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Media Release | April 2018 |
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Hello from the Radish Team! Industry analyst Walt Tetschner from Tern Systems explains in his report, Telephone Self-service: Markets, Products & Suppliers 2018, that the Visual IVR market is growing faster than other self-service approaches. That's because of the positive results and improved customer experience that Visual IVRs can deliver. The media release is below. See the PDF version. Spread the word. Here is a sample tweet: #VisualIVR market is growing faster than other self-service, says 2018 #Telephone #Self-service Report by Tern Systems Inc, http://www.asrnews.com/2018_telephone%20self-service.pdf. Radish Systems offers a visual engagement platform with Visual IVR and Visual Live Agent capability, as well as APIs for easy implementation. When is a good time to talk about this? Warm regards, Theresa and the Radish team Theresa M. Szczurek, CEO and Co-founder FOR IMMEDIATE RELEASE Visual IVR Market is Growing
Surprising the industry, Visual IVR has projected 60% CAGR1
BOULDER, CO (April 30, 2018) — Industry analysts agree that the market for Visual IVR (Visual Interactive Voice Response) solutions for businesses is growing and growing fast. It's catching some vendors and buyers by surprise, especially since it's a relatively new technology that isn't well understood. Industry analyst Walt Tetschner from Tern Systems explains, "We see good growth for Visual IVR. Based on a projection of number of transactions, Visual IVR has over 60% CAGR. It's actually growing faster than other self-service alternatives like web access, DTMF2, and NLP3." A growth chart from the Tern Systems report, Telephone Self-service: Markets, Products & Suppliers 2018, is below.
Visual IVR is currently in the technology adoption lifecycle stage of 'crossing the chasm4.' "The chasm is the huge gap that lies between the early adopters and the early majority, when a product is very disruptive and requires behavioral changes." Why is the Visual IVR Market Growing? There are millions and millions of IVR ports in the installed base that answer calls on a daily basis. As we all know, however, these traditional, voice-only IVRs can cause pain. In fact, a study by Interactions showed that 79% of users will try to avoid doing business with a company with a bad IVR. Visual IVR deployments provide good results. Companies are finding improved call containment in the IVR, shorter call handling time, enhanced caller understanding, higher first call resolution rate, and increased caller satisfaction. Fewer calls are thereby transferred to live agents, which greatly increases self-service and reduces operating costs. Importantly, Visual IVR improves the Customer Experience (CX). What is a Visual IVR? No wonder there is market confusion on the meaning of Visual IVR. Buyers need to be aware of the distinctions in order to benefit from this emerging technology. For full benefits, a Visual IVR is able to transform a voice-only call to a 'voice with visuals' experience for smart device and browser users. However, some vendors say that click-to-call or a pull-down menu at a website or mobile app is a Visual IVR even though it's just an ordinary voice call that starts at the website or app. Others suggest that a simple transfer to a website is a Visual IVR, even though the voice call usually ends and the sequence is purely deterministic browsing. Some vendors choose to bypass the IVR completely, but this approach doesn't help users who start with a phone call. It also doesn't help companies that have a significant IVR presence as part of their contact center infrastructure. Learn more about the differences at TrueVisualivr.com. Who Offers Visual IVRs? More vendors are starting to offer Visual IVR, but be aware that some vendors require a complete replacement of an existing IVR rather than enhancing it. The founders of Radish Systems invented the concept of Visual IVR and deployed the first systems in the 1990s. Since the wide diffusion of smartphones starting in 2008 with the iPhone, call center and unified communications vendors are realizing the importance of a good Visual IVR offering. Viable industry leaders need a real "voice with visuals" solution for automated (Visual IVR) and live assistance. Radish Systems offers a cloud-based communications platform called ChoiceView, which adds "visuals to voice" to enhance customer engagement. ChoiceView opens up new opportunities for businesses and their customers in the areas of visual IVRs, visual live agents in contact centers, visual hold, visual virtual assistants, visual phonebots, visual chatbots, and many other voice/data enhancements. ChoiceView is an over-the-top solution that works with any phone and any network and even with landlines and separate browsers. There are many ways to work with ChoiceView:
About Radish Systems Radish Systems, a mobile/enterprise software and professional services company, improves the way organizations communicate visually with all callers, including smart mobile device and browser users, through its award-winning ChoiceView Software-as-a-Service (SaaS) technology platform. ChoiceView seamlessly joins a data session to traditional voice and SMS communications in a way that's totally compatible with the existing infrastructure. ChoiceView offers the next generation of multi-modal unified communications, allowing visual information and secure data to be shared during a phone or chat call with callers using any phone, any network, and many display devices. It eases the pain of frustrating automated phone systems (IVRs) and live assistance. It transforms new and existing traditional IVR systems from many vendors into true Visual IVRs. The patented, HIPAA-compliant technology increases comprehension, problem solving, and recall on calls by as much as 600%, helps callers resolve inquiries faster with more clarity, improves overall user experience, and increases business profits. Visit RadishSystems.com and Twitter @RadishSystems. MEDIA CONTACT TRADEMARKS TAGS SAMPLE TWEET VISUALS FOOTNOTES |
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