Recently, RingCentral commissioned Forrester Consulting to create a Total Economic ImpactTM (TEI) study based on interviews of RingCentral customers using an integrated combination of RingCentral MVP and RingCentral Contact Center. The customers – from several industries, including healthcare, financial technology, automobile, and technology – were interviewed to identify and quantify the costs and benefits of replacing their disparate, on-prem contact centers and unified communications applications with RingCentral’s cloud-based solutions.
Here’s the big takeaway: After analyzing the interviews, Forrester found that the composite organization – an aggregation of the interviewees’ experiences and combined results – realized an return on investment (ROI) of 211% over three years and a payback period of less than six months on their RingCentral investment.
In periods of economic skittishness, ROI metrics for SMBs and Enterprises alike become more important than ever. The ForresterConsulting Total Economic ImpactTM (TEI) study uncovers these metrics through comprehensive analysis that examines the financial benefits and costs of a particular technology investment. The findings help businesses evaluate the potential return on investment (ROI) of implementing new technology solutions. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
To locate these findings for the TEI study, Forrester evaluates the financial impact of a technology investment across five key areas: benefits, costs, risk, flexibility, and payback period. These areas are further broken down into specific categories that are relevant to the technology solution under consideration.
The RingCentral study provides insights into the total cost of ownership (TCO) and the benefits of implementing RingCentral MVP and RingCentral Contact Center together. It shows that when the contact center is tightly connected to the resources and subject matter experts with RingCentral, customer support agents, quantifiable cost savings and improved customer experiences happen. So in addition to the 211% ROI, the composite organization also experienced a net present value (NPV) of $11.96 million over three years.
The study also highlights any potential risks associated with the investment, allowing businesses to make informed decisions on risk mitigation strategies. This information is critical to businesses, especially in today’s rapidly changing technology landscape, where new technologies are being developed and implemented at an unprecedented pace.
According to the Forrester TEI study, the composite organization experienced:
- A 45% reduction in call-handling time with integrated RingCentral Contact Center and RingCentral MVP.
- A 30% decrease in internal contact center and UCaaS IT support tickets and a 60% decrease in the time to close each ticket.
- A cost savings of $2.68 million in legacy system costs over three years.
- Time savings of 25% for contact center supervisors on monthly agent performance auditing processes.
In certain or uncertain times alike, the Forrester TEI is an essential tool for businesses looking to make informed decisions in today’s rapidly changing technology landscape. The RingCentral study helps organizations see how the integration of RingCentral’s employee and customer communication application can deliver deeper value and better customer engagement.
Originally published May 31, 2023