IVRs or Interactive Voice Recordings are one of the most cost-effective business communication tool. It is based on the dual-tone multi-frequency technology initially developed by Bell Systems 1. It was later developed for business applications back in the 60’s 1. The pace and scale of the evolution of IVR technology since then, have made modern day IVR solutions an advanced customer engagement tool. Businesses are now becoming aware of the improved customer experience that modern IVR systems deliver.
In this article, we discuss a few innovative business applications of modern day cloud-based IVR solutions.
Nowadays, cloud-based IVR solutions allow businesses to enjoy simple touch-tone inbound IVRs to multifaceted or layered cloud IVR solutions. Modern technological advancements have allowed IVRs to transform into a comprehensive self-service tool for customers. With the ability to implement complex call routing and automation protocols, hosted IVR solutions can be designed to help callers easily navigate their way to an agent easily.
Source: Interactive Voice Response Market Trends
Speech recognition and voice-based biometric authentication is quickly becoming very popular among all industries using hosted IVR solutions. It helps businesses subscribing to hosted IVR services, authenticate or verify the identity of their customers and increase the overall security of all customer engagement interactions.
In the past, deploying voice biometrics was a very tiresome and expensive matter. Businesses in need of such technology usually required a telephony platform, a biometric engine, and a bunch of licenses, to even begin. But with the advent of cloud hosted IVR solutions, businesses are now able to deploy advanced voice biometric protocols and applications within minutes.
Modern day IVRs have also enabled businesses to implement two-factor customer authentication protocols. By combining voice biometrics with dialer, businesses can easily verify the calling customers real identity. Hosted IVR services can also be further integrated with internal business applications to add security for tasks such as LAN password reset, employee expense requests, or PTO balance, to name a few.
Unifying multiple customer engagement channels
Recent advancements of IVR technology has allowed service providers (like us), to help businesses unify their customer engagement channels in one place. Modern day cloud hosted IVR systems offer tremendous flexibility, which further allows for the integration of IVRs with inbound, outbound, as well as SMS, and other customer engagement channels.
Cloud IVR solutions now enable businesses to develop and deploy complex and layered interaction protocols. This helps to flatten the IVR menus, which results in reduced customer effort. This recent development in IVR technology allowed businesses to simply the front end of their IVR solution- the part with which the customer or caller interacts, leading to better caller experience and increased customer satisfaction. While simplifying the front-end, it also enabled businesses to set up complex metric collection protocols in the backend.
Improved Call Transfer
Modern advancements in cloud based IVR solutions has enabled it to be seamlessly integrated with other communication tools such as chatbots. Such cloud IVR solutions helps reduce the number of call transfers and further ensures balanced call volumes for every agent or business representative.
Source: Frost & Sullivan research
Multi-layered cloud IVR solutions enable the customer or caller to easily navigate through the IVR options. This helps create positive customer/caller experience as the callers are guided towards a satisfactory resolution or the most knowledgeable agent, swiftly and effortlessly.
Real Time Data Analytics
The most innovative IVR business application of modern day cloud IVR systems is the ability to generate insightful data metrics. It allows subscribing businesses to discover discrepancies within their interaction protocols. Its flexible nature further allows businesses to plug such inconsistencies and optimize them for the best performance. It also delivers vital customer interaction data, which allows businesses to streamline their IVR menus through ‘trial and error” and iterate the most friction less IVR interactions and prompts possible.
The data provided by modern day cloud IVR systems can also help businesses create and deploy smart interactions protocols which can monitor the interactions and even initiate immediate responses or issue a ticket, to lead the caller towards a quick and satisfactory resolution.
These modern day IVR business applications and market trends all follow a similar trend. They all lean towards delivering better customer/caller experience. They also help subscribing businesses streamline their customer engagement operations by streamlining with other business communication tools. Modern day cloud IVR solutions enable businesses to engage the digital customer of today by delivering smart and flexible IVR menus.