The digital revolution and the advent of AI technologies have unlocked a whole gamut of opportunities for enterprises, the most significant being in the area of customer experience. Interestingly the digital revolution itself is powered by consumer behavior on online channels and therefore tapping online data streams with data science and AI hold the key for enterprises investing in the transformation of customer experience.
Imagine the potential of AI in driving better customer service, personalized customer experiences or improved accuracy in predicting the right product offers or next best action. With the right AI roadmap, enterprises could change the customer experience paradigm and gain a competitive edge.
Customer Experience: The Ultimate Report Card
In a hyper-competitive global business environment, acquiring and retaining customers just got a whole lot tougher, with customers relying on brand experience rather than loyalty. Enterprises have no choice but to make the customer experience their number one metric and business priority.
Organizations have started moving away from the spray and pray approach to customer experience and begun making investments in building the science behind a buyer’s decision-making journey. Tracking back the outcomes of customer experience programs is crucial for improving predictability on customer growth, retention, and churn. With Metrics such as NPS (Net Promoter Score) and the ‘Customer Experience Score’ becoming the most important KPIs, businesses are looking for systems that deliver real-time actionable insights and alerts.
Did you know it costs more to acquire a new customer than to retain an existing one? Click to read all about the Science of Customer Experience Management here.
Artificial Intelligence: The Cornerstone of new-age customer experience
AI does away with the lag that traditional static KPI systems bring. With the power of automated insights, self-learning algorithms, and conversational AI, AI systems bring real-time insights and recommendations to the last mile, enabling timely and accurate decisions on customer experience triggers.
The use cases for AI may be different based on the type of industry and who their customers are. It could either involve the use of AI as the experience touch point between consumers and the brand or it could be in the integration of AI with the existing systems and processes to deliver real-time customer insights and personalization recommendations. Gartner estimates that by 2020, 85% of relationships will be managed without any human interactions! This is a staggering number that may not seem believable, but efforts are definitely on for a far more integrated system, on the whole, starting with a revolutionized CRM software.
Just think about the possibilities: CRM + AI = real time customer insights + personalization at scale + rich customer interactions
Here’s an Infographic that expounds the very essence of customer experience!
Accelerate Customer Experience outcomes with AI
Digital Enterprises are sitting on a gold mine of customer data in the form of CRM. Add to that unstructured customer data and 3rd party data and what you have is an ideal customer data ecosystem. AI systems have the potential to extract real-time insights from this ecosystem, recommend the next best action for customers and also trigger delivery systems like email, SMS, even ATM kiosks.
AI solutions companies like BRIDGEi2i leverage proprietary AI-powered accelerators for deploying contextual customer experience solutions that help enterprises drive enhanced customer experience and thereby incremental business impact. BRIDGEi2i’s AI labs and consulting practice collaborated with a Global Business Process company to build an deploy a Customer Experience Watch TowerTM Solution, which helped the client increase consumer retention by almost 5%!
Reach out to our experts if you’d like to know more about how AI can help transform your customer experience and propel businesses.