Artificial intelligence is no longer on the sidelines of the business world, restricted to exploratory projects or in-house experiments affecting only a small aspect of operations. It’s now a force to be reckoned with, and it’s one that is increasingly powering customer experience solutions for companies across a wide range of industries.
In fact, a recent report based on the responses of nearly 600 customer experience executives revealed that 86% expected to use AI to customize every product or service offered by their organization within the next 5 years. That’s a staggering revelation when it comes to personalizing customer relationships, and it poses the question: what might that look like moving forward?
Depth and breadth
Artificial intelligence is a versatile tool that can have more than one impact within a given organization. Its application is broad enough to do things like power chatbots that interact directly with customers, to sift through customer data and present website visitors with tailored product results and offers, or even forecast client pricing and discounting for business-to-business clients.
The common theme linking AI implementations is analytics. By quickly processing vast amounts of previously unused information gathered during the course of doing business, AI tools mine everyday interactions for actionable intelligence. One financial services firm director surveyed by the report specifically pointed out that it’s the analytics side of artificial intelligence, highlighted by its ability to leverage customer data, that will best improve outcomes for both business owners and clients.
Ultimately, AI is seen as a method for understanding the needs of individual customers even for businesses that regularly process tens of thousands of transactions. According to the report, half of AI early adopters pointed to the ability to offer more relevant products and services to clients as being a major benefit, followed closely by further personalization of the end-to-end customer experience.
More exotic applications of artificial intelligence are also starting to bear fruit. Proactive, or “predictive” customer service can identify client needs, issues, and support requests in a bid to best prepare staff for handling these types of issues. At the same time, predictive potential can also identify market opportunities that may have not been previously considered, or which may be forming in real-time — a task that 45% of executives say is a popular use case for AI.
New tech, new efficiencies
Breaking it all down, artificial intelligence offers a wide spectrum approach to dealing with traditional business needs, while opening up new horizons of value and operational efficiency.
Looking at those companies which have moved ahead of the pack to adopt operational AI, the benefits seem clear. Improved customer experience, increased average transaction size per customer, and overall better insight into the 360-degree customer picture — and a quicker response to any support needs that go with that — are some of the top highlights of what these organizations are already enjoying thanks to this technology.
In an increasingly competitive world, the ability to differentiate one’s products and services from rivals is vital to remaining in the black. Artificial intelligence is unlocking the next frontier for tech-savvy corporations willing to invest in the future today.
For more information on how CX leaders are using AI and emerging tech, view the full research study, “The Impact of Emerging Technology on CX Excellence” by Oracle in partnership with ESG.