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Analyzes of companies that have invested in Qualtrics show that customer satisfaction has increased by 7-12% year-over-year and that employees have saved hundreds of hours by automating manual tasks.
Businesses that invested in Qualtrics experience management software over the past three years saved an average of $6.3 million and increased annual revenue by $1.2 million, according to a new report from Nucleus Research. Companies using Qualtrics have seen a 7-12% increase in customer satisfaction metrics year-over-year.
Nucleus analysts conducted in-depth interviews with six organizations using Qualtrics to understand their business challenges, decision-making and implementation processes, costs incurred, benefits achieved, and best practices learned from implementation. understood. Annual customer revenue ranged from $10 billion to $90 billion. Based on the customer data collected, Nucleus completed her ROI assessment of three of her customer implementations and validated her ROI audit with each customer’s project team leadership.
“Qualtrics provides organizations with the capabilities they need to foster deep connections and deliver great experiences with their customers and employees,” said Brad Anderson, President of Product and Engineering, Qualtrics. Masu. “Companies are focused on generating higher profits than ever before, and this report highlights how experience management and revenue growth, employee productivity, and cost reduction can have a significant impact on a company’s top-line results.” This shows that there is a clear relationship between
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A bad customer experience directly translates into lost revenue, and just one negative interaction can cost you a customer and potential future spend. According to new research from Qualtrics, organizations around the world risk $3.7 trillion annually due to poor customer experiences, an increase of nearly $600 billion (19%) compared to last year’s forecast. I am. Organizations use XM solutions to understand their biggest friction points, retain and hire top talent, and take the appropriate steps to deliver superior products and services.
Organizations participating in the Nucleus study use the Qualtrics platform to reduce customer churn, discover business opportunities, reduce compliance risks, and improve employee visibility to increase revenue, employee retention, and more. rates, customer satisfaction, and reduced costs. This report highlights several key benefits of using the Qualtrics platform.
Increased revenue:
- One organization identified common mistakes in their processes and better allocated support resources, reducing client churn and resulting in a $2.5 million increase in annual revenue.
- One of Qualtrics’ healthcare customers was able to use insights from the platform to fix a website bug that was preventing patients from making payments, increasing annual net collections by approximately $1.3 million. Did.
- Qualtrics also played a key role in identifying and validating new business opportunities. Nucleus has found that the insights provided by Qualtrics enable organizations to optimize their post-pandemic reopening strategies, segmenting new product lines, and strategic merger and acquisition prospects.
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Improved scalability:
- Thanks to the platform’s high scalability, some organizations can avoid additional per-survey costs from previous providers, starting at $90,000 per year by consolidating their experience management efforts on a single platform. This resulted in savings of $650,000.
- Organizations reduced their average research and XM technology costs by 37.5% by integrating several platform features and tools with Qualtrics. One customer was able to integrate eight different systems into his one instance of Qualtrics.
- Qualtrics’ platform enables customers to do more with fewer employees. At Nucleus, we’ve found that extraneous overhead is avoided across Qualtrics customers, with full-time equivalents (FTE) ranging from his 1.25 to 100, depending on the size of the deployment.
Increased productivity and frontline engagement
- Qualtrics XM® for Customer Frontlines has had a huge impact on frontline engagement.
- One organization saved more than 800 hours annually by eliminating the need to manually collect and enter customer complaints by switching from a system that didn’t have the functionality they needed.
- Reporting is another area where CX efficiency has improved, with one organization seeing an average 80% reduction in report generation time.
- A large healthcare provider reduces caregiver turnover by 1.2% and replaces 26 caregivers each year by using Qualtrics to understand employee needs, such as training requirements and new equipment. Saved cost and effort.
- The same healthcare customer reduced risk manager workload by avoiding escalations, saving an average of 32 hours per week.
- Logistics and retail organizations use Qualtrics to improve employee performance by sharing direct customer feedback.
“By adopting a comprehensive experience management platform, organizations can benefit from a single data source, streamline the cost and complexity of vendor management, and gain confidence at the intersection of customer and employee experiences. “We can effectively deliver results to our clients,” said Evelyn McMullen, Research Manager. “Qualtrics’ CrossXM product integrates customer experience (CX) and employee experience (EX) data and processes to optimize decision-making and expand business impact across different experiences. .”
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[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]
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