What is IVR SoftwareIVR software is a technology, which utilizes voice recognition and artificial intelligence technologies to provide instant response to customer calls. IVR software is popularly used in banks, e-commerce, travel agencies and weather departments to answer frequent customer queries.With IVR or integrated voice, response utilizes the automated telephony technology to replace the first-level interaction with callers and routes their calls to appropriate customer service agents based on their query. IVR software utilizes Dual-tone multi-frequency signalling (DTMF) processes to help with the screening of customer queries and redirecting their calls to appropriate recipients by call center software.How Does IVR System WorkIVR system is helping businesses tap on their potential customers with real-time response to their queries. IVR plays an important role in boosting the profit of a company by addressing questions of your potential customers. Your customers are likely to purchase more from your retail store if all their product-related FAQs are answered through automated and integrated voice response. IVR software further adds value to a companys revenue cycle, as your customers can make payment online even without needing any manual intervention.What are the different types of IVR softwareSingle-Level IVR It allows adding only one layer of IVR to your organizational call flow.Multi-Level IVR This software helps with a diverse IVR design that includes 0-9 prompts and you can also add multiple layers of IVR.Hosted IVR With hosted IVR, businesses can manage IVR applications on the go with an uninterrupted internet connection and deliver round the clock customer service.Agent-Assisted IVR Here, agents use pre-recorded phrases to interact with customers and ensures that IVR menu options are simple.Features of IVR SystemSkill-Based RoutingIncoming calls are assigned to the most suitable agents instead of any available agent. This way, IVR software ensures efficient call routing and outstanding customer service.Call QueuingNo one wants to wait, especially when you contact a call service agent to resolve your queries. However, it becomes unavoidable sometimes. Using the call queuing feature of IVR software, you can put your customers in the ordered queue and reduce the waiting time effectively.After Hours RoutingThis feature of IVR software is used to schedule after-office calls or to pause calling services during non-business hours.Call WaitingOn-HoldWith the call waiting feature, IVR software notifies your service reps whenever another caller tries to connect with them while they are on a call.Preferred Agent RoutingIVR software creates a queue of agents who are authorized to receive specific interactions.Call Metrics ReportCall reports help managers improve their call handling performance with multiple reports about different stages of customer service.IVR DesignBecause of the bad IVR design, businesses always suffer. However, with a good IVR software, you can route your users to the right service representative and ensure that their queries are quickly resolved.Omni-Channel ConnectivityWith email server and CRM integration, businesses can manage calls from all possible channels to provide omni-present service.Inbound IVRThe inbound IVR feature allows organizations to add new functionalities to inbound calls, such as, ACD call routing, call-in surveys and music for waiting calls.Outbound IVRFrom auto dailer to appointment reminder and call surveys, outbound calls can be managed well with IVR software.Voice MailThe voice mail feature allows users to send voice messages and process transactions related to products and services.Audio amp TTSThe text to speech feature is used by call centre agents that helps reading digital text aloud and converts words into audio.User InteractionIVR systems provide pre-recorded audio to help users navigate through the options and connect with the right customer service agent.Calendar ReportsIVR systems provide built-in reporting features and generates IVR events for each incoming call interaction.Real-Time AnalyticsThe real-time monitoring functionality of IVR software helps create a full report all interactions across different platforms.Benefits of IVR SoftwareAutomate Customer ReportIVR system for call centres and corporates to help customers with their queries without even involving any live agent.Prioritize CallsBusinesses often get high-volume customer calls daily, and its important to prioritize calls to meet their needs. Thus, a business will never lose a high-volume customer who needs urgent support.Manage High Call VolumesBusinesses can easily handle high call volumes even when their customer service champs are not available. IVR software lets callers waiting in the queue to request a call back from the agent.Reduced Operational CostsIVR calls are cost-effective in comparison to traditional call-based customer service. This way, organizations can save on operational costs and focus on resolving critical issues of customers.Improved Customer RelationshipIntegrated with CRM software, IVR machines help businesses track customer interactions and address their issues across all social media platforms.Improved Lead ConversionWith IVR software, you can also automate the process of reaching out to your prospects through automated calls. This is crucial to qualify your leads based on their interest.