The Impact of Artificial Intelligence on Businesses
With dwindling differentiation among competitors in many industries, a growing number of marketers have realized they need to refine their strategy to transform their businesses into real-time and predictive enterprises by using AI/machine learning technologies to deliver consistent experiences across all customer touch points.
Marketers will more closely align with the CIO and IT department in order to ensure the company's IT architecture can capture digital footprints. This will allow for the study of customer behaviour patterns and other current events (like weather) in real-time time in order to fuel smart recommendation engines.
Data-driven decision making in real-time will take over “gut feel” decisions in marketing. Earlier business was driven by accounting, finance and operations leaders. In the imminent future, businesses will be driven by CMOs who are empowered by digital data, historic data and a business reflex to drive business processes depending on real-time events and customer interactions.
AI/machine learning is rapidly being embraced by enterprises as a part of their digital transformation strategy, but the market is still in its infancy. Most direct marketers have contact centres which receive millions of calls in a year, but only record 10% of their customer calls and perform QA on a fraction of them. This does not provide a real-time, full visibility of their customer disposition. Most realize that delivering superlative customer experience is a round-the-clock business, but now need to put budget behind that belief.
Recent advancements in AI have started disrupting the way customer care is administered and LVCSR propelled by Artificial Intelligence and Machine Learning is rapidly becoming an extremely powerful weapon for algorithmic businesses.
Firms these days are seeking outside assistance to improve how they engage with their customers across all channels. In most cases, this involves implementing solutions in call centers, where most customer relationships are truly tested. As per Forbes, Customer Call Centers are becoming a critical touch point for businesses and a moment of truth for customers – when a three-minute phone call can make or break a valuable relationship.
The latest analytics engine AMPLIFY enhances customer experience by funnelling and analysing various customer interactions including chat, tweet, web, email, voice calls and suggesting the next best actions. It provides real-time reports of customer issues and full visibility of customer sentiment analytics. AMPLIFY enables the call center agent to show empathy and upsell a customer to buy, increase the transaction size or persuade a dissatisfied customer to stay.
A similar AI and ML based recent platform is NIA that allows customers to build custom experiences to suit their business needs and is considered as a global problem solving medium. It tackles business problems such a forecasting, understanding consumer behaviour, understanding compliance, fraud, etc.
While these are just a few of the AI based solutions recently introduced into market, there are many that make us believe that AI will surely bring about a revolution in the IT industry or it already is!
Senior VP, Sales, Xavient Information Systems