ANN ARBOR, Mich.--(BUSINESS WIRE)--ForeSee, the pioneer of Voice of Customer (VOC) solutions, today released the findings of Forrester’s Total Economic Impact™ (TEI) Of ForeSee, a commissioned study conducted by Forrester Consulting on behalf of ForeSee. The study revealed that organizations using ForeSee® CX Suite can expect $7.8M in economic benefits and a return on investment (ROI) of 315 percent over three years, with payback in less than three months.
Forrester conducted in-depth interviews with a number of ForeSee customers, including leaders in retail, utilities and telecommunications, who are using ForeSee to systematically measure and improve satisfaction and likelihood to recommend and increase conversions. This data was used to develop a composite organization against which the benefits of the investment were measured to quantify the total economic impact ForeSee has on an organization.
Forrester's TEI methodology showed that a firm with 30,000 employees using the ForeSee CX Suite can achieve:
- $2,800,000 in profit from increased digital sales driven by prioritized changes to digital CX
- $1,100,000 in profit from retained digital sales resulting from faster issue resolution
- $765,000 in savings from impact analysis and avoiding unnecessary investments
- $1,800,000 in reduced call-center costs driven by improved digital and self-serve capabilities
- $1,300,000 in savings by freeing up company research resources
“ForeSee prioritizes where we put our finite resources,” said one Forrester TEI interviewee. A direct marketing and operations director for an apparel company expanded on value of ForeSee by commenting, “We wanted an external group—that we trusted—to provide quantitative insights that would dictate the path forward and demonstrate the financial benefits for each of those paths.”
Organizations interviewed for the study indicated a number of other key results that contribute to a customer-centric culture, including:
- Better internal decision making informed by data
- Timely and actionable insights, holistic views of CX, impact analysis, and benchmarks
- VOC awareness across the organization that drives focused and CX-centric strategies
“The financial currency of CX is here. Historically, CX programs have been hard to quantify, but this study demonstrates how our customers are using CX to measure their most important KPIs and link those improvements to increased conversion and revenue,” said Lenny Nash, Chief Revenue Officer, ForeSee. “Using ForeSee’s proven causal model, companies can increase satisfaction and likelihood to recommend and accelerate the business results from a fine-tuned customer journey.”
The Total Economic Impact is a methodology developed by Forrester to help companies demonstrate and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.
Download the free study, The Total Economic Impact of ForeSee CX Suite, by visiting www.foresee.com/tei or register for a free live webinar on July 11th, featuring Forrester Senior Consultant Kathleen Byrne.
Founded in 2001, ForeSee is the pioneer of voice of customer (VOC) solutions that measure and improve the customer experience. ForeSee CX Suite is powered by the only proven causal model that accurately connects CX improvements to business outcomes, empowering business leaders by providing strategic and tactical CX decisioning. Thousands of leading organizations in retail, financial services, energy and utilities, and the public sector rely on ForeSee to give certainty to their CX initiatives. Visit www.foresee.com to learn more or schedule a demo.