Artificial intelligence(AI) is changing the way companies are engaging with their customers in an unprecedented manner. Some of the latest projections suggest that by 2024, more than 95% of customer engagements would be through the modes which are supported by artificial intelligence. Customers have also raised their expectations and are now expecting integrated omnichannel experience with highly personalized interactions. Therefore, companies need to leverage Artificial intelligence to provide proactive, smart, integrated and convenient interactions along the customer journey for re-imagined customer experiences.
A good understanding of customers is the first step toward an excellent customer experience and leveraging artificial intelligence (AI) can help accelerate this understanding. Better customer experience(CX) leads to improved customer satisfaction and retention. The end objective should be to use Artificial intelligence (AI) to put a smile on the face of customers.
So how is Artificial intelligence(AI) being applied to Improve Customer Experience
1. Automated Customer Service
If you have recently chatted with a customer service agent, probably you might have chatted with an AI powered Chatbot. Companies are transforming customer service by making it automated, quick and hassle free. AI powered Chatbots can understand a customer’s entire history prior to each interaction and respond accordingly. Chatbots and Virtual assistants are being deployed in different customer engagement scenarios as they are designed to engage customers and provide fast, personalized responses round the clock.
2. Promoting Customer Self-service (DIY – Do it yourself)
AI is eliminating the need for customer to wait for support from customer service representative for simple problems by guiding them to troubleshoot and resolve issues themselves thereby saving a lot of time.
3. Predictive Trends and Personalization
Artificial intelligence is helping companies to create experiences which naturally integrate with consumers’ daily lives (Day in a life of customer). Intelligent prediction and personalization is making customers feel as if product or service was tailored just for them. AI enabled systems can predict the likelihood of future behaviours with high accuracy, while simultaneously finding the underlining drivers of customer satisfaction. AI algorithms systematically develops customer profiles by using tons of data.
4. Targeted marketing
More than 80% of marketers feel that personalized content is more effective for customer engagement. Machine learning (ML) is used by companies to analyze their customer behaviour so that they can formulate the campaign to convey right messaging. Companies can design and deliver a personalized campaign to each customer. It’s easy now to find a recommendation based on customers past history. As a customer I am more likely to buy from a company that has taken the effort and time to know me.
5. Dynamic decision making
AI is playing a critical role in providing companies with dynamic decision making capability. Now the success of AI solution is measured based on return on investment, new opportunities, productivity improvement, cost savings etc. AI enabled customer analytics can sift through a larger and complex data space and uncover many more business opportunities. The power of Big data, AI and Machine learning is driving decision making.
6. Productivity Increase
As AI usage is increasing it is becoming more productive and cheaper. AI can work round the clock, learn new skills without making any mistakes resulting in greater productivity. AI powered chatbots can proactively start conversations with customers, providing them with the information they need, or help with purchasing. It can solve common queries and transfer queries it cannot deal with to customer agent team thus increasing productivity and improving the customer experience.
Concluding:
Today companies are focusing on enhancing customer experiences, while trying to minimize costs. Artificial intelligence(AI) can help companies to accomplish this by understanding customers better from the data they generate for each interaction. Going ahead more and more consumer relationships with a company would be managed by AI without any human intervention, as companies move towards a DIY (Do it yourself) concept.
