Artificial Intelligence is one of the technology trends that excited everyone in recent years, and it is evolving day by day. The disrupting nature of AI has allowed it to evolve into countless applications. Customer Experience is one among these countless applications which AI has the potential to grow.
Everyone knows customer experience is one of the most important aspects of the business. This is also one of the reasons to consider the application of Artificial Intelligence into this segment. It can help us improve all the points in the customer journey.
As predicted by International Data Corporation, 40% of digital initiatives will be by cognitive computing or Artificial Intelligence. Another study by Garner predicts that by 2020, 85% of customer interaction will be without human interaction. This great potential comes because of the power of AI to analyze and process huge data within seconds. They can even process human behaviours and emotions, which can create more meaningful Customer Experience.
We have already seen the potential of AI in various industries. There are some applications like Autonomous cars, Google Home, Apple Siri, Amazon Alexa/Echo etc. which have impacted the lifestyle of modern humans.
To Artificial Intelligence to be successful in customer experience, businesses need three fundamental capabilities – Data Unification, Business Interaction and Real-time Insights. With these three things, here is how AI can transform the customer experience,
1. Improved Customer Experience with chatbots and AI-powered virtual assistants
One of the biggest impact AI can create in customer experience is by automating the process fast and hassle-free. For example, chatbots which are an AI-based virtual conversation tool, is used in various customer engagement and communication scenarios. They are programmed to think like humans and manage human interactions to provide personalized responses.
This will eliminate unnecessary delays and errors in customer service and will improve customer experience. By automating responses to customer queries, companies save time and revenue by limiting service representatives in handling repetitive service queries.
Also, with the help of AI, businesses can distribute content to various channels and reach out to the right audience more effectively. For example, Facebook Messenger Bot can assist shoppers in finding the right product through simple conversation. AI is just about simple conversation if coupled with machine learning, they even potential to generate leads which can increase the profitability of the business. It can also help in optimizing lead generation by targeting potential customers in the right platforms.
2. Predictive Personalization
Predictive Personalization is the ability to predict user actions based on their past behaviours. AI is using predictive Personalization to improve customer experience by naturally integrating into human life. This predictive Personalization will make customers feel that the service is tailor-made just for them. It comes very handy in online shopping where data collected from past behaviour can help in upselling and cross-selling products. It includes various metrics like past purchases, browsing history, searches, form filled, time spent on pages etc.
By processing this data, businesses can assess individuals’ shopping needs and suggest the right products to buy at the right time. Thus making the whole process smoother and streamlines and offering better customer experience across channels.
3. AI-enabled analytics for crucial customer insights
AI can play a critical role in offering actionable insights by feeding information into CRM, marketing automation system and various other business operation tools. They can provide solid insights into improving customer engagement and empower people to make informed decisions.
Tools like facial recognition, text analytics, machine learning etc. can help to know what customers see and interact to offer real-time insights. With the help of AI, customer journey analytics can process large and complex data to open up more business opportunities.
4. Visual, voice and text engagements
Voice and text sentiment analysis will help companies analyze emotions and sentiment of various communications. AI-Powered visual engagement technology can analyze facial expressions in video and face-to-face conversations.
These technologies will use voice biometrics and nuances to analyze voice modulations in a phone call to understand emotions. With the help of these AI algorithms, businesses can find the right communications to make a customer satisfied. This will help them to increase the lifetime value of a customer to ensure repeat business to drive more profitability.
5. A dramatic shift in decision making
Going forward, the success of AI will be measured in return on investment, customers engaged, profitability increases, diseases cured etc. The power of big data, artificial intelligence, machine learning etc. has helped in better decision making. Gone are the days where you make decisions based on guts and intuition. This is the age of data, and all the decisions should be data driven. Sectors like healthcare, financial services, automotive sectors etc. which have witnessed the impact of data-driven decision making.
Artificial Intelligence is here to stay, and it is definitely the future of business. Businesses have understood that AI-driven customer journey will be the fundamental requirement to deliver better customer experience.
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