In the current economy, where competition is stiff with numerous players in the market, pleasing the clients has become near-cult status. Organisations are on the hunt for strategies to perform better quality service for the client, all while reducing expenses. One tool that those looking for these solutions have found is Hosted IVR (Interactive Voice Response). But what does this hosted IVR entail, and how come its popularity among businesses now and faster than ever before?
So, What is It in Simple Words?
What is Hosted IVR?
Hosted IVR allows customers to use their mobile phones to interact with the company using either automated or computerised voices. Be it when ringing up to an automated attendant ‘for billing, press 1 or if you require technical support, press 2’, you have come across the IVR system which is basically an automated phone answering unit.
Nevertheless, the main distinction of this analysis is that the aforementioned IVR approach involves the use of electronic hardware which is installed on companies’ premises and data is managed on the site. Now, such an application is called hosted IVR, and its especially noteworthy feature is that it is controlled via the web. So, you do not have any large and expensive appliances, and no team of IT experts, who in case the system was in-house would administer the system. Instead, the system is controlled by an external organisation and saved on internet servers.
Now that you have an understanding of what a hosted IVR is, let’s look into the reasons why it is the best solution for businesses nowadays.
1. Budget Friendly
Cost is one of the most prominent benefits of hosted IVR. A conventional IVR setting is usually costly due to the procurement of hardware and software and the employment of IT personnel for maintenance and updates. There’s none of that with hosted IVR phone systems. Anyone subscribes to the service on what he or she consumes and it includes guaranteed upgrades and maintenance. This makes it deeply attractive for small to mid-sized enterprises which may not have the capacity to run an onsite system.
2. Growth Potential
Growing your business means growing your customer service needs. Scaling up a traditional IVR setup may be difficult due to the need for more hardware and further configuration. Hosted IVR solutions, on the other hand, are very easy to scale. If the peak periods are busy, you will simply scale up and at the extent of slow business activity, you shall scale down, and this will not involve acquiring more equipment or upgrading the infrastructure.
3. 24/7 Availability
The customers who want help after normal business hours, simply complain a lot and have their needs unmet. This is possible by outsourcing the IVR System to your company. They are able to contact the customer even without the presence of a live person. Customers are able to leave messages, make payments, and get automated assistance in response to the most frequently asked questions. The knowledge that one can retrieve information or get help at any time makes the customers happy and may even generate additional income.
4. Stronger Customer Loyalty and Satisfaction Relationship
Therefore hosted IVR is an improvement over the older versions. It has the capability to blend with your CRM which enables it to interact with customers more and better by providing them with relevant information. For example, in the instance of a caller making a repeat call, the voice may say, “Hello XYZ, do you want to know the status of your last order?” Every single person who is a customer desires to be made to feel that they are a priority among many.
5. Flexibility to Change the Options
A hosted IVR ensures the active participation of the customer on the menu options without having to suffer the perils of long and cumbersome processes. It is not a requirement to summon technical support and other services or to suspend the work for some period. In most cases of Hosted IVR service, you will also get such changes done on your behalf in real time through an easy dashboard.
6. Supports Multichannel Communication
These days, it works that way, that customers do not allow themselves to remain only phonetic. They may text, use emails or even communicate with the business on its social sites. Sometimes this is aided, for instance, by IVR services, adding to the convenience of having all customer interactions managed under one roof. As the world becomes more globalised and businesses live on the Internet, the heightened need for instant gratification aligns with what customers want - fast, efficient and highly personalised feedback.
Major Trends in Hosted IVR for the Future
With advancements in technology come more creative ways through which businesses will be able to use hosted IVR. Here are a few trends that you should watch out for.
1. Artificial Intelligence (AI) Integration
AI is a revolution in the customer service industry. In fact, AI is becoming part of many hosted IVR systems including functionality such as voice identification, or natural language processing. Such technological progress allows IVR services to internally attend to certain customer demands which would typically require live agents. For such instances, a caller does not have to press the options such as “Press 1 for billing” A bell would answer a normal question that goes like this, “I want to check my bill”. By the memory of previous actions, AI also knows what a customer is most likely to say in an average dialogue and helps optimise customer service even more.
2. Omnichannel Integration
As stated previously, consumers do not want to switch between different devices to talk to a company. A hosted IVR will, in the future, still be available for integration with SMS, email, live chat and other channels to support all customer touchpoints with the same message. A customer might begin the conversation on the phone by speaking to the IVR system and later on proceed to text or email that conversation. This encourages users to contact businesses in whichever way is most appropriate for them.
3. Improved Data Analytics
Hosted IVR systems for business use are even advancing in their customer interaction tracking and analysis. However, in the coming decade, the data that is solely focused on the customers’ needs and behaviour will be more available to the organisations. This understanding will serve organisations in customising the provision of their services to the customers, forecasting with accuracy what problems customers may come across and how to tend to such problems before they are raised by the customers. This level of decision-making will help in achieving customer satisfaction and in customer retention.
4. Self-Service Options
Customers of today are seeking out or rather are being driven towards self-service options. Years into the future, hosted IVR systems will have far more self-service capabilities making it possible for the customers to resolve the matters on their own without the need to talk to a live agent.
5. Voice Biometrics
There is a growing trend for enhanced data security in the current era of globalisation and the hosted IVR systems offer a solution by integrating voice biometrics. This feature enables a business to identify a customer by his or her voice eliminating the need to ask security questions. Voice biometrics makes the verification process more secure as well as more user-friendly since less time will be spent during verification.
Conclusion
It has been well established that Hosted IVR is the way to go for customer service for any business since it is a high requirement for saving costs, providing flexibility, and enhancing customer satisfaction. The near future will see innovations such as artificial intelligence, data analytics as well as omnichannel integration elevate hosted IVR systems to new heights as far as making it more convenient for companies to engage their customers.
Thanks to the hosted IVR, companies are capable of not only handling the current customer service challenges well but proactively preparing for the future and providing the higher service standards that modern customers increasingly require.
