The economic impact of enterprise CPaaS
Determining the cost savings and business benefits of Webex Connect
The communications platform as a service (CPaaS) market can be divided into two distinct approaches: developer CPaaS and enterprise CPaaS.
Developer CPaaS is the traditional form of CPaaS where single-purpose applications are coded to power specific use cases. Each application has its own logic and integrations into business systems and channels.
Webex Connect is an enterprise CPaaS solution—providing a central platform to build and manage CPaaS applications end-to-end. Integrations only have to be made once and can be reused across all applications deployed through the platform. Developers can code applications or use a visual builder to build and progressively redefine customer journeys as flows, and there is an extended toolset for a wider range of business users.
IT and CX transformation leaders are recognizing that the developer CPaaS approach is unsustainable because as more applications get deployed, it becomes harder to deliver a holistic experience as each application is siloed from one another. This has driven the need for enterprise CPaaS solutions such as Webex Connect, that provide a single, centralized cloud communications platform to deliver smarter customer experiences. With competing priorities for spend, business leaders are challenged with proving return on investment (ROI) to justify the investment.
To quantify potential benefits, we engaged Forrester Consulting to conduct a Total Economic Impact (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying Webex Connect.
Conducting the study with organizations who deployed Webex Connect
To better understand the costs, risks, and benefits associated with investing in Webex Connect, Forrester interviewed decision makers from two organizations that had deployed the Webex Connect platform—one of which, a financial institution in South Africa servicing 17 million customers, predominantly anchored the model and calculations.
Both organizations acknowledged that prior to implementing Webex Connect, they struggled with common enterprise challenges—including overcoming legacy technology, the complexity of integrating new channels, and managing customer interactions in an ad hoc manner. These limitations brought inefficiencies in servicing and customer onboarding processes, leading to broken customer experiences.
To overcome the challenges described above, both organizations deployed Webex Connect. A centralized cloud communications platform (CPaaS) was implemented to enable them to build and manage multiple communication channels at scale, provide analytics and proactive management of interactions, and enable more streamlined communication flows that embraced digital automation.
Customers can expect an ROI of 330%
The study revealed several quantifiable benefits directly attributed to the Webex Connect platform. The financial analysis conducted as part of the study revealed $1.27 million in benefits over three years and an ROI of 330%, as well as the following:
1) The time to create communication journeys had reduced from days to minutes
The customer’s previous communication management platforms required at least one week to compose and launch new customer journeys. Webex Connect’s low-code flow builder significantly reduced the effort required to create and scale customer journeys. What previously took a week of full-time equivalent (FTE) time could now be achieved in minutes, driving productivity savings of 50% across a three-year time horizon.
2) Scalable communications improved business processes
The customer automated onboarding and know your customer (KYC) information processes using Webex Connect. This process brought more than $1.2 million in productivity and cost savings for customer-facing staff, while also helping to deliver a better experience to new customers.
3) Self-service capabilities increased efficiency in customer support
The customer deployed several new self-service solutions through SMS and WhatsApp to enhance the customer service experience. Customers can easily fulfil simple and common requests in a self-serve manner, reducing the number of customer inquiries to the organization’s contact centers. These capabilities delivered cost savings and increased the efficiency of customer service staff.
Enterprise CPaaS enabled a better customer experience and increased digital resiliency
The study revealed many additional benefits. Both organizations recognized that the ability to create and manage journeys on a single platform painted a clear picture of how to engage with customers. This meant they could orchestrate journeys in a more integrated and personalized manner, improving the efficiency and experience of their customer service operations.
In addition, they shared that Webex Connect strengthened their digital resiliency during the COVID-19 pandemic. Both businesses created and launched new SMS and WhatsApp use cases—allowing them to update and service customers in real time.
Download Forrester Consulting Total Economic Impact study of Webex Connect
Both organizations achieved more proactive and scalable customer engagement using Webex Connect. They integrated existing systems, quickly expanded communications channels, and enhanced customer interactions through automation. This led to both customers being able to simultaneously improve customer satisfaction, reduce operational costs, and mitigate risks with more consistent notifications and compliance across their growing customer base.
Download the full Forrester Total Economic Impact of Webex Connect.
Sep 27, 2022 — Geoffrey Huang