Contact Center Solutions Featured Article

Hosted Speech and IVR Show Strong Growth in Sluggish Economy

August 19, 2008

Contact centers throughout the world are discovering the benefits that can be realized with speech and outbound IVR services. When such applications are implemented into the contact center, agents have more time to focus on core business accounts and customers receive better service.

Now, with the introduction of hosted speech and outbound IVR services, contact centers are finding it easier to migrate to such a platform as it requires little in the way of upfront investments and it provides the scalability and flexibility that the growing company needs, allowing for changes in the application as the needs of the organization change.

According to recent research from Datamonitor, the introduction of these solutions is helping vendors to scale up the value stack in a rapidly commoditizing and price-competitive hosted IVR market.

These hosted solutions are appealing to the organization as they are increasingly seeking scalable solutions that can cater to high call volumes. These organizations are also searching for minimal capital investments and are turning to solutions that offer expertise with developing sophisticated speech projects.

Datamonitor has found in its research that hosting is becoming more accepted and this model is gaining traction in the area of IVR. Hosted speech is realizing a faster growth rate than that of DTMF as speech applications are often complex to develop and enterprises are relying on limited internal expertise. As a result, hosted solutions are proving to be a more feasible option.

Outbound services are being offered in addition to hosted speech in an effort to maximize IVR port usage. It can also help to generate an additional revenue stream for vendors when hosted IVR growth is slower than expected. Outbound automated speech services are ideal for identification verification to identify the caller before other applications are introduced to the caller. This helps to protect privacy and adhere to regulations.

The increased in outbound IVR in debt collections is in large part being driven by the current economic climate. Loan companies, banks and other financial institutions are turning to cheaper alternatives to reach out to customers in order to communicate with the rapidly increasing number of customers in debt.

The current economic climate is helping to drive business for outbound IVR in debt collections. In order to communicate with the rapidly increasing number of customers in debt, loans companies and banks are looking for cheaper alternatives to reach out to customers.

The applications for hosted speech and IVR solutions reach beyond the contact center, but their strongest growth will be in this area, especially that of collections as the economy continues to struggle. Over time, growth will likely be most obvious in areas where companies need contact center services, but have yet to make the investment in on-premise solutions.

Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan's articles, please visit her columnist page.

Article comments powered by Disqus

Related Contact Center Solutions Articles

Sound Telecom Points out the Benefits of Multilingual Answering Service

One of the consequences of globalization is the homogenization of the world, which is responsible for companies delivering the same service in locations as diverse as South Africa and New Zealand. Another is accessibility to talent, so companies in Silicon Valley can hire engineers and computer scientists from India and elsewhere. This has resulted in the influx of foreigners in the vast majority of metropolitan cities around the world giving rise to multilingual communities. [ Read More ]
09/29/2014

Contact Center Solutions Week in Review: Capgemini on Shopper Journeys and Role of Social Media

A good way to characterize this week in the Contact Center Solutions Community is that there was a lot of sage advice to be gleaned. We also saw a projection as to how significant the cloud would be on contact center transformations and the fact that even Apple had its contact center a bit over-whelmed thanks to demand for the new iPhone 6s. [ Read More ]
09/27/2014

Contact Solutions Presents My:Time Customer Service Portal

Customers are not only demanding from their businesses that their brands offer multi-channel customer support experiences, they are also demanding that those experiences be fluid, and any deviation, anything the breaks up that user experience into unwanted pieces, can tarnish brands in their customers' minds. [ Read More ]
09/26/2014

Capgemini Report Finds Digital Consumer Engagement is Important and Growing, Questions Role of Social Media in Shopper Journeys

There is a constant drumbeat in support of omni-channel experiences when it comes to retailers looking to use the latest technology to seamlessly integrate the physical and virtual worlds to provide shoppers more compelling experiences. This is certainly an inexorable trend, but according to the release of the second edition of consulting firm Capgemini global report on such matters, "Digital Shopper Relevancy Report", there are some surprises that retailers literally and figuratively need to ta… [ Read More ]
09/26/2014