How To Improve Customer Experience By AI-powered Services/Products?

TABLE OF CONTENT

What is Artificial Intelligence? 

Notable AI-powered services/products 

4 AI-powered services to improve customer experience

Future of AI 

Final words 

Artificial Intelligence (AI) has been seen as one of the leading trends in technology, AI continues to gain more popularity in the business world. The company always has to be up-to-date to utilize the new technologies offered around the globe. As the competition is getting tougher every day, many companies are running in the race of applying technology in doing business to improve their performance.

According to a statistic from Finances online, one of the major technologies people should know is that 71% of top CIOs’ technology wish list is Artificial Intelligence. In addition, Forbes (2022) reported that 12% who have already mastered AI are seeing 50% greater revenue growth on average than their peers. Generally speaking, AI is being widely adopted in business, but most companies aren't using it to take over the world, but rather to automate processes, improve customer experience and personalization, increase output, and analyze data. In general, businesses are attempting to gain a competitive advantage in the market. 

What is Artificial Intelligence?

There will be a shortcoming when mentioning artificial intelligence without the name of Alan Turning (1912 - 1954), who had put the fundamental goal and vision of AI in the paper “Computing Machinery and Intelligence” (1950).   

Simply speaking, Artificial intelligence is understood as intelligence demonstrated by machines. AI is an interdisciplinary science with many approaches, but advances in machine learning and deep learning are causing a paradigm shift in almost every sector of the technology industry. AI also includes Expert systems, voice recognition, machine vision, and natural language processing (NLP).

Notable AI-powered services/products

AI is everywhere but little do people recognize it. There is a fun fact that 63% of people actually do not know that they are using artificial technology (HubSpot survey, 2020). Here are some of the notable AI-powered products and services that you probably should give your attention to:

1. Chatbots
2. Proactive healthcare management
3. Maps and Navigation
4. Text Editors or Autocorrect
5. Search and Recommendation Algorithms

4 AI-powered services to improve customer experience

There are three most common applications of AI in business to help companies improve customer experience.

Integrate FAQ’s Into Chatbots

AI facilitates a better understanding of the customer, one of the AI services powered by AI is chatbots which is one of the most common applications of AI in customer service (80% of marketers in 2020 already had chatbots as part of their customer experience strategy). 

Businesses are already using chatbots of varying complexity to handle routine questions like delivery dates, balance owed, order status, and anything else derived from internal systems. Although customers prefer chatbots to human interactions, they have not experienced the best out of it. 

With knowledge automation, by simply connecting your existing content to a knowledge automation technology, chatbots can serve the customers by explaining and providing solutions after a customer's purchase and even more complex questions. It can be said that chatbots are one of the useful ways to maintain customer loyalty for your company. In addition, this provides an additional opportunity to eliminate the need for customers to contact an agent. 

Using AI to better understand customers

Predictive personalization is an artificial intelligence technology that can make a customer's experience feel as if it was custom-made for them. AI is constantly learning and improving based on the data it analyzes, and it can predict customer behavior. This enables brands to provide highly relevant content, expand sales opportunities, and enhance the customer journey. For instance, streaming services can recommend movies and television shows to watch, as well as new music and podcasts to listen to. AI can also be used to recommend the best next steps for the customer by learning how similar customers' interests and insights reflect their needs. 

AI-empowered assistant

AI agent assist is an AI-powered assistant that assists customer experience and customer success teams in responding to customer queries by churning through all available data and generating the best possible responses for agents to consider. This intelligent assistant can combine all channels of communication for a brand and personalize conversations based on the context. Some benefits of using AI-powered assist can be mentioned:

• Gain customer’s trust
• Consolidated data
• Reduce data churning
• Improves human agents’ efficiency

Real-Time Decisioning and Predictive Behavior Analysis

Real-time decision-making is the ability to make a decision based on the most recent data available, such as data from a customer's current interaction with a business, with near-zero latency. 

Real-time decision-making can help with more effective customer marketing. One example of real-time decision-making is identifying customers who use ad blockers and providing them with alternative UI components that will keep them engaged. Another example is personalized recommendations, which are used to present the customer with more relevant content. 

AI and predictive analytics can go beyond historical data, providing deeper insights into what has already happened and what can be done to accommodate a sale through recommendations for related products and accessories. This makes the customer experience more relevant with a stronger emotional connection with a brand and might increase the conversion rate.

Future of AI

In this era, technological advancements continue to accelerate, and people are now living in the age of Big Data, where they can glean massive amounts of information that were previously too cumbersome for a person to process.

AI in cybersecurity is expectedly a good matter to think about. The World Economic Forum in 2021 identified cybercrime as potentially posing a greater risk to society than terrorism. And artificial intelligence can have a lot to do with this. Smart algorithms are increasingly playing a role in keeping us safe from 21st-century crime by analyzing network traffic and learning to recognize patterns that indicate malicious intent.

Final words

Some of the benefits of using AI in the customer experience are:

• Businesses can be able to predict things that customers might need by using algorithms and intelligent systems. 
• Businesses can also use AI to track their customers' actions and preferences over time. This allows them to target advertisements to their most likely customers.
• Rather than just improving customer experience and increasing the likelihood of customers’ positive responses, it can also help businesses save a significant amount of money.

In 2022, artificial intelligence is on its way to becoming the most transformative technology humanity has ever created. To understand the needs of customers, AI can perform customer experience management functions such as sentiment analysis, data mining, and predictive analytics. AI can also be used to automate repetitive and time-consuming tasks, freeing up time for agents to focus on high-value interactions. It can be said that utilizing AI properly in doing business can gain great returns for your company.