to provide seamless, uninterrupted service without the financial burden of night-shift staffing.
From addressing customer demands to slashing operational costs, the case for adopting Voice AI is compelling. But these benefits aren’t just about meeting today’s needs. They’re about positioning your business for a smarter, more cost-effective future. Let’s explore exactly how Voice AI can help your business operations.
How Can Voice AI Help Your Business?
Imagine having a tool that not only streamlines customer interactions but also identifies opportunities to improve processes, making your business smarter and more efficient. Before we dive into the details, let’s explore why voice AI is such a transformative asset for companies.
Improve Call Handling Efficiency
Voice AI isn’t just about answering calls; it’s about managing them better. From routing customer queries to the right department to handling high call volumes during peak hours, voice chatbots ensure that no customer is left hanging.
Personalised Customer Interactions
With advanced natural language processing (NLP), voice AI systems can engage in meaningful conversations tailored to the individual. For example, a voice AI assistant could retrieve a customer’s past orders or preferences in real-time to offer relevant solutions.
Free Up Human Agents
By handling repetitive and simple queries, voice AI allows human agents to focus on more complex and value-driven tasks. This not only enhances employee satisfaction but also boosts overall productivity.
From boosting efficiency to enabling personalisation, voice AI opens up a world of possibilities. But the benefits don’t end here. Let’s now shift focus to how this technology directly impacts your bottom line by slashing operational costs.
How voice chatbots can help reduce customer service costs?
Based on the increasing demand for better services, the voice AI chatbot is an efficient tool that’s cost-effective. We’ve identified 5 ways a voicebot can help you save or make more money.
1. Reduce OpEx
5. Increase customer retention
1. Reduce operational costs
Operational expenses are ones that are required to run a business, such as labour and machinery costs. In customer service, operational costs include expenses related to hiring and training agents.
These costs become a pain point as a company scales. Repetitive and frequently asked questions end up taking unnecessary resource bandwidth. And these queries constitute roughly 80% of the total tickets coming in customer support. By automating the FAQs and repetitive questions, you can free up agents’ time and they can focus on more high-impact work.
Conversational voicebots automate more than FAQs. With the right integrations and workflows, many business processes can be automated too, such as updating customer information in CRM, creating tickets in ticketing platforms, intelligently routing users to the right agents, and sending messages or emails to users upon certain triggers.
Voice chatbots are self-service portals that operate on their own and offer a quick resolution to customer queries 24×7. It helps you scale customer interaction without hiring new staff. Just imagine the number of hours one can save with automation. As they say, time saved is money made.
2. Lower marketing costs
A good marketing plan revolves around the customers and their needs. Showing them the right content at the right time and sharing updates or notifications on upcoming events. However, these are labour-intensive tasks and if not timed well, can create more damage than profit.
Voicebots powered by AI collects a lot of customer data while interacting with them and update customer data platforms for a unified customer profile. With this data, businesses can understand their users better and run campaigns accordingly. Voice chatbots are as good at outbound calls as they are with inbound calls. They can be used for sharing updates and notifications with users.
So now, not only is voicebot reducing expenses involved in performing these tasks, but it’s also helping you generate more revenue.
3. Boost agent productivity (and morale)
In the previous paragraphs, we saw how voice chatbots can take up repetitive tasks to free up agents’ bandwidth and make agent’s life easier. Now that they have more time to take up important, complex and high business impact work, they feel more valued. it’s a sure thing their morale boosts too.
A conversational AI-powered voicebot can do more than just reduce repetitive tasks off an agent’s plate. It can boost their productivity as well. How? Conversational AI platforms provide a unified customer profile that gives agents a 360-degree view of customers. That means, they don’t have to toggle between systems to find information manually.
Conversational AI platforms also come with Agent Assist features such as canned responses, live chat plugins, notes, dashboards etc. that allow them to complete their tasks quickly and accurately. That means, they can resolve more tickets in less time. And this has a direct impact on customer support expenses.
4. More fulfilled orders, fewer abandoned carts
Cart abandonment is a big problem to solve. And voicebots solve it efficiently. How so? Most people abandon carts because they don’t find the right answers on time. In some businesses, an abandoned cart could mean not showing up for meetings. For example, in real estate, it’s site visits and in healthcare, it’s regular checkups. In these cases, people forget about these appointments and need reminders.
Voicebots can help you here. It can answer common questions a user has while purchasing. If they get the answers on time, they can go through the payment and not leave the item in the cart. Voice chatbots can also call people to remind them about meetings.
Voicebots once again lets you automate repetitive tasks and free up your resource’s time on something important. Less expense and more business is the new mantra.
5. Increase customer retention
Ask any sales guru and they’ll give you the same mantra for customer retention: build relationships, take their feedback, personalise communication and keep them in the loop. A voice chatbot can do all this for you. When customers get a good experience, they’ll stay with you and also recommend you to their circle. This will boost revenue and reduce the costs (and time!) involved in completing these tasks.
Voice AI Calls: better way to serve customers is a better way to generate higher ROI
The main aim of implementing the voice chatbot is to improve service and customer satisfaction. Additionally, it helps decrease the overall costs as well. Offering a better ROI, voice chatbots are expected to increase sales by 67% on average. So what’s stopping you from deploying your first voicebot?
Verloop.io offers conversational AI with voice AI that enables companies to provide delightful experiences to their customers. Our out-of-the-box solution comes with a plug-and-play feature where you can implement the voicebot with your existing solutions or make it from scratch with Verloop.io. Talk to our team today to learn what’s best for you and how you can delight your customers at the earliest.
