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Achieve a 330% ROI with CPaaS
When it comes to purchasing software as a service (SaaS), case studies and results that demonstrate the benefits of what you can achieve are invaluable. These products help you understand how much you can save, what revenue uplifts you can expect, and other positive benefits your organization will reap. You can then move forward with confidence that you are making the right decision.
According to a recent imimobile research study, customer experience (CX) influences which companies consumers shop with and whether they will become repeat customers—55 percent reported that they would change brands for a better experience. As part of ensuring they have great CX that gives them a competitive advantage, most enterprises are scaling their use of communications platform as a service (CPaaS) capabilities to meet consumer expectations for personalized and seamless interactions over a range of channels.
When speaking to IT and CX transformation decision-makers, many are already building single-purpose CPaaS applications. These applications are siloed and power a specific use case, with each application having its own integrations into business systems and channels. Recognizing that this approach is unsustainable because as more applications get deployed, it’s harder to deliver a holistic and connected experience. Because of this, decision-makers are considering adopting a platform approach to CPaaS using imiconnect. However, challenges include proving return on investment (ROI) to justify the investment.
Decision-makers wonder what their businesses would gain if they had a central CPaaS platform that provided everything—from API and low-code tools to in-built reporting that developers, IT managers, and business analysts require to create, manage, and optimize communication journeys? To offer them an answer, imimobile commissioned Forrester Consulting to conduct a Total Economic Impact (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying imiconnect.
Conducting the study
To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed decision-makers from two organizations that have implemented imiconnect—the first of which, a financial institution in South Africa servicing 17 million customers, predominantly anchored the model and calculations.
Both organizations acknowledged that prior to implementing imiconnect, they struggled with common challenges such as overcoming legacy technology, the complexity of adding new channels to their communications strategy, and managing customer interactions in an ad hoc manner. These limitations led to inconsistent customer experiences and brought inefficiencies in servicing and customer onboarding capabilities.
To overcome their challenges, both organizations searched for a CPaaS solution that could allow them to:
- Build and manage multiple communication channels at scale
- Provide analytics and proactive management of interactions
- Enable more streamlined communication flows that embraced digital automation
This search led them to imiconnect.
Saving time and money
The study revealed several quantifiable benefits directly attributed to the imiconnect platform. The financial analysis conducted as part of the study revealed $1.27 million in benefits over three years and an ROI of 330 percent, as well as the following:
- The time to create communication journeys had reduced from days to minutes. The customer’s previous communication management platforms required at least one week to compose, launch, and manage customer journeys. While using imiconnect’s low-code flow builder, the effort required to create and scale customer journeys had significantly reduced. What previously took a week of full-time equivalent (FTE) time could now be achieved in minutes, driving productivity savings of 50% across a three-year time horizon.
- Scalable communications improved business processes. When using imiconnect, the customer automated onboarding and know your customer (KYC) information processes through SMS. This process brought more than $1.2 million in productivity and cost savings for customer-facing staff.
- Improvement in self-service capabilities increased efficiency in customer support. SMS and WhatsApp capabilities provided end customers with easy and pervasive access to fulfill simple requests in a self-service manner reducing customer inquiries to the organization’s contact centers. These capabilities delivered cost savings and efficiency from the customer service staff.
Enhancing CX and digital resiliency
There were many unquantifiable benefits as well. Both organizations recognized that the ability to create and manage journeys on a single platform painted a clear picture of how to engage with customers. This realization meant they could orchestrate journeys in a more integrated and personalized manner, improving the efficiency and experience of their customer service operations.
In addition, they shared that imiconnect strengthened their digital resiliency during the COVID-19 pandemic. During the pandemic, both businesses created and launched new SMS and WhatsApp use-cases—allowing them to update and service customers in real-time.
The ROI of investing in imiconnect
Both organizations achieved more proactive and scalable customer engagement using imiconnect. They integrated their existing systems, quickly expanded communications channels, and enhanced their automated customer interactions. This expansion improved customer satisfaction. It also enabled them to reduce operational costs and mitigate risks with more consistent notifications and compliance across their growing customer base.
Download the full Forrester’s The Total Economic Impact of imiconnect report.