Total Economic Impact Study of Verint Digital-First Engagement Solutions Finds an ROI of 271 Percent Over Three Years with a Payback in Less Than Six Months

Rhea-AI Summary

Verint has released a study by Forrester Consulting highlighting the economic impact of its Digital-First Engagement solutions. Over three years, companies utilizing Verint's services achieve benefits of $22.80 million against costs of $6.14 million, leading to a 271% ROI and payback in under six months. Significant savings stem from reduced inbound calls, shorter handling times, and improved training outcomes. This positions Verint as a leader in supporting organizations in transitioning to digital customer engagement.

Positive

• Achieved a 271% return on investment within three years.
• Estimated savings of $15.4 million from a 20% reduction in inbound calls.
• Realized $6.9 million in savings from a 10% decrease in average handling times.
• $266K in savings from an 80% reduction in system updates.
• $250K savings due to a 40% increase in training course passing rates.

Negative

• None.

New Independent Study Demonstrates that Verint Empowers Organizations to Support Digital-First Customer Engagement Through Multiple Channels, Providing More Than $22 Million in Net Benefits

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The Customer Engagement Company^™, today released a commissioned study conducted by Forrester Consulting on The Total Economic Impact^™ of Verint Digital-First Engagement^™ (DFE) solutions, part of the Verint Customer Engagement Cloud Platform.

As consumers shift to digital channels, brands are facing an increasing number of interactions and skyrocketing expectations. Verint solutions that support this shift to digital comprise conversational AI, engagement channels, engagement orchestration and knowledge management to help organizations successfully meet these challenges and create differentiated experiences.

The Forrester TEI study examines the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint’s solutions that support an organization as it engages with today’s digital-first consumer. Through customer interviews and financial analysis, Forrester found that in a three-year timeframe, a composite organization experiences benefits of $22.80 million versus costs of $6.14 million and realizes a 271 percent return on investment with a payback period of less than six months.

Examples of these benefits include:

• 20% deflection of inbound customer calls to the contact center, yielding $15.4 million in savings
• 10% reduction in average handle times, resulting in $6.9 million in savings
• 80% reduction in system updates via a single fully integrated knowledge management platform, producing $266K in savings
• 40% improvement in passing rates for training courses, yielding $250K in savings

The findings of the Forrester study examine brands that are engaging their consumers through Verint solutions, while also easing the burden on contact center teams and enabling self-service for a better overall customer experience.

Notably, interviewees experienced a reduction in repeat inquiries and a decrease in average handle time – two key factors which signify an increase in customers’ ability to self-service, allowing overall agent productivity to increase. These efficiencies simultaneously increased overall happiness and job satisfaction of agents and customer-facing employees.

The study found additional benefits to organizations using Verint, including:

• Reduced contact center outreach by enabling self-service solutions – Interviewees said their call volume dropped and their first-contact resolution improved thanks to improved self-service and better access to knowledge.
• Increased customer satisfaction – Customers said Verint solutions enable their customers to easily seek support through multiple channels to get answers quickly.
• Improved internal processes and job satisfaction – By deflecting a portion of inbound customer inquiries and reducing average handle time through Verint solutions, customer service agents are more productive and more satisfied with their job performance.
• Improved compliance – Organizations, particularly those from the financial and healthcare sectors, shared how Verint solutions help with adherence to rigorous quality standards and in maintaining information consistency.
• Unified knowledge and streamlined reporting – Verint helps customers overcome challenges in unifying knowledge, eliminating the need to navigate multiple separate knowledge systems that often lead to information siloes. Other customers indicated Verint provided a streamlined approach to reporting and KPI tracking to measure successes and challenges.

“Consumer priorities continue to evolve with a growing preference for digital-first, self-service options for customer service channels,” says Verint’s Heather Richards, vice president, GTM strategy, digital-first engagement. “Companies need to manage an increasing number of customer interactions and the workforce and channel silos created as a result. Verint’s Digital-First Engagement solutions can be combined with the other applications on the Verint Cloud Platform to do this with a very compelling value proposition.”

For more information on the Total Economic Impact^™ of Verint Digital-First Engagement, download the complete study.

About Verint

Verint^® (Nasdaq: VRNT) helps the world’s most iconic brands – including over 85 of the Fortune 100 companies – build enduring customer relationships by connecting work, data and experiences across the enterprise. The Verint Customer Engagement portfolio draws on the latest advancements in AI and analytics, an open cloud architecture, and The Science of Customer Engagement^™ to help customers close The Engagement Capacity Gap^™.

Verint. The Customer Engagement Company^™. Learn more at Verint.com.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2022, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, VERINT DA VINCI, THE CUSTOMER ENGAGEMENT COMPANY, BOUNDLESS CUSTOMER ENGAGEMENT, THE ENGAGEMENT CAPACITY GAP and THE SCIENCE OF CUSTOMER ENGAGEMENT are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005752/en/

Media Relations

Amy Curry

amy.curry@verint.com

Analyst Relations

Ryan Zuk

ryan.zuk@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

Source: Verint

FAQ

What does the Verint study by Forrester Consulting reveal about its Digital-First Engagement solutions?

The study shows that organizations using Verint's solutions can achieve benefits of $22.80 million versus costs of $6.14 million, resulting in a 271% ROI.

How much savings can organizations expect from reduced inbound customer calls when using Verint?

Organizations can save approximately $15.4 million from a 20% reduction in inbound customer calls.

What is the payback period for Verint's Digital-First Engagement solutions?

The payback period for these solutions is less than six months.

How does Verint improve customer satisfaction?

Verint enhances customer satisfaction by enabling efficient self-service options, leading to quicker resolutions for customer inquiries.

What financial metrics were highlighted in the Verint press release?

The press release highlights a 271% ROI, estimated savings of $22.80 million, and costs of $6.14 million over three years.