Build A Competitive Advantage With Customer Engagement And AI
Introduction
In today’s customer-centric world, more and more businesses are beginning to understand the importance of delivering an engaging customer experience (CX). Yet, US businesses are losing $75 billion per year through poor customer service, according to NewVoiceMedia. So, how does this disconnect come about? The truth is, most companies haven’t evolved to meet the reality of the modern consumer, leading to customer engagement paths built upon outdated strategies and legacy technologies. This is where artificial intelligence (AI) can help. AI can be used to provide an intelligent, convenient, and informed customer experience at any point along the customer journey. This will result in integrated and personal customer experiences that help you build a competitive edge. In this post, we show how you and your business can build a competitive advantage in your CX game thanks to the consumer-oriented capabilities of modern-day AI. AI and CXAs a business, you probably already recognize the power behind innovative technologies. From augmented reality to 3D printing, breakthrough technologies have the potential to make a positive impact on not just business operations, but CX as well. Thus, if your business is not evolving with the advancing technologies around us, you’re missing out on a major opportunity for differentiation and enhanced customer service. But, don’t just take it from us.
According to Gartner, by 2020, a whopping 85% of customer interactions will be managed without a human. In that same year, AI bots are expected to power 85% of customer service interactions. With 2020 approaching, think about the customer journey your company is offering. Are you taking advantage of the cutting-edge technologies in the market to deliver engaging experiences for your customers?If not, that’s okay. CX can be a tough concept to break down and strategize. This is partly because consumer behavior is chaotic and therefore, CX datasets can be messy, undefined, or ambiguous. But AI can help your company manage the complexities of CX and bring value to the customer journey. It helps Salespeople, Call Center Agents, and employees in other customer-facing roles understand the customer’s history and derive insights from it in real-time. In a data environment that is overwhelming by nature, AI excels at delivering a coherent experience across all enterprise touchpoints. 3 Ways AI Builds a Competitive Advantage in CXIn order to successfully apply AI to CX, one must consider the 3 core capabilities of AI: Data unification, real-time insights delivery, and business context. Data unification is a must for any type of behavioral analytics because it creates a single view of the customer. With data unification tools employed, customer journey analytics become integrated, making the otherwise daunting task relatively pain-free, quick, and inexpensive.
According to Forrester, by 2020, insights-driven businesses will steal $1. 2 trillion per annum from their less-informed peers. Real-time insights delivery allows organizations to engage with their customers at the very moment the customer chooses to make contact. AI helps to integrate all of these touchpoints along the customer journey by using customer journey analytics to deliver comprehensive, real-time touchpoint integration with minimal investment. Lastly, integrated AI can deliver simple, isolated interactions given the business context. Customer journeys are as unique to individual businesses as fingerprints. Every company has its own set of touchpoints and a distinct method for employing these engagements in their CX. Armed with the awareness of both the journey and the KPIs, AI can understand the significance of each business event in shaping customer behavior. Ultimately, these 3 building blocks of AI work together to increase business productivity across the board. According to Accenture, by 2035, AI technologies are projected to increase business productivity by up to 40%. Forward-looking businesses leverage AI systems to deliver improved service and efficiency gains at every level.
Conclusion
With some imagination and application, AI can and will enhance every aspect of customer engagement. By applying AI to improve CX, you invest in your customer relationships, and your customers will notice. Now is the perfect time to start incorporating sophisticated AI-enabled solutions that respond to individual customers in meaningful ways. So, what are you waiting for? Eight out of ten businesses have already implemented or are planning to adopt AI as a customer service solution by 2020. Don’t wait to jump on the bandwagon until it’s too late. Contact the technology experts at Katalyst Technologies to gain a competitive advantage in your CX.
