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How Artificial Intelligence Will Take On Customer Experience By 2021

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How Artificial Intelligence Will Take On Customer Experience By 2021

AI presents an opportunity for enterprises to advance their understanding of customer goals and the journeys they take to accomplish those goals. Learn how AI can boost customer Experience

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Customer Experience (CX) is a key differentiator that allows you to gain a competitive advantage over your competitors. It’s the only factor that leaves a positive lasting impact on the customers’ minds. Positive customer experience makes the customer feel good, while negative customer experience leaves the customer unhappy and unsatisfied. 

According to OpenText, 30% of customers will leave a brand because of bad experiences and never return.

CX is the next big thing. Studies show again and again that CX can have more of an impact on customers than the product quality, price, or service. Brands that take customer experience seriously witness exponential growth and revenue than their competitors. 

Businesses today know the importance of CX for customer retention and new customer acquisition. That’s why many companies are turning towards incorporating artificial intelligence (AI), analytics, business intelligence (BI), and various other machine learning projects to deliver a seamless customer experience along the customer journey.

Artificial intelligence (AI) is said to be the branch of customer science that develops machine intellect and takes on the personal approach and style of thinking and work like humans.

Many small and large companies have implemented AI and have seen various improvements. By 2025, it seems likely that a significant percentage of customer interactions will be managed and handled by artificial intelligence (AI).

According to Gartner, digitally trustworthy companies will generate 20% more online profit than people who aren’t.

AI isn’t limited to just chatbots and virtual assistants. It’s a machine that will drive the complete CX engine. AI will predominantly fill the missing elements while delivering an excellent customer experience. AI-driven solutions will drive CX across various industries and jobs.

Why Artificial Intelligence?

Every company understands that they are in the CX business. As per McKinsey's report, successful companies see revenue gains of 5% to 10% and cost reductions of 15% to 25% within 2 to 3 years. 

investment in AI

Why is AI Becoming a Critical Component in Dealing with CX?

Customer experience professionals who deal with customers’ data daily know the challenges in handling the data. Moreover, navigating through multiple tools to make use of the structured and unstructured is a complicated task. Many CX professionals have given up on the data task due to miscalculation, wrong analysis, inconsistency across data, and negative influence on decision making.

And that’s why AI is required. AI works way faster than humans and takes in all unstructured information, just like humans. AI can capture voluminous data, take notes of interaction, and generate ready to use reports.

AI affixes several customers’ data at various touchpoints and fills in to make meaningful and actionable insights. Artificial intelligence combined with human intelligence makes way for faster decision making with real data.

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However, for the successful integration of AI in your customer experience process, here are few benefits to consider before implementing it.

1. Cost-Effective

Training resources increases operational efficiency but increases operational costs too. Why make customers hold their phones to speak to the next available representative? Using advanced customer service techniques by artificial intelligence provides reliable, flexible, and scalable solutions that will lessen the cost. The cost to train resources and infrastructure costs will widely reduce with the addition of these tools.

AI solutions like ready chatbots and virtual assistants can take businesses to new heights. Chatbots can reciprocate a conversation with a user in natural language processing (NLP) through phones, messaging, websites, or through any apps. Virtual assistants can understand natural language processing (NLP) of a user and complete the task for the user.

AI can do tedious tasks without any provision. It eliminates the concept of human supervision. Moreover, it frees up agents handling complex issues and concentrates on providing better resolutions. It also reduces employee attrition and the number of people required to do the job leading to substantial cost saving.

2. Live Agent Support

It’s difficult for a customer support agent to be available for a non-stop period. But someone has to answer users on time or within the defined SLA. Users report queries and issues that need immediate attention.

Such questions can be solved by AI tools that record the items and match them with the closest match. AI tools and automated support can answer customer queries throughout the day.

AI-assisted live agent chat systems can absorb all the customers' queries at once and answer it in the best form of human interactions without customers knowing about it.

Implementing a robust AI tool gives companies a lot of coverage. It’s difficult for business enterprises to set-up a centralized customer support system spread across geographies and time zones.

With AI in the game, it's easy to build up data and information from the existing warehouse within the organization to answer repetitive queries, complex questions, irrespective of where you are based, or planning to move in the future.

3. Self-service

Nowadays, customers aren’t as interested in calling a customer service agent for any assistance or queries. They don’t want to explain to someone about the problem and end up being dismissed without any resolution. At times, it’s quite frustrating.

That’s when investing in an artificial intelligence tool is essential for satisfying the digitally inflicted souls. When everything is digitally acclaimed, organizations do not want to stick to their old mundane processes.

Artificial intelligence offers customers always-on self-service in the form of chatbots, virtual assistants, and online forums. With Natural Language Processing (NLP) chatbots in customer service and lead generation, businesses can provide human-level interactions without letting the customer know about it. 

If your organization is looking to better up customer experience with less direct human interaction, then you should incorporate an AI tool for enhanced customer relationship management and improved customer satisfaction.

4. Customer Feedback

Customer feedback is the first and foremost element required by any organization looking to improve. It is customer feedback that lets companies know if their customers are happy or dissatisfied. Brands that do not focus on customer feedback have seen less revenue and customer conversion. 

With no new customers, businesses are likely to face downfall. AI on customer feedback helps you collect customer feedback across all platforms in a go, irrespective of data from various platforms or sources. 

AI on customer feedback depends heavily on qualitative feedback; hence it’s crucial to focus more on natural language processing (NLP) to make feedback analytics easy and actionable.

With powerful and advanced AI technology in your system, you will make real sense to AI and give a holistic view of the whole customer feedback under one platform. Anybody in your organization can take multiple forms and collect feedback, but the real challenge is to gather data to make meaningful insights, and that only AI can do.

Conclusion:

Whether you are a big or small organization, a data scientist, or a customer experience professional, the real use of AI on CX is the need of the hour. Your organization may lose revenue, customers, and business if you don’t find ways to make things easy for customers in the long run. 

Artificial intelligence (AI) has grown over the last few years and has the potential to break markets. Many fortune companies have realized the importance of AI and implemented it to enhance customer experience and build a positive brand. The numbers will rise shortly. 

So, what do you think about AI on CX? Drop a comment to continue the conversation.

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