johnf
John Finch
November 19, 2019
Customer Experience
Omni-channel contact center

The RingCentral Difference is Real: Reflecting on Forrester’s Total Economic Impact™ Study

At RingCentral, we believe in the products we make. We’ve seen firsthand the difference they’ve made in customer contact centers, and we’re constantly inspired by the company-customer connections they’ve had a hand at forming. Yet, even we can admit we’re a little biased –– after all, we live, breathe, and see a lot of our products on a daily basis –– this is our life’s work.

That’s why in order to objectively evaluate our impact on current customers and better express our potential impact for future customers, we recently commissioned Forrester Consulting, a renowned and respected research and analytics firm, to conduct a Total Economic Impact™ Study of the RingCentral Contact Center1, focused on cost savings and business benefits.

After carefully considering our customers’ wants and needs alongside every product we develop and feature we deploy, we were more than excited to see how they manifested into real, tangible results. Here’s a sneak peek at what Forrester Consulting found:

Forrester Consulting found that RingCentral was able to deliver impactful cost savings to contact center customers by improving a variety of operational efficiencies. Highlighted areas with cost savings benefits included:

  • Reducing the average handle time
  • Minimizing downtime
  • Eliminating equipment needs
  • Avoiding peak capacity overkill
  • Avoiding a separate disaster recovery system

Download the Forrester Total Economic Impact™ Study of the RingCentral Contact Center

For example, Forrester Consulting found that “Skills-based routing, integration with customer relationship management (CRM) systems, RingCentral team messaging, and other features combine to cut the composite organization’s average handle time by 3 minutes,” resulting in risk-adjusted present value cost savings of $4.8 million from reduced average handle time, by making every customer interaction as efficient as possible.2

While the financial-focused finds are exciting, it’s also worth noting how influential the reduction in average handling time can be for contact centers in general. Beyond your bottom line, this is how we believe RingCentral could have an impact…

For your team:

RingCentral’s Contact Center technology does not seek to cut average handle time without considering the impact to customer satisfaction. Instead, it works to make calls easier for agents, so that they can adequately satisfy customer needs –– faster. The system enables this through easy access to adjacent solutions like CRM; Glip collaborative team messaging for quick colleague-to-colleague information sharing; simple, all-inclusive access to customer information; and more. Not only does RingCentral save your business money by upping productivity –– it makes agents more capable, too.

For your customers:

Customers might already like your company or dig your product –– but that doesn’t mean they want to spend lots of time on the phone with your agents. In fact, according to HubSpot’s 2018 Customer Service Expectations Survey, 53 percent of customers rate speed as “very important” when getting their issues resolved.3

With just one example of how RingCentral realistically and positively impacts contact centers –– from a cost perspective and otherwise, it’s easy to be energized by the in-depth list organized for our current and past customers’ review in Forrester Consulting’s Total Economic Impact™ Study.

Beyond concrete, quantifiable benefits, the study also identified less measurable benefits that don’t have the same direct impact on bottom lines –– but still have an impact worth noting. Specifically, the findings found that RingCentral was associated with:

  • Improved Net Promoter Score (NPS)
  • Higher first call resolution
  • More extensive analytical and reporting capabilities
  • Ease of agent use and training
  • Swift implementation with no downtime
  • Freed IT staff time for higher-value activities

Looking at one of these unquantifiable benefits, such as higher first call resolution, can also serve as a source of inspiration for present and future RingCentral contact centers.

After their review, Forrester noted that “Interviewed organizations cited a variety of operational improvements since implementing RingCentral Contact Center. First-call resolution increased, aided by an agent’s ability (via RingCentral team messaging) to quickly get a response back from the escalation team or other resources.”2 Looking at the facts from your company’s perspective, it’s easy to imagine how this effect could have a positive impact…

For your team:

For agents, resolving one customer call faster means more time to move on to other customers –– resulting in improved goal acquisition, productivity, efficiency, and long-term profitability. Through RingCentral, agents are able to use Glip, a messaging system made for contact centers, to reach faraway resources in real-time, resulting in speedier handling of customer issues and fewer steps to reach a resolution.

For your customers:

When customers call in, it’s because they want an answer to a question or problem –– not an ongoing conversation. First call resolution means that customers don’t have to call back repeatedly in order to get the resolution they need, benefiting customer satisfaction, driving loyalty, and answering or exceeding demands.

We’re excited to share more with you in our eBook, “What is the RingCentral Difference?” In the eBook, we unpack what each finding might mean for your company and your customers, plus share in-depth reflections from current RingCentral customers.

References:

Source 1: The Total Economic Impact™ Of RingCentral Contact Center, a September 2019 commissioned study conducted by Forrester Consulting on behalf of RingCentral.

Source 2: The Total Economic Impact™ Of RingCentral Contact Center, a September 2019 commissioned study conducted by Forrester Consulting on behalf of RingCentral

Source 3: https://cdn2.hubspot.net/hubfs/2771217/Content/2018%20Customer%20Service%20Expectations%20Gladly.pdf