Total Economic Impact study reveals radically reduced call handling time, IT ticket volume, and ticket resolution time, leading to significant cost savings and efficiencies when using RingCentral
RingCentral, Inc. (NYSE: RNG), a leading provider of AI-powered global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced the findings of a commissioned Forrester Consulting Total Economic Impact™ (TEI) study showing that a composite organization representative of interviewed customers integrated RingCentral MVP® (Message Video Phone™) and RingCentral Contact Center™ realized a return on investment (ROI) of 211% over three years.
Forrester Consulting interviewed RingCentral customers in four industries, including in healthcare, fintech, automotive, and technology, to quantify the potential costs and benefits of replacing disparate, on-premises contact centers and unified communications applications with RingCentral’s cloud-based, tightly integrated solutions.
“Today’s macroeconomic environment is driving greater demand for demonstrable returns on IT investments. Enterprises focusing their IT spend on their customer and employee experiences using a seamlessly integrated solution will generate greater efficiencies and better outcomes,” said Mo Katibeh, president and chief operating officer, RingCentral. “With RingCentral, customers have enterprise-grade message, video, and phone – with best-in-class contact center on a single platform, delivering quantifiable value to their organizations, as we believe is highlighted in the first Forrester TEI study for RingCentral’s UCaaS and CCaaS.”
The ongoing cost of infrastructure associated with on-premises contact centers was a huge burden for the customers that participated in the study. The global IT operations director at a financial technology organization–who was interviewed for the study–said, “in FY19, we were spending around between $2.1 million and $2.4 million on running our legacy phone system. We’ve projected an annualized saving over three years of $1.25 million by switching to RingCentral.”
With RingCentral, the composite organization representative of surveyed customers achieved the following benefits, which drove the 211% ROI:
- A 45% reduction in call-handling time with integrated RingCentral Contact Center and RingCentral MVP. By leveraging the combination, interviewees reported being able to easily include subject matter experts from employees outside the contact center to enhance customer interactions.
- A 30% decrease in internal contact center and UCaaS IT support tickets and a 60% decrease in the time to close each ticket. Utilizing RingCentral's solutions together, interviewees noted it was easier for their internal IT support teams to diagnose issues with a consolidated view of both internal and external IT support tickets.
- Cost savings from retiring legacy systems. Forrester Consulting noted that as interviewee organizations retired their older legacy systems and services that didn’t meet business requirements, the composite organization saved $2.7 million over three years by eliminating costs such as infrastructure and licensing fees. The savings could then be reallocated to other purposes.
- Time savings of 25% for contact center supervisors on monthly agent performance auditing processes. The Workforce Management and Quality Management modules embedded in RingCentral Contact Center enabled supervisors to spend less time coaching and conducting agent reviews.
Forrester Consulting also found additional, unquantified benefits, including better decision-making capabilities through the use of strong data analytics, improved customer experience, and higher revenue with the use of RingCentral’s outbound dialer, as well as better contact center process standardization.
Forrester’s TEI research is a methodology developed by Forrester Consulting that enhances a company’s technology decision-making processes and assists vendors in communicating the value proposition of their products and services to clients. The TEI methodology helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders. Forrester Consulting will walk through the details of the research methodology and findings from the Forrester TEI study in a webinar scheduled for June 28.
To view the full TEI study, visit https://www.ringcentral.com/report/rc-cc-mvp-forrester-tei.html
RingCentral is a leading global provider of cloud-based business communications and collaboration solutions that seamlessly combine phone, messaging, video meetings, and contact center. RingCentral empowers customers with AI-powered conversation intelligence, which unlocks insights from interaction data to accelerate business outcomes. With decades of expertise in reliable and secure cloud communications, RingCentral has earned the trust of millions of customers and thousands of partners worldwide. Visit ringcentral.com to learn more.
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