Conversica > Case Studies > Driving Revenue Opportunities with Intelligent Virtual Assistants: A Case Study on IHS Markit

Driving Revenue Opportunities with Intelligent Virtual Assistants: A Case Study on IHS Markit

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Technology Category
  • Infrastructure as a Service (IaaS) - Virtual Private Cloud
  • Wearables - Virtual Reality Glasses, Headsets & Controllers
Applicable Industries
  • Automotive
  • Healthcare & Hospitals
Applicable Functions
  • Sales & Marketing
Use Cases
  • Chatbots
  • Intelligent Packaging
Services
  • Testing & Certification
About The Customer
IHS Markit is a leading information services firm with a valuation of $5 billion. The company operates in several key markets, including financial services, automotive, and energy, and has approximately 16,000 employees and 150 offices worldwide. IHS Markit is dedicated to helping its customers make better and more informed decisions by leveraging its products and services. The company prides itself on the quality of its data and its team of 600 analysts who work together to synthesize information and guide customers towards the best possible outcomes. IHS Markit's work often garners media attention, generating significant interest in their information services and driving organic traffic to their website.
The Challenge
IHS Markit, a $5-billion information services firm, faced a significant challenge in managing the high volume of inquiries generated by its extensive marketing efforts and media exposure. The company, which operates in key markets such as financial services, automotive, and energy, struggled to identify and elevate leads fitting its ideal customer profiles or those ready for sales engagement. The challenge was not just the volume of inquiries but also the capacity of the sales team to follow up with potential leads. The company needed a solution that could help them manage this high lead volume without adding to the headcount, while also improving customer retention and expansion.
The Solution
IHS Markit adopted Conversica's Intelligent Virtual Assistants (IVAs) to manage the high volume of inquiries and identify sales-ready leads. The IVAs, which are AI-powered, SaaS-based software applications, serve as virtual team members and autonomously engage contacts in human-like, two-way interactions at scale. They go beyond traditional lead scoring by directly asking contacts about their interest, providing current interest directly from leads alongside current and best contact information, and their desired time to connect. IHS Markit uses its AI Assistants for Conversational Marketing to engage new prospects, while its AI Assistant for Conversational Customer Success drives customer health and helps expand current relationships via upselling and cross-selling opportunities. The company is also considering hiring an additional IVA to assist in collecting payment via polite and personalized communications at scale.
Operational Impact
  • The adoption of Conversica's Intelligent Virtual Assistants has proven to be a significant operational success for IHS Markit. The company was able to manage the high volume of inquiries without adding to the headcount, thus addressing the capacity issues of the sales team. The AI Assistants not only helped in identifying and elevating hot leads but also added an extra layer of lead qualification, which was appreciated by the sales team. The AI Assistant for Conversational Customer Success has been a net win for the teams within IHS Markit, saving them time and energy in engaging with their accounts by autonomously motivating renewal meetings and quarterly business reviews with their customers. The company is now considering expanding the use of IVAs to other areas such as payment collection.
Quantitative Benefit
  • Unlimited scalability in an affordable manner
  • 44% engagement rate
  • 39x ROI multiplier

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