Interactive voice response, or IVR, is an automated telephone system that combines pre-recorded messages or text-to-speech technology with a dual-tone multi-frequency (DTMF) interface to engage callers, allowing them to provide and access information without a live agent. If the IVR system cannot retrieve the information that the caller is looking for, the programmed menu options can provide assistance in routing callers to the appropriate representative for help. By integrating computer and telephony technologies, IVR software can improve call flow and reduce wait times, leading higher overall customer satisfaction. Today, IVR software is also evolving. The development of natural language processing technology expands the range of ways that callers can now interact with computers on the phone. Instead of using a touch-tone system, more advanced IVR software enables callers to verbalize their needs on the phone. IVR systems improve the customer experience by providing a self-service method for customers to access the information that they need without the assistance of customer support. It also reduces the call volume for contact centers, lowering wait times and operational costs for businesses.
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Benefits of interactive voice response
IVR technology offers competitive advantages to businesses and advances their automation efforts. Some key benefits include:
- Efficient call routing:
After obtaining relevant information from a given caller, IVR solutions route calls to the appropriate call-center agent, reducing wait times and increasing first-contact resolutions.
- Lower operational costs:
IVR systems are incredibly cost-effective. They not only reduce high call volumes for customer service representatives, but they can extend access to information during off-peak hours of the day, such as nights, weekends, and holidays.
- Error Reduction:
When deployed effectively, IVR systems can reduce errors within the customer service process as it does not depend on a human customer service representative to take notes and route incoming calls appropriately.
- Increased security:
Some IVR systems incorporate voice recognition technology to verify the identity of an individual, adding an extra layer of security. This can be helpful for highly sensitive personal information, like social security and phone numbers, checking and savings account information, and lab results from doctor’s appointments.
Applications of interactive voice response
IVR solutions have been utilized across a variety of industries, including banking, healthcare, education, and retail. Below we’ll delve more deeply into these use cases:
Healthcare:
IVR technology has a number of practical uses within healthcare, such as pre-treatment questionnaires, patient satisfaction surveys, lab and appointment scheduling, post-discharge follow-up, lab results, and patient monitoring.
Education:
Educational institutions can implement IVR to assist parents in retrieving a status update on their child's performance and attendance in school. Parents can register with the system and then input a username and password to access key information on future calls.
Customer Service:
Customer service call centers straddle multiple industries. These centers are set up to handle a high volume of inbound calls using automated menus and pre-recorded to handle customer queries and complaints.
Finance:
IVR can also be leveraged for a variety of tasks within banking and finance. They can provide account information, like account balances and loan application statuses, as well as enable changes to investment portfolios.
Source: IBM article “What is interactive voice response?”
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