Freshworks’ annual benchmark report outlines key trends evolving IT service management

Today’s hyper-competitive business landscape demands businesses to do more with less. These expectations are compounded by the advent of generative AI alongside the growth of software-as-a-solution (SaaS) platforms.

Armed with the promise to help organizations deliver new efficiency levels, SaaS platforms are often the preferred way for many businesses, and for good reason: there’s no need to reinvent the wheel especially when there are already so many great options to choose from. Our CIO Tech Priorities 2024 survey found that the majority of respondents chose SaaS applications over in-house deployments for project management. Similarly, 52% used SaaS applications for human resources (HR) management, while half of those surveyed also preferred SaaS for business intelligence tools and customer relationship management.

While this spells good news for IT service providers, the myriad of tools in the marketplace has put a different type of pressure on CXOs, having to navigate the complexities of their business and implement the appropriate solutions. With every business being different, putting together the right mix of tools and apps is crucial to success. CXOs need to be prudent when selecting the right solutions to meet their specific business needs.

Understanding the global landscape: how organizations are tapping IT services to support workflow

From customer relationship management (CRM) to HR, organizations are always looking for ways to work more efficiently. The Freshworks Freshservice IT Service Management Benchmark Report (FBR), which surveyed more than 9,400 organizations across over 100 countries, found that organizations that automate business processes with workflows saw a 26.63% reduction in average resolution time (ART) and improved first contact resolution of employees by 77%.

The report also highlights how generative AI is transforming the self-service experience, driving ticket deflection rates of about 53%. By using generative AI to address the more commonly recurring issues, employees can spend their time on more business-critical tasks. The high ticket deflection rates also result in higher job satisfaction levels as quick and accurate resolutions inevitably improve user experience.

In terms of first response service level agreements (SLAs), the report found that chat and collaboration channels like Microsoft Teams and Slack tend to be most effective in offering solutions with minimal wait times, compared to phone calls and emails. Assignments take about six minutes on average and maintain 100% resolution. 

To paint a clearer and more accurate picture of how the adoption of IT solutions impacts businesses, the report provides comprehensive benchmarking and insights broken down by region, country, industry, and even company size. It also delineated seven key performance indicators (KPIs) with detailed analysis across industries.

Curating IT services to meet industry demands

No two industries are alike, therefore service providers need to be familiar with and understand the landscape they operate in and their priorities. Partnering with the right platforms can help organizations achieve their fullest potential to drive growth, efficiency, and innovation.

For example, customer satisfaction is key to business success in construction and real estate; hence, prompt and efficient issue resolution is key. Meanwhile in the education sector, long wait times are often a challenge. To address this issue, operators may look into implementing a priority matrix to streamline ticket queue management.

Geography also plays an important role. Across the globe, different regions have different cultures which impact SLAs and customer satisfaction (CSAT) scores. In Canada and the USA for example, CSAT scores are high despite not being the quickest to resolve issues. On the other hand, speed is of the essence for countries like India and Brazil.

In this fast-evolving IT landscape, businesses must be clear on their priorities to avoid tool fatigue. Instead of trying out multiple tools and applications, narrow down the list based on some key priorities, then filter the best ones. Partnerships are important too, and choosing the right fit for a partner can be valuable.

By learning more about the different industries and business environments, organizations will have a better idea of the tools most suited to their business. Ultimately, it comes down to streamlining workflows for better efficiencies to create a more productive and, therefore, more profitable business environment.

Discover how the various IT services are helping businesses achieve true digital transformation by downloading FBR 2024 here.