AI Redefining New-Age Customer Experience In 2021

Deepa Param Singhal Aug 11, 2021

“AI is starting to deliver on its potential, and its benefits for businesses are becoming a reality,” says Svetlana Sicular, VP Analyst, Gartner

Customer service and marketing are two areas where we see an increase in the deployment of AI-based applications. In marketing, AI is used to provide more personalized and automated communication, whereas, in customer service, AI enables more efficient handling of service incidents through intelligent advisors that support both agents, and chatbots. According to a Gartner poll, “47% of artificial intelligence (AI) investments were unchanged since the start of the pandemic, and 30% of organizations actually planned to increase such investments.” And the prevalence of such technology is only expected to grow. According to Gartner, by 2022, 70% of customer interactions will involve emerging technologies such as machine learning applications, chatbots, and mobile messaging— a rise from 15% in 2018.

Let's take a closer look at how these technologies can improve customer experience (CX) in areas such as customer service, marketing, and sales.

Are chatbots the future of customer service?

It is estimated that the chatbot revolution is still in its early stages. According to Verified Market Research, the Global Conversational AI Market will be worth $18.02 billion by 2027. The rise of this market is attributed to the reshaping of omnichannel deployment methods and the low cost of chatbot applications. Chatbots are of undeniable interest in customer relations because they allow for the simplification and acceleration of information searches while also providing precise and personalized responses.

Users no longer have to search a company's website for information. They can simply interact with the bot via a discussion interface that they are already familiar with. The bot, which is linked to the company's information system, has direct access to the client's files and can thus provide a personalized response. This has the added benefit of improving customer satisfaction, while also optimizing customer relationship management by reducing the need for human advisors.

Employee satisfaction is another key component in providing a positive customer experience. In that regard, Hilton is one brand that has recognized that the experience they offer their employees is just as important as the one they provide to their customers. The chain, which has always believed in upgrading itself technologically, , meets these employee expectations with several digital technologies, including chatbots.

Success with AI in marketing automation

Artificial intelligence marketing is a developing concept and the most important type of marketing today. It enables entrepreneurs to capitalize on the unrivalled potential of AI, ML, and other technologies to achieve their marketing objectives. In a nutshell, AR marketing is the process of collecting customer data and predicting their next move. Such analytics can also help direct-to-customer brands personalize their messaging and communications. It enables digital marketers to perform all activities with a single process, such as data collection, analysis, and retrieval of critical information, among other things. AI can make data-driven decisions in real-time while maintaining accuracy. Big Indian companies are experimenting with AI-powered solutions for engagement and customer experience.

The advantages of intelligent sales advisors

Many confident sales representatives insist that AI is not required for success. However, a portion of all sales force typically performs below expectations for some time because they are inexperienced, new to the company, or have a sales territory that is too large to handle. Applications that can help them focus on the most valuable prospects at the right time by making intelligent recommendations will make a significant difference. And the larger the territory, the more effective this additional assistance can be.

Indian companies are realizing that if done the right way, ML and AI not only lead to extra revenue and profit, but they can also improve your reps’ employee experience, which can further lead to a better customer experience overall.

Unifying your customer intelligence is key

To fully realize the potential of machine learning and artificial intelligence, and provide the best possible customer and employee experiences, access to comprehensive customer data in real-time is required—a customer data platform (CDP) that can provide a single source of truth. Then, regardless of who accesses the data—whether it's one of your sales reps, customer service chatbots, or a back-office employee—customers will receive the personalized experience they've come to expect, and employees will be able to make each and every customer interaction matter.

The author is Deepa Param Singhal, VP, CX & HCM, Oracle India