ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

New Five9 Study Finds Contact Centers Face Workforce and Technology Gaps as Customer Service Becomes More Complex

Contact center professionals responding to a survey by Five9 and ICMI reported an average agent turnover rate of 58%, noting increased workload was the top reason for attrition.

Respondents flagged legacy technology and staffing issues as their top CX obstacles.

Findings suggest opportunities for contact centers to embrace a digital workforce of AI-powered assistance for customers and agents.

Five9, Inc. (NASDAQ: FIVN), a leading provider of the intelligent cloud contact center, today announced the results of a survey conducted by the International Customer Management Institute (ICMI) exploring the current state and future of work in the contact center.

The Five9-sponsored research report, The Contact Center Workforce of the Future, reveals that more than half of contact centers (55%) experienced a higher volume of customer interactions over the last 12 months, just outpacing an increase in contact complexity (47%). However, survey respondents reported significant customer experience obstacles, including legacy technology (51%), staffing issues (44%), and a lack of integration between digital and voice channels (37%).

Specific workforce and technology challenges uncovered in the research include:

  • Respondents’ average rate of agent turnover was 58% year over year, with increased workload and a lack of growth and advancement opportunities cited as the top two reasons for attrition
  • Lacking the necessary tools to effectively perform in the position, and repetitive, monotonous tasks had the greatest negative impact on agent performance
  • More than a third (35%) of respondents said engaging across all communications channels in a relevant/personalized fashion was a challenge, and 64% indicated that they need to increase the number of agents who support multiple channels
  • 92% of respondents believe their agent-facing applications are not as effective as they could be

As the report notes, these findings suggest opportunities for contact centers to embrace a digital workforce of AI-powered assistance for customers and agents. This includes technology such as intelligent virtual agents (IVAs) and real-time agent coaching applications.

“Contact centers will need to automate where possible and free up live agents for more complicated tasks, which also opens the door for professional growth opportunities,” said Callan Schebella, EVP, Product Management, Five9. “And as customer expectations rise, equipping employees with the right tools and resources will be mission-critical. To balance efficiency and employee satisfaction, the contact center of the near future will operate with a blend of live and virtual agents, and advanced analytics and modern cloud technology will be essential. For contact centers experiencing the shortfalls of legacy software, now is the time to innovate.”

Survey respondents seem to agree. When asked to share the top strategies their contact center is pursuing to satisfy customer needs, 42% said they plan to enhance self-service functionalities; 42% of respondents said they plan to launch new services/offerings to focus on digital customer engagement, and 27% hope to deploy AI and automation to streamline processes and services.

Additionally, 52% of respondents said they expect self-service to have the most significant impact on the customer experience in the next two to three years.

Results are based on a Q2 2021 survey of 313 professionals from diverse contact center industries and sizes. To read the full research report, click here.

For practical guidance on building and optimizing a digital workforce in the contact center, download ICMI’s “Digital Workforce Optimization” toolkit, an extension of the Five9 CX Maturity Model. The CX Maturity Model is an assessment and framework to guide enterprises through the next era of customer service in the contact center.

Five9 will host in-depth discussions on these topics during the 2021 CX Summit on September 1 and 2. Click here to register.

About Five9

Five9 is an industry-leading provider of cloud contact center solutions, bringing the power of cloud innovation to more than 2,000 customers worldwide and facilitating billions of customer engagements annually. The Five9 Intelligent Cloud Contact Center provides digital engagement, analytics, workflow automation, workforce optimization, and practical AI to help customers reimagine their customer experience. Designed to be reliable, secure, compliant, and scalable, the Five9 platform helps increase agent and supervisor productivity, connects the contact center to the business, and ultimately deliver tangible business results including increased revenue and enhanced customer trust and loyalty.

For more information, visit www.five9.com.

Engage with us @Five9, LinkedIn, Facebook, Blog, That’s Genius Podcast.

Contacts

Recent Quotes

View More
Symbol Price Change (%)
AMZN  213.04
-1.43 (-0.67%)
AAPL  252.29
+4.84 (1.96%)
AMD  233.08
-1.48 (-0.63%)
BAC  51.28
+0.84 (1.67%)
GOOG  253.79
+1.91 (0.76%)
META  716.91
+4.84 (0.68%)
MSFT  513.58
+1.97 (0.39%)
NVDA  183.16
+1.35 (0.74%)
ORCL  291.31
-21.69 (-6.93%)
TSLA  439.31
+10.56 (2.46%)
Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the Privacy Policy and Terms Of Service.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.