Customer Support Automation and Natural Language Processing Will save Businesses Approximately $8 Billion Annually.
In every company, customer support is a division that measures its success based on a customer’s happiness. Not only that, but to provide a great customer experience, the customer success team must be productive with their work and not be overburdened and exhausted.
To combat this, companies have started to opt for Customer Support Automation (CSA).
Traditional support leads to more manpower, training, cost, and time. Also, most of the times the queries or situations turn out to be repetitive, which becomes monotonous for the agents. This further reduces the agents’ productivity level.
If the responses to the regular queries are automated, then as a company you don’t have to spend additionally on recruitment or training folks in the support team or towards any additional overhead costs.
Automated support will become inevitable once an organization grows as the support process will get more complicated.
Thus, CSA can help you automate the support to a great extent and allow your customer support team to redirect their attention towards tasks that hold more weight and complexity.
According to a report from McKinsey, 29% of customer service agent duties have the potential to be automated with technology.
In short, Customer support automation can help you:
- Reduce your support costs
- Make your customers happy with prompt service and 24*7 availability
- Enhance your team’s productivity level
For today let’s focus on the most important benefit of implementing CSA, i.e., how does it help you reduce your support costs and save you money.
1.Beyond the Business Hours
With a customer support automation platform companies can stay connected with customers 24*7. And so, customers will be able to reach out on weekends as well as holidays.
Chatbots can never get tired, sick, or bored, hence the answers or assistance given will never lack any quality.
This will allow customers to reach out for help or suggestions as per their convenience, so that time doesn’t act as a barrier in providing a great customer experience.
Having a platform work beyond business hours helps businesses save on costs directed towards additional manpower to work overtime or costs such as overtime expenses, extra maintenance costs, etc.
2. Handle Millions of Queries with Lower Support Costs
“265 billion customer support requests are made every year, and it costs businesses a whopping $1.3 trillion to service them.”
By switching to automated support, such as voice AI, chatbots, etc., companies can reduce these costs to a great extent.
This allows human agents to deal with the queries that are of utmost importance. Also, since customer support itself has various verticals divided as per the many purchase stages or by the types of products/services, having customer support automation helps reduce the number of agents under each vertical.
“Chatbots can save businesses up to 30% on customer service costs.”
Thus, the company can function with limited agents under each stage who can provide support whenever required and/or step-in when necessary. The remaining team can focus on other tasks such as customer onboarding, product walkthroughs, etc.
3. Better Experience = Increased Retention = Saved Costs
“Companies lose 71 percent of consumers due to poor customer service.”
Studies show that many customers leave the company without reaching out to the company about their issue. And in most cases, customers are ready to spread the word about poor customer service to their friends and family.
By adopting customer support automation, customers get quick and accurate information whenever required. And so an increased TAT leads to a much higher NPS and CSAT score.
Of course, these scores contribute towards customer loyalty and retention rate. As more content and happy customers will lead to a higher retention rate.
“It costs 5 percent more to acquire a new customer than it does to keep a current one.”
Thus, it’s always important to keep your existing customers satisfied with your service as well. If your customers are delighted with your service, it helps you save costs in the long run. And this can be made possible through the means of automated support.
Suggested Reading: Faster, Smarter, Better – AI is improving Customer Service
4.Customer Support Automation Helps Increase Revenue
“AI for CRM solutions could increase global business revenue by $1.1 trillion.”
Not just reducing costs, but opting for a customer support automation platform helps drive sales and generate revenue.
These platforms help in providing a great personalized experience for the customers. Plus, AI assistants train themselves to be better after every interaction. Thus, becoming smarter and brighter every minute.
This results in delivering a great customer experience which leads to satisfied customers and great word of mouth.
As exceptional customer service helps a company stand out from the crowd and generates curiosity amongst customers. If your customer support is out of the ordinary then you’ll easily attract more buyers.
Suggested Reading: Customer Support Automation: Benefits and Results
We can see how customer support automation platforms help in not only providing a great customer experience but also reduce costs, manage time and resources.
Automated support helps in cutting down human intervention as much as possible. This leads to lower support costs and diverts the agents towards matters that actually need human interference.
Customer support automation will soon become a necessity for companies that are on a path to expand and become globally available. As, handling a flood of queries promptly and maintaining costs are the two most important factors for any company to flourish. And CSA helps to do just that.
Ready to cut your support costs?