What Is IVR And How Can It Boost Revenue For Business?

Every business aims to boost earnings and streamline cash flow. Regardless of whether a firm is a start-up, SME, or established corporation, revenue is the primary factor determining its survival ability. The total expansion of the business is directly correlated with revenue growth. Companies are particularly interested in solutions that help enhance customer relations and communication because these aspects can directly affect revenue development. This is particularly true in contact centers, which, thanks to contemporary technology, have evolved from being loss leaders for organizations to profit centers.

One of the most emerging technologies to help with boosting revenue is IVR.

Throughout this guide, we cover everything you would want to know about IVR, its benefits, the key features to look for, and the best IVR system recommendation. 

What is IVR?

IVR, or interactive voice response, is an automated phone system that enables callers to communicate with a computer-operated telephone system via Dial Tone input from a keypad or voice response. It can route calls or even offer choices for self-service.

IVR phone systems are now so standard that you’ve probably had more phone conversations with virtual assistants or listened to pre-recorded messages than you can count.

IVRs are used to manage incoming phone calls which are also called inbound calls. They initially collect information about the client's inquiry before automatically directing the call to the right department. Even the virtual phone number the person used to call may be utilized to alter the conversation.

Customers are typically given a pre-recorded message outlining the menu options. After selecting items from the menu either manually or orally, the customer is automatically connected to an agent who can help (using the phone keypad).

How does IVR function?

By combining VoIP technology with already-installed physical phone system settings, IVR serves as a call routing system. The creation of automated menus that direct calls to the appropriate databases, live agents, or departments as needed is made possible by IVR software working with this system.

Consider the following scenario:

• You need to get in touch with your property management since your apartment building’s pipes have frozen due to a cold spell. 
• Because so many people live in the complex, the maintenance hotline uses IVR to help prioritize problems and provide them with the assistance they need as soon as feasible. 
• When you call, you are instructed to dial 1 or 2 depending on whether your maintenance issue is an emergency. 
• You are advised to leave a voicemail with your contact information and the matter at hand for non-emergencies. 
• Still, if the call is for an emergency, you have connected to a live representative in the management office immediately. Even though this IVR system is straightforward, it significantly improves maintenance request organization and retention.

These automated IVR menus commonly use voice recognition software or DTMF (dual-tone multi-frequency) touch-tone keypads to interact with customers. IVR systems frequently use ACD (Automated Call Distribution) software to help direct calls to agents from these menus.

How does IVR boost your business revenue?

1. Improves customer service 

No customer enjoys wasting time. But when they phone a call center, that is precisely what might occur. The long wait to speak with a live agent, the prolonged hold times because the agent is ill-prepared to handle a problem and the frequent switching between departments. Customers can share crucial information—such as the specific problem they’re having, account information, and more—ahead of time by starting the conversation using IVR.

This information improves the agent’s comprehension of the incoming call and the issue the caller is attempting to resolve, leading to more efficient and personalized customer care.

2. Improves productivity and agent performance

IVR was not designed to replace human agents. Rather, it is designed to simplify the lives of your call center agents. The number of calls agents handle would drop since an automated IVR could answer many more straightforward questions. Without an effective IVR, contact centers may be overrun by a large number of incoming calls, putting agents on the receiving end of calls they are ill-prepared to handle. 

By answering simple questions, a correctly configured IVR can reduce the number of calls that need to be handled by agents. Additionally, it integrates with the skill-based routing function to guarantee that agents only get calls they are qualified to handle.

3. Reduces manual errors

In addition to the potential for being overloaded by high call volumes, human handling of incoming calls might result in errors when calls are misdirected to the incorrect department or agent.

If your contact center has an IVR system, every call moves through the same logical sequence set into the phone menu. As a result, fewer human judgment errors in call handling are necessary, which is ultimately to blame.

4. Reduces operational costs 

An effective IVR system might be your call center’s secret weapon from a commercial perspective. IVR systems are remarkably economical. They can increase access to information during off-peak times, such as nights, weekends, and holidays, and reduce the high call volumes for customer support professionals. IVR’s automation helps increase lead conversion by quickly delivering qualified leads to your sales team.

Applications of IVR in business: IVR use cases 

• Healthcare

Pre-treatment questionnaires, patient satisfaction surveys, lab, and appointment scheduling, post-discharge follow-up, lab results, and patient monitoring are just a few practical applications of IVR technology in the healthcare industry. IVR shows how prompting patients to take their medications on schedule might boost patient satisfaction.

• Banking and financial services

IVR can be used for various functions in the banking and finance industries. They can permit modifications to investment portfolios and offer account information, including account balances and loan application statuses. Like, you must have seen people calling customer care of banks about their loan premiums or to know about the bank balance. An intelligent IVR system in finance and banking helps automate several interactions with potential and existing customers. 

• Instructor-led industries like wellness and ed-tech

To help parents or others get a status update on their child’s performance and attendance in school, educational and wellness institutions can use IVR. To get important information on upcoming calls, parents can sign up for the IVR system and then provide a username and password.

• eCommerce and DTC 

Call centers for customer support work in a variety of sectors. With automated menus and pre-recorded messages to manage client inquiries and complaints, these centers can handle a large volume of incoming calls. Also, an IVR system for eCommerce or DTC platforms solve customer problems, such as ordering a product, canceling an item, checking the shipping status, and more.

‍Why use Alohaa IVR for business? 

The key features of Alohaa IVR are:

• Use the same number for WhatsApp business and IVR

You can use the same number for your IVR and Whatsapp business so your customer can save your number and reach out to your business via both WhatsApp messages or through calls

• Create unlimited IVR levels

With Alohaa’s intelligent IVR platform, you can create as many IVR levels as you want. The ease of setup, low cost (starting at INR 5,999), and addition of unlimited agents make Alohaa IVR the best IVR for call centers in India. 

• Create unlimited call routing groups

Miss zero of your clients’ calls. For various purposes, you can establish groups specifically for them. Give the entire group the same number. The call moves on to the following individual if the first one doesn’t answer.

• Create unlimited agents

Alohaa’s IVR system is made in such a way that it can handle an unlimited number of agents. You can dynamically add or remove agents as per your wish.

• Free call recording

As the best IVR system for call centers, Alohaa IVR helps your record and track all calls for improvement. This helps boost customer satisfaction while building an excellent customer care team.

Wrapping up 

IVRs have become one of the best tools for small businesses and startups looking to reduce expenses, ease the workload on their personnel, and improve customer service.

Business leaders are constantly looking for ways to improve their operations. An IVR improves your brand’s reputation and offers everyone who interacts with your company first-rate customer care.

Deciding to use an IVR system isn’t always simple, though. Making the ideal choice for your organization might be difficult because so many options are available. What makes Alohaa the best IVR system in India is that it is specifically designed for startups and SMEs. 

If you’re looking to know how a user-friendly IVR system can elevate your business and boost revenue, book a personalized Alohaa demo.