Total Economic Impact Study of Verint Experience Management Solutions Finds a Return on Investment of 219 Percent

Rhea-AI Summary

Verint (NASDAQ: VRNT) announced findings from a Forrester Consulting study on the Total Economic Impact of its Experience Management solutions. The study estimates that a composite organization can achieve nearly $2.5 million in benefits over three years against costs of $781,000, resulting in a 219% ROI. Key benefits include $1.1 million in revenue from reduced order abandonment and $1.3 million from improved fulfillment practices. Additionally, customer satisfaction metrics improved significantly.

Positive

• Estimated $2.49 million in benefits versus $781,000 in costs over three years.
• 219% return on investment (ROI) projected from using Verint XM solutions.
• $1.1 million in revenue improvements from decreased online order abandonment.
• $1.3 million in avoided returns due to improved product fulfillment practices.
• Improvements in customer satisfaction and Net Promoter Scores.
• Enhanced marketing effectiveness through real-time feedback analysis.

Negative

• None.

New Independent Study Demonstrates that Verint Experience Management Empowers Organizations to Elevate Customer Experience Through Data-Driven Insights, Providing Nearly $2.5 Million in 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™ (TEI) of Verint Experience Management^™ (XM) solutions, part of the Verint Customer Engagement Cloud Platform^™.

It’s imperative that organizations understand customer behavior to take the necessary actions to improve the customer experience. Verint XM solutions help companies collect feedback, analyze trends, and take actions based on data-driven customer insights, using automation, predictive modeling, and artificial intelligence (AI) to unlock deeper insights and analyze customer data at scale.

The Forrester TEI study examined the potential return on investment (ROI) and business benefits organizations may realize by deploying Verint XM solutions. Through customer interviews and financial analysis, Forrester found that in a three-year timeframe, a composite organization experiences benefits of $2.49 million versus costs of $781,000, to realize a 219 percent return on investment over three years.

Examples of benefits include:

• Decreased online order abandonment, adding $1.1 million from revenue improvements.
• Improved product fulfillment practices, yielding $1.3 million from avoided returns.
• Streamlined feedback analysis and reporting efficacy, totaling $149,000 in financial benefit.
• Improved CSAT scores up to 80 percent and increased Net Promoter Scores (NPS)* up to 15 points.

Prior to using Verint XM, interviewees noted how their organizations struggled to collect customer feedback in a streamlined and unified way. The feedback mechanisms that interviewees had in place were often limited or lacking in sophistication. At the same time, the previous processes and systems used to analyze customer data were often siloed, which meant that reviewing and consolidating feedback was time-consuming and disjointed.

Notably, after the investment in Verint XM, the interviewees felt like they had a clearer understanding of the key customer feedback trends affecting their business. With this deeper level of customer insights, decision-makers were able to know which issues were impacting customers the most and could then prioritize what actions to take to troubleshoot problems and improve the customer experience.

The study also reveals additional benefits to organizations using Verint XM, including:

• Improved customer experience – By responding to customer feedback and acting quickly to alleviate customers’ concerns, interviewees saw improvements in customer satisfaction metrics, Net Promoter Scores, and brand loyalty program membership. Interviewees felt that these trending improvements in customer experience (CX) metrics were at least partly attributable to the customer insights gained through Verint XM technologies.
• Enhanced messaging and marketing tactics – Interviewees recalled multiple examples of how Verint XM allowed them to test and adjust their marketing messaging and ad placement. The ability to assess customer feedback in real time helped interviewees to quickly course correct accordingly.

“Understanding customer interactions and experiences across all channels and engagement touch points continues to be a business priority to drive growth and build loyalty,” says Verint’s David Singer, vice president, GTM strategy. “With Verint XM solutions, our customers can ‘see’ everything and can leverage customers insights to create a holistic, cross-channel view that improves CX and drives better business decisions. We’re proud of our continued partnership with Forrester to share the compelling business benefits and cost savings that Verint’s Customer Engagement Cloud Platform enables for our customers.”

Verint will present a one-hour webinar at 2 p.m. ET on Nov. 17 on the TEI study findings and how this ROI can be achieved. Featured speakers include Judy Weader, senior analyst, and Leigh Greene, TEI consultant, Forrester, and Verint’s Avanti Joglekar, senior content manager and Aditi Mehta, director, go-to-market. To register, visit Forrester TEI Verint Experience Management webinar.

For more information on the Total Economic Impact^™ of Verint Experience Management solutions, 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.

*Net Promoter, Net Promoter System, Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

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/20221101005235/en/

Media Relations

Sue Huss

sue.huss@verint.com

Analyst Relations

Ryan Zuk

ryan.zuk@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

 

Source: Verint

FAQ

What are the key findings of the Forrester study on Verint Experience Management?

The Forrester study indicates that organizations using Verint Experience Management can achieve approximately $2.49 million in benefits over three years, leading to a 219% ROI.

How much can companies save by implementing Verint XM solutions?

Companies can save an estimated $2.49 million while incurring costs of $781,000, highlighting significant financial gains.

What benefits does Verint Experience Management provide?

Benefits include decreased order abandonment yielding $1.1 million in revenue and improved fulfillment practices resulting in $1.3 million in avoided returns.

How does Verint XM impact customer satisfaction?

Verint XM has been shown to improve customer satisfaction metrics significantly, with increases in CSAT scores and Net Promoter Scores after implementation.

When will Verint present findings from the TEI study?

Verint will present a webinar on the TEI study findings on November 17 at 2 p.m. ET.