The ROI of Communications:
A Hidden Opportunity
This guide will tell you everything you need to know about overcoming business challenges with CCM, and uncovering the hidden ROI of communications that are omnichannel, personalized, and focused on growing both relationships and share of wallet.
The Hidden Costs of Manual Communication Management
Print and mail
Three Common Customer Communications Management Challenges
Too much time spent on customer enquiries and document management
Excessive time spent searching for and organizing files is a common challenge when relying on hard copies, with team members spending a significant number of hours each month searching for, reproducing, and filing paper documents.
Prior to Doxim CCM, clients reported:
Hundreds to thousands of customer calls per week, which could take five to ten minutes each to handle.
High, and rising, costs of sending and storing customer documents
The costs of printing and mailing physical documents to customers are significant. These costs can include paper, printing, folding, insertion, and increased postage.
There are other, often overlooked costs to customer document management as well, including:
- Hard copy document storage costs, because of retention regulations that require many years of storage.
- Fines or penalties if documents are not completed correctly or delivered securely within the mandated time frame.
Missed opportunities for customer engagement and retention
Businesses that share data and develop cohesive conversations grow revenue 41% faster
Ongoing omni-channel conversations translate to more cohesive CX, even across transactional communications.
Key Benefits of Moving to a Comprehensive Customer Communications Management Platform
Reduce time spent searching for, reproducing and filing paper document
Doxim CCM enables organizations to easily capture, search, share, and store all internal customer information, documents and signatures safely and securely via a centralized online repository.
“Definitely saw time savings, as the customer service reps can easily print any needed images themselves or can ask Doxim to reprint or re-mail a letter.”
– Business Specialist
Reduce time spent on customer enquires
Doxim CCM provides a centralized, secure, web-based document archive that helps consolidate and share documents, internally and with customers, and enhanced statement design/composition converts difficult to read documents into easy-to-read statements.
“Have seen a 20% reduction in call center volume post- Doxim.”
Reduce time spent on document composition
Doxim CCM provides advanced statement composition services using data from any core banking platform and outputs documents to both print and electronic formats for online access. Enhanced statement design and composition services convert difficult to read, outdated statements into attractive, well laid out statements complete with targeted marketing messages.
“Saw a 75% reduction in time spent to oversee and approve composition post-Doxim.”
– Product Manager
Reduce the number of printed documents
Doxim CCM interfaces seamlessly with online portals, making it easy for customers to access statements, checks, confirms, and other documents online, and the e-notification service automatically notifies customers via email when documents are available for online access.
“An average cost of $1.20 per printed statement is eliminated each time a client moves to eDelivery.”
– Product Manager
Doxim CCM can place targeted, relevant marketing messages directly onto statements; by appending insert content to the end of an electronic statement so that it can be viewed online, or printing newsletters and inserts in-line with the statement itself.
“Eliminated the need for at least one separate mailing, by being able to print right on the last page of the bills now.”
– Billing Manager
Doxim CCM offers comprehensive statement and confirm processing for an integrated end-to-end solution to help manage the production and delivery of regulatory documents, ensuring that customer communications are delivered securely, accurately, and on time.
“Email privacy breaches could result in fines of $10K or more each time.”
– Technical Product Manager
Doxim CCM provides a centralized, secure, web-based content management solution, allowing organizations to streamline document processes and eliminate manual tasks related to hard copy document storage, significantly reducing operational costs.
“Saw a 65% reduction in annual hard copy storage costs and effort post-Doxim.”
Improved Customer Experience
Doxim CCM makes it possible to derive insights from the wealth of data collected on customers, identifying the right offer for every customer and then including it on the transactional documents they open and review every day.
Doxim CCM delivers documents and communications through all channels, with integrated solutions that will help ensure consistency of messaging and experience and allow staff to quickly find important customer files and associated content anytime, anywhere, through an online content repository.
“Doxim has enabled new services, without which there could be a percent of customers that might have looked elsewhere.”
List of Metrics to Track When Assessing the Potential ROI of Communications Management
Because ROI is so specific to each organization, it can be very valuable to create communication benchmarks for your organization to track over time. That way, you’ll truly understand the value you are achieving from your investment in CCM or be able to ballpark the benefits of such a project.
As a starting point, consider tracking the following:
- Documents printed and mailed
- Inserts printed and inserted
- Customer calls relating to documents
- Average duration of customer support call related to documents
- Cost per paper document, printed and mailed
- Cost per insert, printed and inserted
- Annual costs of hard copy document storage
- Number of hours spent on document composition per month
These details can also be plugged in to the Doxim CCM ROI calculator, developed in conjunction with Hobson & Company, a research firm focused on Return on Investment (ROI) studies. The calculator will tell you:
What you can save by reducing the number of printed documents and inserts by just 10%
The positive return on improving communication and customer satisfaction
What you can save by working smarter and reducing the time spent on customer inquiries by 35%
The total value of implementing a CCM solution over 3 years
How Implementing a Comprehensive Solution Like Doxim CCM Can Achieve a Return of 185% Over 5 Years and Positive Cash Flow Within 5.5 Months
Finally, here’s a concrete example of the ROI of communications management, developed by Hobson & Company. Their expert team interviewed a number of Doxim’s key clients to produce this illustrative example of the potential cost savings and efficiencies achievable when implementing a comprehensive customer communication management solution from Doxim.
This ROI calculator example is based on a company that generates $50 million in annual revenue, with print and mail costs of $140,000 per month and deals with approximately 1,000 inbound calls to the call center per week. The company also stores hard copy documents at an annual cost.
The ROI result considers the cost savings on printing, mailing, and storage of hard copy documents when customers migrate to digital. It considers the reduction in time spent on customer support calls and the resources required to locate hard copy documents during inbound calls from customers.
- Estimated annual cost reduction of $234,000
- Estimated annual savings, when including increased efficiencies and improved CX of $507,000
- Investment in Doxim’s CCM platform can generate positive cash flows in 5.5 months
- 5-Year net present value (NPV) was strong at $1.1M
- An ROI of 185% over 5 years
If your company is printing, sending, or storing hard copy customer documents, you can achieve a fast ROI and many other benefits from a customer communication management platform from Doxim.