Independent analysis project intelligent virtual agents add the benefit of a net present value totaling $19.90 million over a three-year period
Boost.ai, a leading provider of conversational AI (CAI) for enterprises, announced the results of a commissioned Forrester Consulting Total Economic Impact™ (TEI) study, revealing a typical enterprise utilizing boost’s solution achieved a 293% return on investment. These findings are significant as organizations with customer service teams across financial services, retail, insurance, and more, prepare for the potential of recession. To gain an understanding of Boost.ai’s capabilities and impact, Forrester interviewed two representatives from a financial services institution using Boost.ai’s technology which manages $100B in assets and brings in an annual revenue of $3B.
“Boost.ai is very important to our strategy because we want to create solutions which are easy for the customer to use. Instead of sitting in a phone queue or a chat queue, they’re able to get responses very early and very quick,” said the Head of Innovation for Financial Services who was interviewed as part of the study.
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As the sector is expected to grow from $5.7B in 2020 to over $32B in 2030, conversational AI represents a critical opportunity to capture revenue, improve customer experience and optimize internal operations.
“Maintaining agility and cost-saving are paramount to the stability of any enterprise,” said Lars Selsås, Founder and CEO of Boost.ai. “With these findings, it’s evident leveraging CAI like virtual agents provides organizations with a viable path to unlock their own transformation and drive return on investment without sacrificing on critical elements of customer experience.”
Throughout the interviewing process, they examined quantifiable and unquantifiable benefits, as well as costs, leading to key findings being uncovered such as:
- Full-time employee (FTE) reassignment savings upward of $15.7 million: With CAI handling 70% of inquiries coming into the customer service center, the organization was able to reassign 100 FTEs in a year to other tasks.
- Income uplift of more than $10.9 million: With FTEs reassigned to tasks focused on upselling & cross-selling, the organization saw improved revenue growth and an income uplift of more than $10.9 million.
- Improved Resolution Rates & Response Times: Boost.ai virtual agents were found to be equipped to automate thousands of industry-specific inquiries as well as provide rapid responses to thousands of common customer queries.
- Improved customer satisfaction: The accurate and consistent performance of boost.ai virtual agents resulted in increased customer satisfaction.
“With Boost.ai we are able to automate a lot of the inquiries coming in, and we have been able to improve the quality of service to our customers,” said the same Head of Innovation for financial services. “Before Boost.ai, we were not able to be present 24/7, 365 days a year. But today, we’re able to do that without having to increase the number of people who work here.”
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