The Future of CX is AI

April 15, 2018


Analytics
Mudeeha Yousaf
Tech Enthusiast

The traditional consumer experience (CX) model has rapidly shifted to include Artificial Intelligence every step of the way.

Artificial Intelligence – to some – is a scary word alluding to robot-takeovers and losing jobs to intelligent machines. To others, though, AI translates into endless possibilities and opportunities.

Gone are the days where business was conducted from 9 – 5 Monday through Friday, and consumers packed the malls on weekends to buy products. We live in a 24/7 world where shopping is done at all hours, through all mediums. The same goes for business. So why not make it as simple as possible by using algorithms to automate specific tasks?

How has AI transformed nearly every industry and enabled customers along the way?

Imagine you’re waiting for an important parcel to arrive. Now instead of spending an hour on the phone with the contact center waiting for the status of your package – you can just click open a Chatbot and have your question answered in seconds. Chatbots can also make purchasing recommendations, capture leads and are changing the way businesses interact with their customers.

By 2035, AI technologies are projected to increase business productivity by up to 40% – Accenture

Then imagine you are placing a drink order at your local Starbucks. The coffee chain now offers consumers extra points based on their purchases and virtual assistants can suggest personalized drinks and food based off of past purchasing decisions. That’s marketing made easy, decisions made quickly, and insights done right.

Finally, picture you have sustained an injury at the gym and can’t use your mobile phone to type in a query. No problem – Siri, Alexa or Cortana can understand your voice commands and respond instantly. It’s no wonder that 40% of adults use voice search at least once per day.

Because of these instances, and hundreds more that use AI technology to change how customers interact with service providers, Forbes predicts that by 2025 an estimated 95% of customer interactions will be supported by AI technology. Google has even moved away from a mobile-first to an ‘AI-first’ approach. By switching focus to machine learningGoogle is acknowledging that AI is the new future and those companies that fail to invest now risk falling behind the curve. And if it’s good enough for Google, it’s good enough for you.

US businesses are losing $62 billion per year through poor customer service – NewVoiceMedia

Other Instances of AI in Action

  • According to Accenture, one large government finance agency has implemented digital assistants for customer service across phone, web, and email channels. Over a 16-month period, AI-supported call volume rose from 35 percent to 95 percent— enabling 80 percent of front-line staff to concentrate on higher-level, more intensive support (Source: Accenture)
  • We even used IBM’s Watson AI platform to help simplify the language in complex documents to help businesses communicate with their customers better.

By training machines to mimic human judgment and analytical skills, businesses can cut costs and consumers can save time. AI will make good businesses great, and great businesses impossible to say no to.

What do you want for your organization – fearing losing clients to companies embracing AI, or taking the risks needed to provide a superior experience for your customers?

Develop your enterprise AI strategy today. Speak to the experts.