The CX Revolution:Implementing AI to Deliver Outstanding Customer ExperienceAtif M.
BlockedUnblockFollowFollowingMay 23Artificial Intelligence (AI) has been around since a long time now; in the late 1980s, we used its power to beat chess pros at their own game and today we’re using it to power self-driving cars.
The AI revolution has been one of the most significant evolutions of this century, and there’s no saying what AI will do next.
Among hundreds of possibilities that AI promises, customer experience (CX) is an area that offers immense opportunity for organizational growth and differentiation.
Is AI the future of customer experience?Definitely.
Welcome to the experience economy where consumers are continually comparing your products and services with similar or even better alternatives.
Today, what wins a customer over is not just your product or a low price tag, but the customer experience your company provides to the consumer.
The consumer expectations are higher than ever before, and companies are now forced to reshape their business models and rethink their business strategies to meet these ever-changing consumer expectations.
There’s no margin for taking risks here — a business can’t make guesses about what will work and what won’t.
That’s why more organizations are now looking at AI to address this challenge and to create more meaningful customer experiences.
Customer experience will never be the same againTo no one’s surprise, companies like Amazon, Uber, and Netflix are now heavily relying on the power of AI to step up their game, and with the results they are getting, there’s no turning back; AI is here to stay and to change the way the world looked at customer experience before.
Impact of AI on the future of customer experienceThe key feature that differentiates a customer from a brand loyalist is customer service.
That’s why CRM technology was so well-received (through multimillion-dollar investments) by organizations not many years ago.
CRM promised automation in CX, which is excellent, but not enough for today’s customers with flickering behaviors.
Artificial intelligence goes a step further in enhancing customer experience by combining intelligence with automation to put customer service on autopilot.
As a result of this ‘intelligent automation’ revolution, customers are happier than ever before, and so are the enterprises.
From booking a flight to ordering a pizza, customers are gradually adapting to this intelligent change in CX, and they love it.
In fact, experts suggest that 85% of future customer service interactions could be automated by 2020 — and that’s just the start.
So, let’s dive a little deeper to see how artificial intelligence will impact the future of customer experience within different industries.
Retail Industry: Keeping the top 1% of customers engaged through AI personalization Studies show that the top 1% of a retailer’s customers are worth 18x more than its average customer.
Personalization is the best tool to keep these high-value customers engaged.
However, the key is to move beyond the essential personalization, for example, sending a one-off personalized newsletter with customer-tailored promotions at the right time, to the right device, with the right message.
This can be made possible by using predictive analytics and reinforcement learning, which takes the manual guesswork out of marketing and optimize customer experience by continually looking for the next best action to deliver the best results.
For CX in the retail and fashion industry, the future also holds virtual personal stylists, visual searches, chatbots, similar product recommendations, and more.
Banking & Financial Sector: Banking made easy for introverts The banking and financial sector is gradually showing signs of adapting AI as well.
Giant companies like JPMorgan Chase have already invested in the technology to introduce a Contract Intelligence (COiN) platform designed to analyze legal documents and extract key data points and clauses.
While other financial companies such as Wells Fargo are leveraging AI technology to enhance customer experience by testing AI-driven chatbot through Facebook Messenger platform with hundreds of employees.
The virtual assistant deals directly with the customers to help them change their passwords or gain access to their account information.
Healthcare Industry: Virtual care companions and data-driven feedback lead the future of patient experience Healthcare organizations (HCOs) have long had a reputation for being sloth-like in terms of customer service.
Though the traditional ways of catering to patients’ needs can’t be thrown away entirely, the use of real-time feedback can and will come to the forefront of healthcare CX strategies soon.
For providing a more streamlined experience to inpatients and outpatients, HCOs are already heavily investing in virtual care technology.
The healthcare sector can expect substantial cost savings by merely automating the inquiry process via chatbots.
A report by Juniper Research states:“Chatbots will be responsible for saving $8 billion per annum of costs by 2022 for Retail, e-Commerce, Banking, and Healthcare.
”Entertainment Industry: An era of personalized entertainment begins Streaming services are revolutionizing the way people looked at entertainment before.
With more than a hundred TV channels with nothing to watch on, to a hundred thousand shows on Netflix, the entertainment industry has undoubtedly made a giant leap forward in this decade.
Streaming services like Google Play Music and Apple Music provide a data-driven personalized experience to their consumers by aligning tracks in their playlist that are new, and yet still appeal to the listener’s taste.
AI allows these services to make recommendations to the consumers by not only tracking users’ history but also by gathering data on what listeners with somewhat comparable traits tend to like.
It is the same way how Netflix never fails to guess what someone might want to watch if he’s feeling happy or sad.
Agricultural Sector: Crop health monitoring just got smarter There was a time when most people were almost certain that the only innovation the agricultural sector would receive will come from genetic engineering, probably in the form of GMOs.
This may come as a surprise to all those people, but this sector is finally going to receive a significant AI upgrade soon.
Tech experts and agricultural professionals are striving together to make agriculture smarter by using computer vision and deep-learning algorithms to process data to monitor crop and soil health to give sound advice to farmers through virtual assistants.
Implementing AI for companies todayIn the perpetual race to stay ahead, businesses are finally starting to embrace artificial intelligence technology.
It’s not about following the latest trends, but using the right technology to solve a problem for both the business and the customers.
Though the idea of implementing AI in a company seems enthralling for most business owners, it may not be the most straightforward task at hand and many may end up struggling with it.
To start off, companies first need to identify their problem and judge whether AI is going to help them solve it or not.
For instance, any area of a business or an organization that requires automation can benefit from artificial intelligence.
“AI helps automate repetitive tasks, empowering employees and agents by helping them make better, faster, and more informed decisions.
” — Jorge Sanchez, Director of Product Strategy at AppianA simple tool such as a chatbot can make a huge difference for a business of any size.
Companies of all sizes can make use of the following tools to get startedAgentBot — Is an automatic customer service solution that uses Artificial Intelligence to understand and solve customers’ needs in real-timeNeverChurn — Understand, Predict, and Minimize Customer LossBotsify — Create automated chatbots online for Facebook Messenger or websitesZendesk AI — Effective AI ticketing translates routine tasks into efficient communicationHowever, implementing AI in an already well-established business does not mean that the whole business model has to be changed.
It’s a supersmart technology that is going to help any company improve its current processes.
The key is to learn a bit about AI so that one can fully understand what it can do for their business before implementing it.
Final WordWhen it comes to AI, the future of customer experience holds infinite possibilities.
In the future, AI will completely transform how businesses in every single industry interact with their customers and will change every aspect of how we create customer experience strategies, from top-level decision making to marketing.