Achieving the high ROI results with a queue management system is comparatively easier, as the system itself is very capable. Here in Dubai and other parts of UAE businesses prioritize their customers, the markets are growing, every day the competition is increasing. Studies showed that around 90% of the customers are willing to go to another service provider rather waiting in the long queues. Every single minutes added to customer wait time could cost you potentially tens of hundreds of sales on daily bases. That is the reason businesses from all sectors in UAE are rapidly adopting to the digital queue management systems and queuing solutions. The customer experience and customer journey is extremely important. If a business is not using a queue management system to manage the daily customer flow, they will eventually end up losing a huge chunk of their sales.
That is the reason these days we can find queue management systems everywhere, from banks to government offices, schools to hospitals and clinics, food courts & restaurants to HR Offices, everywhere were we go we find a queue management system. This also results in a lot of vendor and supplier of the queuing solutions. However, there are only a few companies which are offering a great queue management system to ensure higher ROI results for you. RSI Concepts is a leading queue management system vendor and supplier, with exceptional range of different queue management systems. A queue management system in Dubai, UAE is considered to be a long term investment. When it comes to a queuing solution the businesses are concerned about the ROI, as it is a long term investment to calculating the ROI is also not as that simple.
In this blog we will focus on the features which can boost the profitability of a business and we will also explain a business can easily quantify the ROI of a queue management system.
How a business can increase profitability with a queue management system?
A queue management system has a lot of benefits and it can improve a lot of areas related to the customer journey and customer experience. On top of that the queue management systems are also very helpful in improving subsequent business processes and policies. Here are some traits of a queue management system that help businesses in improving their profitability:
Reduce Wait Time
The wait time had different impact on different industries and sectors. But one thing is common, it always have a negative impact on customer journey and customer satisfaction, which results in decline in sales, in some cases this decline could be huge, it is an estimate that worldwide retail sector reported almost 70% of sales drop when the wait time is too long. With a queue management system businesses can avoid such losses, as the queue management system automatically manage and streamline customer flow, which reduces the wait time and improve customer experience. This help brands to retain more customers and improve customer loyalty and get repeated business. Which directly contributes to generating more revenue and profits.
Offer Virtual Queuing
The virtual queuing is the most modernized form of a queue management system. The main idea is to let the customers sign-up for the queues remotely/virtually. The customers can issue a mobile ticket or sign-up for the queue without being arriving at the branch. This allows them to wait outside, or utilize the wait time in some other activity, which in terms of customer journey results in literally no wait time. This not only improve the customer journey and customer satisfaction but it also help employee to improve their work efficiency and the overall productivity of the entire branch. Good quality customer journey makes your customers and visitors happy and satisfied. Happy customers give repeated business and also advocate for the brand.
Improve Employee Performance
In case of a manual queue management, the employees will have to do all the work manually. They will have to manage the queues, they will have to ensure the smooth customer flow, and they will have to handle the line disputes among the customers and much more. Which distracts them form their primary tasks and result in poor work efficiency. A queue management system eliminate all these problems and automatically handle the entire customer flow, which results in a very smooth and quicker customer journey. This allow the employees to focus only on their primary tasks, and they can easily serve more than twice customers in a single shift or even more. This allow the businesses to reduce the resources which help reducing the cost. And with the improved employee efficiency good quality work increase customer happiness. Which positively impact on the overall business growth.
Automate Customer Journey
A queue management system allows businesses to automatically manage all touch points and interactions of the entire customer journey. On one hand it saves a lot of time and makes the process fast, on the other hand it improves the customer experience as well. Especially for businesses who have stepped services which require multiple counters for a single service delivery. A queue management system also significantly improve the customer flow in scenarios where multiple services are being offered and certain counters are dedicated for certain services. The queue management system also help managing and routing the VIP or premium customers and the customers with special needs. This improve customer experience a lot and it portrays a very positive brand image. Which help attracting more customers and also good for customer retention. These factors directly impact the business growth and profitability.
Improve Service Quality
The customer interaction with the business can heavily influence their service experience as well. If a customer or visitors had to wait for too long under mismanaged or poorly managed conditions, when they will reach to the counter they will be annoyed or upset. This will also impact their interaction with the service agent/server. If the customers and visitors got an excellent experience before reaching to the counter, they will be happy or at least they will not be angry or upset. This will make them more open and understanding towards the agent. Satisfying such customer is a lot easier than satisfying annoyed customers.
Moreover the queue management system also reduce the unwanted work load from the employees, which make them more efficient too. The employees will be highly focused and can deliver good quality service as well. The queue management system also have ability to route customers with different needs towards different counters. If agents are delivering only one or a few services, they could easily build expertise for that. Which also improve service quality and customer experience. Good quality services build good brand identity which help increasing conversion rates and customer retention and these all things contributes to business growth.
Improve Customer Retention
Customer happiness and good customer journey is a key to customer retention. If your customer are happy and satisfied they will remain loyal to your business. If they are unhappy they will immediately move to a competitor. The customer retention is extremely important for business growth. As if you keep focusing on marketing and other efforts to increase your new sales, but failed to retain the existing customers, then your overall profitability will decline. It totally depends upon the number of new customers coming to your brand and the number of customers who are leaving your brand. Eventually it will act like a death trap.
But if you manage to retain your existing customers, you will not only get repeated business from them but you will be able to keep adding more customers who will contribute in the growth of your business. A loyal customer base act as a foundation for a business, without that a business could crumble anytime. A queue management system ensures your customer leave happily and satisfied. Happy customers are tend to be the most loyal to the brand. They also promote the brand within their circles. Which attract more customers and build a strong brand identity. Brands with positive brand identity tends to have higher conversion rates from their marketing efforts comparing to the average brands or brands with poor brand image.
Improve Communication with Customers
A queue management system with its advanced features enables direct communication between the customers/visitors and the brand. The customer interfaces can be designed with multi-lingual support to further improve the communication. Moreover the business can also collect customer feedback using the additional queue management system modules. Business can conduct online surveys and request for their opinion or suggestions. With the integrated smartphone applications or online customer portals, the businesses can enable a direct and personalized communication channel between them and their customers. The customer feedbacks and survey data can be utilized further to assess business practices and various other aspects of customer journey.
Collects Stats & Business Intelligence
A queue management system is a great source of various types of valuable business intelligence data. It allow businesses to capture data from all touch point throughout the customer journey. The customer feedbacks also help evaluating various business processes, employees and customer experience. The queue management system has built-in KPIs (key performance indicators) to measure the performance of various active components, such as relevant systems, customer flow, and employee performance. The employee performance indicators help business to accurately quantify the performance of individual employees as well as of teams and branches. The management can easily take actions and make decisions to improve employee performance which will also help improving the service quality. The system usage stats and customer feedbacks help business in making policies and strategies to improve performance, products & services, and quality of service. Which will later help businesses in increasing sales and revenue.
How to Calculate the ROI of the Queue Management System
As whenever a new system is acquired every business set their goals and objectives and then evaluate the system by various aspects such as system usability, utility, scalability, estimated outcome, cost, and other financial aspects. On the bases of these an overall ROI (return over investment) is calculated. Every system is eventually evaluated on the bases of its ROI. If the ROI is good the business can commission the system with confidence. If the ROI is not satisfactory then the business will be hesitant to invest in such system. For queue management systems the ROI calculation is very simple and easy.
Without a queue management system the business will have to allocate more employees to handle the customer flow, usually the employees are assigned by keeping in mind the busy hours and the regular foot fall. So, usually the most of the branches are either overstaffed or inefficiently staffed. This put a lot of expense on businesses. With the help of a queue management system the system take care of most of the intermediary processes and automate various steps of the customer journey, which entirely eliminate the need of additional staff. The customer flow and the entire queues are managed automatically by the queue management system, this also improve the work efficiency of the agents/servers. With the help and benefits of the queue management system the employee performance is also significantly improved, which make them able to serve more customers in a single shift. That is how the business can easily calculate how much agents/server or employees will be required to server a certain number of customers and visitors.
Another very accurate ROI can be the estimation of the cost per customer or per service delivery. This is also very easy to calculate. The businesses can easily calculate the service cost per customer before the queue management system and after the queue management system. All you need is the quantity of the customers they have served last year or more precisely the number of serving customers as it could also include the customers with the repeated service delivery. Then the cost on each service, and the value of the each service. Then the ROI can be calculated by including the queue management system into the equation and both results can be compared.
Other non-financial benefits are also there. The biggest benefit of a queue management system is that it significantly improve the customer journey and customer experience. Which exponentially increase the customer satisfaction score. The customer satisfaction score drives the opinion about the brand and help building a positive brand image. A good brand identity attracts more customers and also plays important role in conversion and lead generation through various marketing efforts. So, in longer run with or without the non-financial or non-quantifiable benefits of a queue management system the ROI is excellent.
Conclusion
Obviously whenever a business plans to acquire a new system or infrastructure the one thing that counts the most is the ROI (return over investment) rates. In case of a queue management system the ROI is always excellent. As any queuing solution comes with certain benefits such as reduction in wait time. The automation and functional improvement in business processes lead to an excellent customer experience and a smoother customer journey. The less work load on the employee lead to their performance improvement. With the help of a queue management system a single employee can handle more customer in a single shift. The cost and expenses can be reduced, the output can be maximized. Which significantly improve the ROI of a queue management system. At RSI Concepts we have a dedicated team of technical experts and business analysts who can help you with your queue management system project. You can easily reach us out through our Contact Us page or leave a comment in the comment box below and we will get in touch with you soon.
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