IVR stands for Interactive Voice Response in which a caller is responded to automatically, allowing their choice. The main motive behind the IVR services is to provide the relevant information and details of something to scale the business and service.

If you are still in confusion or not clear about the IVR system then let’s be clear with a practical example

Let’s assume you want to inquire about the internet data package availability from Nepal Telecom. You’ve dailed 1498, then you’ve started to hear the automatic responses like “Press 1 for English”, “Press 2 for Nepali”, and the rest of all instructions on that call you follow is IVR. 

So, We’ve thought that you clearly understand what exactly is IVR. Now, we will explore the mechanism how the IVR system works. 

How Does IVR System Works?

The main purpose of IVR for your company is to route calls. The IVR menu is presented to the client once they have called the business. They will first be required to answer a single question. The next question will be prompted by their response, and so on, until the system is able to connect the caller with the appropriate person who can address their inquiry. In the alternative, if self-service is made accessible, the IVR system will direct the caller there.

Say the caller wishes to skip the alternatives and speak to an agent, using the picture above as a guide. Before the IVR system offers them the first three options—press 1 for financing, 2 for sales, and 3 for additional help—they will make the call. The consumer will then choose option 3 and speak with the representative.

The consumer will choose option 1 if they want to find the finance department. The IVR menu will then be more detailed and invite users to choose between two possibilities within that department. When the caller chooses the best choice, the IVR menu has effectively sent them to the appropriate location for their inquiry.

Describe IVR payment.

Callers can use IVR payments to pay their bills by entering their credit card details over the phone. Compared to sitting on hold before orally explaining everything to an agent, this technique is easier and quicker. Additionally, it is available round-the-clock to receive payments from callers outside of regular business hours.

In order to comply with rules, providing this service frequently requires a third party. Your company must follow PCI (Payment Card Industry) regulations when operating this IVR payment service in order to be PCI compliant. Encrypting the caller’s payment information as part of PCI compliance prevents your business from accessing it.

This gives the caller peace of mind knowing that their data is secure and that any data breach is unlikely to reveal their payment details.

Outbound IVR: What is it?

Outbound IVR is the same procedure as inbound IVR, which involves an automated voice directing the client to a firm. Utilizing outbound IVR for marketing, prospecting, and client or customer communication may be advantageous for businesses.

Your target market will get automated communications via outbound IVR. The IVR system will make outbound calls on your behalf after having your message professionally voice-overed. This is a great approach to let them know about your new product or to invite them to take part in a survey.

Visual IVR.

Callers have the option of further self-service with visual IVR, which is not feasible with a regular phone call. The user will use a digital platform, such as their smartphone and the firm website, to access the visual IVR.

They will try self-service by entering the essential data by responding to inquiries and limiting the choices using visual cues and typing rather than vocal communications.

What are the benefits of IVR for the customer?

Efficiency: Efficiency is one of the main benefits of IVR. Most people will have experienced calling a business only to be passed from agent to agent. This wastes both the caller’s and the business’s time. A high-quality IVR system will quickly route your customer to the best contact. 

Self-Service: Similarly, another efficiency benefit of IVR is giving the option of self-service. There is no time spent on hold when the caller doesn’t need to wait for a live agent to resolve their query. They may just want to update their account or pay a bill and staying in the queue is frustrating.

On-time Service: 24/7 availability is another significant benefit of IVR. Providing your customers with a constant self-service option is exceptionally convenient outside of working hours. This will also benefit businesses by reducing the number of calls and lowering hold times during regular work hours. 

Customizable Communication: Accents and a lack of clarity in some voices can make phone conversations difficult for customers. However, IVR lets your company select an easy-to-understand brand voice. It is crucial to choose an exceptionally clear speaker for this role so there are no errors in communication for your customer.

Customer Satisfaction: Another important advantage of IVR is measuring customer satisfaction. At the conclusion of the conversation, the majority of IVR systems will prompt the caller to complete a customer satisfaction survey. Customers that respond to this survey will assist your company in developing the IVR, which will further enhance the system for the caller.

Cost to establish IVR

The price of IVR will depend on a variety of things. One important choice that has an impact on the cost is whether your IVR system will be hosted or in-house.

Although it may cost more up front if you build your own IVR, you will own the system. External hosting is frequently free at first, but there will be ongoing costs. Depending on the business you select to host the IVR, the costs might be somewhere between $5 to $150 each month. 

Each will have its own set of advantages and disadvantages. The cost of hosted alternatives will also vary depending on how many callers your company receives at once. When determining which of these is ideal for your company, give it careful thought.

 

Wrap-Up

Thus, here we are. AakashTel hopes this blog has addressed the majority of your queries about IVR. The process of installing an efficient IVR system in your company might be complicated, but ultimately highly useful for both you and the caller. Questions like “What is IVR” and “How to enhance IVR” are common.