85% of customer interactions with the enterprise will be managed without a human by 2020. 78% of brands have already implemented or are planning to implement artificial intelligence (AI) and virtual reality (VR). These figures emphasize on the scope of AI to transform your business. Artificial intelligence is making its mark across a wide range of industries and roles.
Right from onboarding to offering white-space analysis for sales, AI programs and services play a critical role in digital transformation. As we talk about digital transformation, there is no way we can forget about customer experience (CX), being reimagined by AI.
Here, we learn how AI applications offer an intelligent, informed, and good customer experience at all points along the customer journey. The AI-based conversation agents are designed to simulate human interactions and offer instant, personalized responses anytime, anywhere.
Different Applications of AI
One of the biggest uses of artificial intelligence has been to transform customer experience and make it hassle-free. How artificial intelligence transforms businesses is through chatbots. Businesses are largely using chatbots in varied customer engagement scenarios.
This AI tool has eliminated the need to have a customer support agent online. Most importantly, there are no more frustrating delays and errors, while handling customer queries and complaints. Chatbots answer customer questions 24/7.
Besides customer experience strategy and customer experience management, companies are developing chatbots for effective employee query management. Doing so frees the HR from answering the same questions again and again. The business goal, here, is to focus on other vital HR functions.
In this context, Compunnel Staffing have created “Leyla”, a chatbot to instantly resolve queries of its employees. Leyla helps employees to access instant answers to their queries on people, company, and what is Trending on Twitter. The chatbot matches the ideal personality of an HR representative in InfoPro Learning, the learning division of Compunnel Group.
Virtual personal assistant strong AI solutions are gaining much prominence in customer experience transformation. 15% of all customer service interactions will be tackled by some form of virtual office assistant by 2021. The intelligent assistant business is expected to grow to more than $15 billion by the same year.
Witnessing this growth, businesses are leveraging this AI technology to create personalized, integrated, and efficient digital experiences. These experiences boost customer loyalty. They believe that virtual or smart assistants empower customers to serve themselves. These assistants even create more human interactions, build seamless digital experiences, and integrate with multiple channels to enhance user experience (UX).
Profiling & Data Analysis Tools
Artificial intelligence provides a better customer service than agents, as intelligent prediction and customization delight customers. They feel as if every product and service experience is customized as per their needs. Customers won’t need to change their communication pattern during their brand interaction.
Besides, companies learn more on consumer behaviour and gain access to individual shopper inventories. They can thus predict and deliver goods without falling short of stock and losing on sales.
Even self-driving cars optimize daily commutes and long road trips. The AI component in these cars draws from the past behaviour of consumers. It also considers information on in-vehicle entertainment and preferred routes.
AI-Based Customer Analytics
Businesses can build a better marketing strategy by effectively analyzing consumer behaviour. Artificial intelligence plays a key role in that, as AI-enabled customer analytics explores high-impact customer insights.
You can sift through a vast, dynamic sea of highly complex data. Doing so helps you to unravel better business opportunities, as you gain actionable insights. As you employ AI-enabled customer analytics, you can find every existing relationship in the data.
Interact with customers effectively, improve on the customer experience, fulfil customer expectations, and smoothen their journey. You predict behaviour of your consumers with much accuracy. For this, you must find the inhibitors and drivers of customer performance at the same time.
Get answers to key customer experience questions like:
- Which customer behaviours act as early indicators of customer churn?
- Which customers should be engaged with to maximize the effect of your outreach?
- What customer experience actions have succeeded or failed?
How can Artificial Intelligence Impact B2B Sales?
According to a report by Accenture Research, AI boosts industry profits through innovation by an average of 38 percent by 2035. This leads to an economic growth of US$14 trillion across 16 industries in 12 economies. The growth is possible only if organizations prioritize “people” first and act responsibly to apply AI technologies to their business. The leading global professional services company believes that AI can reverse the cycle of low profitability across industries through intelligent automation, labor and capital augmentation, and innovation diffusion.
Cross-industry strategies for success include:
- AI strategy and leadership
- Reinvent HR into HAIR
- Learn with machines
- Create an open AI culture
- Bring a Chief Data Supply Chain Officer on board
- Move beyond automation
- Measure your return on algorithms
- Unleash the potential and power of the cloud
The Bottom Line
A large number of businesses have unified disparate customer data sources. They even have deep machine learning algorithms/neural networks and analyzed end-to-end customer journeys for more accurate consumer behaviour predictions. They are thus reaping many benefits. These include enhanced customer lifetime value (CLV), quantifiable improvements in CX, and reduced customer churn.
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