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Moving CX into High Gear with Artificial Intelligence

14
Oct.

Moving CX into High Gear with Artificial Intelligence

AI has dramatically changed the face of customer service by raising the bar for customer experience, making processes more efficient, and lowering overall operating costs.

Companies around the world are fighting for customer experience and finding new ways to achieve it. They are turning to artificial intelligence (AI), machine learning, natural language processing, and advanced analytics to stay connected and engage with customers.

AI can be more useful in providing intelligent, convenient, and informed customer service along the way through personalized emails, chatbots, and other hyper-personalized services.

The adoption of AI-based automation has grown significantly, providing businesses with opportunities to go beyond operational efficiency and cost reduction. Data-driven intelligence is now improving the quality and speed of decision-making. And above all, AI is redefining the customer experience, a key brand differentiator over price and products.

As many industries leverage the power of AI to respond to changing customer needs, it’s safe to say that AI and new intelligent technologies will continue to play a phenomenal role in shaping new brand styles.

 

AI Is Changing the Game in Customer Experience

The customer lifecycle begins with the first interaction, such as a pop-up or email notification, eventually with purchasing a product or using a service. After that, it moves to the next level with the use of the product or, in some cases, receiving customer support. The better the customer experience with a brand, the more customers, are excited about it. Today, 86% of shoppers are willing to pay premium prices to get an extraordinary experience from brands. They make impulse purchases after a personalized interaction with a brand. What’s more, it was found that 72% of customers who have had a positive service experience are likely to share their experience with six or more people.

How Artificial Intelligence Can Improve Customer Experience

According to a study conducted by Adobe, 77% of consumers are already interacting with artificial intelligence. As for companies, companies with a customer-centric mindset generate 8% more revenue than other peers in the industry. What’s more, companies ahead of the curve on CX perform 80% better than companies that focus less on CX.

A positive customer experience can help brands strengthen long-term relationships with their customers. It turns one-time customers into repeat customers of that brand. As a result, companies are increasingly experimenting with AI, machine learning, deep learning, NLP, and advanced analytics to improve customer experiences.

 

The Adoption of Artificial Intelligence by Businesses

It’s no surprise that businesses across all industries are turning to AI-powered virtual assistants and chatbots to provide superior customer support and service. Chatbots on websites have become an integral part of effective customer interactions. Salesforce’s research on customer service predicts a significant 136% increase in the adoption of AI-enabled chatbots. In addition to customer support, 80% of retail and consumer products companies are using AI-enabled automation to increase efficiency and responsiveness and enhance decision-making capabilities and improve the customer experience. In healthcare, the success rate of chatbots will increase by 70% over the next year. In addition, 70% of marketing agencies are using AI capabilities to build customer-centric marketing and sales strategies.

Implementation of  AI

Leading businesses have overcome the hype around AI and are investing heavily in the new technology to improve customer experience.

AI-enhanced customer experiences are being incorporated into a wide range of business functions such as chatbots, virtual assistants, personalized recommendations, intelligent predictions, and personalization.

AI-powered chatbots are a tremendous help in solving many current customer service problems by providing real-time assistance. According to a Microsoft study, AI will deliver 95% of customer interactions through live phone and chatbots. 

The next big implementation is virtual assistant AI, unlike what you use in your smartphone. This type of AI uses neural networks to gather information about the user and perform tasks such as scheduling appointments, individual reminders or opening an account. 

Another important business feature is Dynamic Marketing, which presents customers with offers of related products they didn’t even know they needed. Today, 71% of B2B marketers use AI for personalization to increase revenue. Customized recommendations and options help companies see a massive 50 percent increase in hot leads and conversions. 

The fourth important area of AI in business is intelligent predictions and adjustments that help brands make huge profits. Today, 84% of companies say that AI will give them a competitive advantage. 

How to Put Artificial Intelligence into Practice

Organizations are adopting artificial intelligence to improve the customer experience as well as reduce costs and increase revenue. However, to achieve the significant benefits of artificial intelligence, companies must identify use cases and the data sources needed to implement these scenarios:

  • Supporting change management to improve AI adoption
  • Enhance staff skills for seamless AI implementation
  • Migrate from legacy systems that don’t support AI
  • Encourage AI/ML by bringing in executives or an agency that understands the latest technology
  • Align business strategy with AI for growth and efficiency
  • Identify business use cases that reflect the value proposition
  • Improve customer service with process automation
  • Performing impact analysis on sales and marketing
  • Forecasting demand for logistics planning in supply chain management
  • Optimizing product improvements based on customer feedback/recommendations.

AI is a tool that enables companies to improve customer experience. Explore new insights with data-driven analytics and take action using AI to keep up with the ever-changing needs of your customers.