Many businesses are utilising IVR systems to lower wait times, manage caller expectations, and deliver the best service for their customers - but how much does an IVR system cost?
Prices vary depending on the type of system you are looking at and the functionalities you need for your business. As such, you can tailor the cost to suit both your budget and business targets.
To help you settle on the best system at the right price, we will explore how much an IVR system costs, as well as how to determine which is best for you.
What is an IVR System?
Interactive Voice Response (IVR) is an automated phone technology system enabling callers to request, receive, and provide information.
While older systems rely on a touch-tone system, IVR uses voice recognition software for a more seamless experience. Callers do not need to speak directly to a call handler to resolve requests; the idea is that the system is knowledgeable enough to guide the caller to the conclusion.
However, if the system cannot understand the ask or is unable to find the requested information, it can also assist with call routing, guiding the caller to a handler who can help.
IVR systems provide 24/7 support for your business. Not only do they improve efficiency, but they also lower costs and reduce pressure on your agents for the smaller requests, allowing them to handle the more in-depth calls with ease.
How Much Does an IVR System Cost?
The cost of an IVR system varies from as little as $50 to $50,000, depending on the system and functionalities you need built in.
You will need to pay a regular monthly fee once your system is live, plus any one-time setup fees. The cost of IVR setup can mean your first payment is on the higher end of the scale. However, this initial figure will not be your average monthly subscription price.
There are two types of IVR systems, both priced at varying costs: on-premise or cloud-based. Both offer their own benefits, and you may find you prefer one for your call centre over the other. To help you work out which works best, you need to know how each system works:
- On-premises based: These require all systems to be built and managed on your own servers and hardware. You will need an on-site IT team to run this, allowing for greater control over your own data. On-premise systems require more financial investment.
- Cloud-based: Managed off-site by a third-party provider, you access cloud-based IVR systems over the internet. With this, you get more flexibility, and there is no need to invest in an on-site IT team. Cloud-based systems are typically more affordable.
Within these, you can build out your IVR system to personalise it to exactly what your business needs. You can include features such as:
- ID Verification
- First Contact Resolution
- Agent Alerts
- Text to Speech
- Voice Messaging
- Self-serve DNC
If you want to invest in your own functionality and would like to know how much an IVR system costs, contact our team today to book a demo and receive a quote on the right system for you.
IVR System Cost Breakdown
Calculating the cost of an IVR system ultimately depends on you, your business needs, and the size of your team.
For example, the base rate of a cloud-based IVR system for a small business will differ from the cost of an on-premises IVR system for a larger one. To make the potential costs to you and your business simple to understand, we have created a table breaking down the average costs.
|
Breakdown of Costs For An IVR System
|
|
Size of Business
|
Cloud-Based IVR System
|
On-Premises IVR System
|
|
Small business (5+ agents)
|
Initial setup cost:
$4K
Monthly running cost: $300-$400
|
Initial setup cost:
$30K
Yearly running cost:
$6K
|
|
Medium business (50+ agents)
|
Initial setup cost:
$25K
Monthly running cost:
$7K
|
Initial setup cost:
$210K
Yearly running cost:
$50K
|
|
Large business (300+ agents)
|
Initial setup cost:
$105K
Monthly running cost:
$65K
|
Initial setup cost:
$940K
Yearly running cost:
$250K
|
On top of these costs, you can choose optional add-ons to support your business. These do come at a cost, but they are great for personalising your IVR system to the specific needs of your business.
You can explore lower-cost add-ons such as call recording, which comes in at $300 a month. For medium-sized businesses, you may find additions like speech recognition beneficial, with monthly costs of $500 - $1,000. For the larger business, advanced analytics may be costly at around $5K, but they can help you to understand your data on a deeper level.
Which IVR System is Best For My Business?
We need to determine which type of IVR system suits your business to get the most return on your investment.
Our team can help you decide the right choice for you, but you might find it useful to take stock of the areas you would like an IVR system to benefit. To do this, try asking yourself the following questions:
- Do I have an on-site IT team?
- What areas do I want to prioritise?
- Does the system need to support omnichannel functions?
- What does my customer base need?
- What is my budget?
- What level of support do I require?
Once you are ready, reach out to our team to discuss the best IVR system for your business. Our team is happy to help you settle on the perfect solution for you.
MaxContact Creates Bespoke IVR Systems For Your Business
Investing in an IVR system is an excellent way to improve customer experience, reduce wait times, and alleviate pressure on your call centre operatives.
Here at MaxContact, we offer IVR systems tailored specifically to you and the requirements of your business. Plus, you do not need to worry about deciding on the right system for you on your own, as our expert team is on hand to answer any questions you may have.
Get in touch with us today to find the best IVR system for your business. You can schedule a meeting with a member of our team online or book a demo via our website. We look forward to helping you with practical solutions.
.png)
