Mar 07, 2022

[24]7 Voices IVR Technology—Product Insights

Vinoth Govind
By Vinoth Govind

Director, Strategic Insights

To gauge the impact of our products, we regularly review their activity and performance trends. 

[24]7 Voices™ goes beyond basic IVR systems with interactive visual content, contextual journeys, and fraud prevention technologies to deliver an exceptional customer experience (CX).

IVR Product Insights—Key Takeaways

In 2021, the [24]7 Voices containment rate floated above the industry average, reducing our clients’ costs by 35 percent, while its speech recognition rate bested nearly every other provider’s. In addition, improved issue resolution drove down agent transfer requests and repeat customer calls.

Below we showcase 2021 trends in the following categories:

  • Containment Rate
  • Speech Recognition Rate
  • Agent Request Transfers
  • Average Calls per Caller
  • Average Call Duration

IVR Product Insights—Containment Rate: Beats Industry Average

IVR Containment Chart

The [24]7 Voices average containment rate in 2021 was 56 percent, more than 10 percent better than the industry average of 50 percent. This containment rate reduces our clients’ costs approximately 35 percent, saving them collectively about $760M annually. The total number of [24]7 Voices calls remained consistent throughout the year: 40M+ calls per month across 25+ customers.

IVR Product Insights—Speech Recognition Rate: Beats Industry Benchmarks

IVR Speech Recognition Rates

With over 250 different FAQ and transactional journeys serviced across verticals, [24]7.ai IVR technology recognizes 80 percent of caller utterances, which, according to CX Today’s benchmarks (published in March 2020), ranks us second-best among all service providers.

IVR Product Insights—Agent Request Transfers: Going Down

Agent Request Transfers

Customer requests for agent transfers went down by 1.2 percent in the second half of 2021, indicating better [24]7 Voices issue resolution; better resolution, of course contributes to improved CX and cuts our clients’ costs.

IVR Product Insights—Average Calls per Caller: Holiday Spike

Average Calls per Caller

In 2021, the number of calls per caller went down but call volumes went up, indicating both a growing number of callers and better per-call resolution. Contacts also spiked in the final quarter due to the holiday shopping season.

IVR Product Insights—Average Call Duration: Steady

Average Call Duration

[24]7 Voices saved 40 seconds per call on average, or about 56 percent of total call volume, which collectively saved our clients approximately $15M. Resolving customer issues more quickly improves customer experience.

Take the Next Step

Want to change the conversation and learn how [24]7.ai IVR technology modernizes your call automation processes while also reducing costs? Check out these resources:

Related Posts

Personalized Customer Service and the Need for Human Guidance
Personalized Customer Service and the Need for Human Guidance

There’s a growing thought that AI is taking over the world. That is far from…

Does your Chatbot Need AI?
Does your Chatbot Need AI?

Chatbots are increasingly becoming a prominent feature in the customer service…