“The benefits won’t show up for too long.”, “Bots will soon replace agents.” “Can we assess the ROI?”
The myths associated with AI assistants often lead marketing and customer experience managers and senior leaders to respond hesitantly to suggestions for implementing them.
A AI assistant implementation is less risky than outdated or underinformed notions suggest, and it’s predictable. You can instantly and tangibly improve your bottom line by enhancing the capabilities and speed of your human agents while completely transforming your customer experience strategy.
To determine the value that AI assistants will add to your business before you take the plunge into adding them and to ensure they perform the way they should once you have them in place, you must have a way of predicting their value. With the AI assistants ROI Calculator, you can determine the cost and profitability of AI-powered assistants for your organization based on industry data. Growing a customer base can be achieved with AI-powered AI assistants, and success comes hand-in-hand with growth.
The ROI calculation
In addition to being trendy and helping agents, companies should implement AI assistants because they may be necessary for their business. AI assistants may be the answer to an overburdened contact center, dissatisfied customers, and unhappy agents.
Small businesses often feel intimidated by the upfront costs of anything. An AI assistant solution can be tailored to suit your company’s needs with proper planning. Businesses can see the return on investment and investment before making the decision using tools such as AI assistants ROI Calculator.
Suppose a contact center had 25 agents working 8 hours a day, 5 days a week, 52 weeks of the year. And each agent earned $50,000 annually. How significant would the return be? There is an average chat duration of about 12 minutes, and the agents can handle about three at a time. Over the next year, the company expects the chat volume to increase by 10%.
Turabit AI-powered AI assistants can be added to a contact center for an additional 78,000 chats annually. By using the AI assistant, businesses can see the impact of bringing in all the above information. With a AI assistant, it will cost the firm $1.34 million per year; they would have to hire three more agents to handle the same number of chats. This would cost $1.44 million without it. In this case, $95K is saved annually, giving a return on investment of around 59.3%.
Contact centers with fewer than 25 agents can see substantial ROI and savings within a year.
You don’t have to focus on money only.
Introducing AI assistants into contact centers is not a universal solution that guarantees every business’s exact cost and savings. The results and ROI of AI assistants are influenced by factors such as the size of the team, operating hours, agent compensation, chat length, simultaneous chats per agent, and expected growth. In addition, AI assistants don’t have a strictly monetary ROI. You will save money, but your agents and customers will be more satisfied, leading to them working harder for your company and being repeat customers.
There is an average capacity for an agent to handle three or five chats simultaneously. However, the difficulty of the questions will influence this capacity. The agent will have more time to focus on more in-depth conversations and problem-solving for consumers when a AI assistant is introduced to the equation and programmed to handle simple, mundane queries, like generating account balances and retrieving flight statuses. AI assistants aren’t replacing agents; they’re given more time to focus on interactions that the AI isn’t capable of handling.
As a result of AI assistants giving agents more time, they can interact with consumers directly through live chat in a true domino effect fashion. Consumers are more satisfied with interactions when agents listen to their queries more carefully and respond faster, leading to increased revenue, brand loyalty, and a higher return on investment.
AI assistants could benefit companies of all sizes in all industries if implemented effectively and cost-effectively. This is because agents won’t lose their jobs, they won’t have to hire new ones, and they can quickly see the results.