Technavio Reveals Cost Saving Opportunities for the Inbound Support Market
According to the latest procurement intelligence report from Technavio, the global inbound support market is expected to grow at a CAGR of more than 9% over the next five years due to the increase in brands’ need to improve customer satisfaction and retain more customers. Since the cost of retaining them is relatively lower than the cost of acquiring new ones, buyers focus on improving their customer interaction and engagement services.
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The research report titled ‘Global Inbound Support: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The industry is currently witnessing the emergence of reshoring and nearshoring options that serve as service differentiator by avoiding the language and cultural barriers from the offshoring model,” said lead Technavio procurement expert Angad Singh, specializing in research on category spend intelligence. “Suppliers, on the other hand, meet market demand with the help of technologies such as multi-channel options that help them increase customers’ satisfaction,” added Angad.
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Cost saving opportunities in the inbound support market
The adoption of various cost optimization levers helps buyers of inbound support services realize cost savings and achieve category management and value benefits (including a reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the inbound support market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Intelligent callback customers can either enter a virtual queue and receive a call back from agents upon reaching the front of the queue or schedule a call back at a time convenient for them.
Voice biometrics uses customers’ voices to authenticate their identity. It is commonly used as a part of a two-factor authentication process, (PIN/password along with biometrics).
Optimization of procurement practices saving aspects
Communication and technical capabilities of agents handling inbound support requests are vital for successful and early resolution of support requests. Though most suppliers offer support services for various industries, category managers should ensure that the necessary services are available and negotiate on pricing with suppliers, based on the level of customization they require.
Bundling of services saving aspects
It is essential for the buyers to engage with suppliers capable of providing support services via various channels, given the proliferation of communication channels available. Use of Omni-channels for support services provides customers with the option to select the most convenient and available channel, given a particular support channel is down; thus, serving as a damage-control technique.