Servion Identifies Opportunities to Improve IVR System Revenues
June 19, 2012
By Susan J. Campbell
, TMCnet Contributing Editor
One reason more companies are seeking out IVR system solutions is that call completion within an automated IVR system can run up to 40 times less costly than a call completed by an agent. While cost savings are impacting the move to IVR, companies are also finding that they can retain more clients by using the services built in to an IVR system.
According to this report in The Hindu Business Line, Servion Global Solutions is a company whose products have risen to the top of IVR systems being offered in the industry today. Servion has its products in more than 60 countries. One of the administrators from the company recently spelled out the road map to the successes of IVR system they developed.
Servion was experiencing stagnation in its revenue and decided to change the way they approached their IVR system. Many of their clients were fixed-time projects, so they started to invest more effort in attracting clients that would provide more long-term revenue. They also repositioned themselves as a company that writes programs to a company that takes stock in helping their customers with their daily processes and help improve on them.
The company also took on more partners, including Cisco (News - Alert), and worked to understand the issues surrounding the CIM space. Today, Servion is flexible and communicative enough to take calls from future clients and build an IVR system that will suit their needs. In doing so, the company has surpassed its goal of obtaining 50 percent of its business through long-term contracts. The revenue is starting to flow again due to these restructuring moves.
The company brought in $35 million last year, and they are building IVR system solutions that average around $100,000 per installment and are eyeballing installations that are in the $1 million range.The IVR system is intuitive enough to bypass the need for live agents by as much as 80 percent on some occasions and between 40 and 50 percent on others. Some of the more exclusive customers tend to gravitate toward a live agent (about 20 percent), so there will clearly always be a place for the human-staffed call center.
Studies show that the younger generation, which is more tech- and Web-savvy, and comfortable completing transactions through automated means, prefers IVR systems to a live agent transaction. Giving these customers the communication means that they prefer extends the relationship considerably. The customer is always right, whether that customer is the one requesting an IVR system like those provided by Servion, or the client making the call to the IVR.
Edited by Juliana Kenny