Excellent customer service is proportionate to an organization’s success as it directly impacts customer loyalty, retention, profitability, and business reputation. Why is customer service important? McKinsey research indicates exceptional customer experiences can boost sales revenue by 2 to 7 percent and profitability by 1 to 2 percent. Moreover, companies that invest in experience-led growth strategies see a 5-10% increase in wallet share and 20-30% higher customer satisfaction and engagement.
Since great customer service is vital to an organization’s success, it’s important to follow customer service best practices in this domain. To stay competitive and address your team’s customer service challenges, investing in modern solutions becomes imperative. This includes software with self-service capabilities and solutions that leverage customer service AI. Offering support to customers on their preferred channels and touchpoints, providing self-service options, and empowering customer support agents with the necessary information and expertise to resolve issues swiftly are some of the key strategies for achieving excellent customer service.
Microsoft Dynamics 365 Customer Service in the era of AI
Microsoft Dynamics 365 Customer Service can be a great investment in offering excellent service, growing customer lifetime value, and boosting profitability. It equips your service agents with the tools to deliver fast, seamless, personalized experiences across any channel. Dynamics 365 Customer Service also simplifies and automates support agent processes with Copilot (combining customer service and AI together), enabling quicker support experiences for customers.
If you’re wondering whether it’s the right investment, this blog demonstrates the potential financial impact Dynamics 365 Customer Service can have on an organization.
Unveiling the financial impact of Dynamics 365 Customer Service through Total Economic Impact (TEI) study
Microsoft commissioned Forrester Consulting to conduct a Total Economic Impact (TEI) study to examine the potential return on investment (ROI) enterprises may achieve by Dynamics 365 Customer Service implementation.
In case you are wondering, Forrester’s Total Economic Impact™ (TEI) study is a methodology developed to help companies navigate the complexities of procuring technology solutions and to assist technology vendors in objectively evaluating and communicating their solutions’ value propositions.
According to the results of the study, Dynamics 365 Customer Service delivered benefits worth $14.70 million over three years to a composite organization. With a total investment of $3.54 million over the same period, the study reported an ROI of 315% and a payback period of less than six months.
The 2024 TEI study projects financial impacts based on a composite organization developed by Forrester through real-world interviews with five businesses using Dynamics 365 Customer Service. The experiences and data from these interviews were aggregated to create a representative composite organization. This hypothetical organization is a $1 billion industry-agnostic entity with multiple global locations, 5,000 employees, and 500 customer support agents. Each agent works an average of six hours a day, spending 75% of that time on support interactions.
