November 4

Self-service options critical for reducing CX costs

The CX industry is evolving rapidly, with CX agents handling 7.2 more calls per day now than before the pandemic. 

With the additional call volume, the CX software market is expected to reach $165 billion by 2030 and grow at a CAGR of 21% during the forecast period (2022-2030). However, this immense growth has been accompanied by a remarkable increase in operating costs. 

Whether it’s dealing with the strains of legacy systems or the increasing amounts of calls, organizations are struggling with rapidly growing costs, which could undermine their immense growth if left unchecked. 

Fortunately, there are several solutions organizations can implement to reduce operating costs and preemptively address these issues and improve productivity. One of these solutions is the use of self-service CX. 

What is self-service CX, and how does it reduce costs?

Self-service options refer to a customer’s ability to resolve their own issues without speaking to an agent, which reduces call volume and pressure on the agent. 

Self-service options have become incredibly popular in the past few years, with over 81% of customers saying that they prefer a more comprehensive self-service offering. 

Moreover, self-service options can bring significant cost savings. Advances in conversational AI, chatbots, and IVRs expand the ability to understand and address many customer concerns without contacting an agent. 

Furthermore, bots can handle far more customer inquiries than human agents. This will help reduce call volume, meaning that staff can be assigned to more strategic roles. In the long run, this will improve service quality while reducing operating costs. 

Modernizing CX operations to improve standards

As CX continues to grow, it is essential to turn CX operations into an automated, data-driven process. 

The focus on data would empower CX organizations to operate more efficiently while handling the immense call volume that has grown in the past few years. 

Self-service is one of the many options that organizations can use to better handle the increasing call volume. 

It helps modernize CX by giving customers a degree of autonomy when resolving their issues all the while delivering world-class CX, reducing pressure on agents, and cutting costs.

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