Eighty-five percent of customer relationships will take place without human interaction by 2020 and AI-derived business value will more than triple to $3.9 trillion by 2022, according to Gartner.
By 2019, 40 percent of digital transformation initiatives will be supported by some cognitive computing or AI effort as predicted by IDC. Furthermore, Servion has forecasted that AI will be able to power 95 percent of all customer interactions by 2025 and it will do it so effectively that customers will not be able to ‘spot the bot.’
Many organizations are at the center of this digital transformation and are turning to the emerging technologies such as chatbots, intelligent ad targeting, recommendation engines, personalized communications, and image recognition to gain business value, bolster their relationships, differentiate themselves from their competitors, and increase revenues. AI is quickly becoming a mainstream technology in consumer devices and services.
In 2018, the business conversation in boardrooms on Twitter, LinkedIn, blogs, print media, and conference keynotes about AI, machine learning, RPA, chatbots, and virtual assistants have reached the new pinnacle.
Surprisingly, nearly two-thirds of consumers are already using AI without even realizing it with products such as Alexa, Siri, Cortana, and Watson. Thanks to the adaption of AI into CX, we are witnessing how enterprises are attempting “true” personalization with predictive capabilities in real-time. This indicates better listening to your customers, understanding the context and providing them with a CX.
Organizations are embracing AI to enhance the customer experience by:
- Intelligently augmented self-service technologies
- Collating data to enable price and feature comparisons
- Gathering data by smart assistants
- Using sentiment analysis to track customer emotions and respond accordingly
- Forecasting customer needs and then responding proactively
- Gaining more information about the customer based on data patterns
- Discovering user interaction on websites to determine if they need help
- Giving recommendations based on the behaviors of similar customers
How can AI Enhance CX?
- Customer Insights Bring Important Findings for Businesses
Leveraging AI can help unleash actionable customer insights that can help in driving impactful business decision-making. AI has also transformed how organizations get customer insights. Leveraging the vast amount of data that is available on customers today, AI can keep a track on trends and predict what customers’ need in the future. One of the best examples of this is Spotify, which used data from its more than 100 million customers to create a compelling ad campaign.
- The Use of Personalization Improves Customer Experience
In customer experience, personalization is a significant advantage to AI. Modern customers expect offers to be tailored to their needs—a blast email with some general offer won’t appeal to nearly as many people as a targeted offer that directly addresses what precisely a customer wants. However, creating those personalized experiences is extremely difficult and tedious for humans. AI can quickly sift through millions of pieces of information to figure out exactly what matters to customers to create a personalized experience.
- Process Automation Increases Business Efficiency
Streamlining repetitive tasks is a big change happening across industries. Deploying AI to automate the process efficiently and effectively can save time and increase efficiency. It provides a seamless experience for the customer by having a near 0% error rate. Additionally, it becomes easier for service representative relaying information and responding to the customer’s needs. This efficiency enables them to take care of more people in a much shorter amount of time. By automating processes and allowing for real-time data integration, communications are significantly improved.
Looking ahead
AI is undeniably a powerhouse when it comes to customer experience. This technology will not only allow organizations to create faster, more personalized experiences but will also help in gaining customer insights to deliver better customer experience in the future. Companies must unleash the potential of AI and act now to reap its possible rewards to gain a better competitive advantage in their business.
Reach out to us at [email protected] to know how we can enable your business garner customer loyalty, improve experiences, and help you stay relevant in the business.
