Vovici™, a Verint® Systems (NASDAQ: VRNT) company and leading provider of Voice of the Customer and enterprise feedback management solutions, today announced key findings from its Voice of the Customer (VoC) survey,“Don’t Be in the 4%: New Research Reveals That 96% of Companies are Leveraging the VoC to Improve Business Performance.” The study was conducted in collaboration with customer strategy consultancy Peppers & Rogers Group and 1to1 Media® to gauge the current state of Voice of the Customer initiatives.
The survey reveals that small and large organizations, representing a wide range of industries, are catching on to the value of the VoC. Among the top line results are the following:
• Ninety-five percent of respondents say their VoC initiatives are breaking even or generating positive value. While linking VoC results to specific bottom-line metrics can be elusive, companies have an overwhelmingly positive view regarding the value of their VoC initiatives. Companies can gain greater value by determining the specific measurement metrics at the beginning of each effort.
• Data mining is by far the highest priority among VoC initiatives, while budget is of lowest concern. Nearly 50 percent of responses to the greatest challenge regarding VoC initiatives were data related—collecting the right data, getting data out of department silos, analyzing and acting on collected data, and leveraging data across the organization. This was followed by assigning ownership and enlistment in VoC initiatives, including buy-in from senior leadership and frontline staff, at 31 percent; selecting success metrics and connection to ROI at 15 percent; and budget at five percent.
• Marketing owns the VoC initiative by nearly a 2-to-1 margin, but the need for a dedicated VoC department continues to emerge. Twenty-five percent of survey respondents indicated that marketing takes the lead on managing the VoC. However, study results also revealed that 42.8 percent of respondents indicated that VoC initiatives have been assigned to either “a specific customer experience department,” “a specific VoC department,” “a cross-functional team of leaders from across the enterprise” or a “C-level executive.”
• Cycle time for customer feedback is shrinking. In survey questions focused on recommendations for building a VoC strategy, one key finding pointed to the need to “prepare for change” by quickly leveraging customer data to adapt to changing circumstances and customer attitude.
As part of its conclusion, the study states: “As long as companies aim to enhance their customers’ experiences, improve customer loyalty, and increase profitability, there will always be a demand for VoC programs and supporting tools.” This is one critical area where Vovici and Verint help organizations drive customer-centric programs through powerful voice of the customer solutions.
Unlike traditional point systems, Verint’s Voice of the Customer Analytics™ solutions—which include speech analytics, text analytics and enterprise feedback management—help organizations develop a holistic customer approach that unites customer feedback on expectations, preferences and experiences across multichannel communications sources, enabling them to drive business strategies and corporate performance. By capturing customer feedback across channels and interpreting it in the context of business objectives, companies can take a more proactive, informed approach that enables them to respond more effectively to customer, business and market demands, and foster relationships and loyalty.
“These findings serve as further reinforcement to the power and strategic importance of voice of the customer programs and the undeniable impact they can have on customers, employees and businesses alike,” says Nancy Treaster, general manager, strategic operations, Verint Enterprise Intelligence Solutions™. “The issue of customer loyalty and the need for organizations to understand how to best meet their customer needs is a strategic imperative for all organizations.”
About Verint Enterprise Intelligence Solutions
Verint® Enterprise Intelligence Solutions™ help organizations of all sizes capture and analyze customer interactions, sentiments and trends across multiple channels, improve performance and optimize the customer experience. The solution portfolio includes the Impact 360® Workforce Optimization™ suite and Voice of the Customer software, which serve as strategic enterprise assets for increasing customer satisfaction and loyalty, enhancing products and services, reducing operating costs and driving revenue.
About Verint Systems, Inc.
Verint® (verint.com) is the global leader in Actionable Intelligence® solutions and value-added services. Its extensive portfolio of Enterprise Intelligence Solutions™ and Security Intelligence Solutions™ helps worldwide organizations capture and analyze complex, underused information sources—such as voice, video and unstructured text—to enable more timely, effective decisions. More than 10,000 organizations in 150 countries, including over 85 percent of the Fortune 100, use Verint solutions to improve enterprise performance and make the world a safer place. Headquartered in N.Y. and a member of the Russell 3000 Index, Verint has offices worldwide and an extensive global partner network.
This press release contains forward-looking statements, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2012 and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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