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Create a Competitive Advantage with Customer Engagement and AI

By October 9, 2019 December 11th, 2023 No Comments
AI Customer Engagement

Looking for ways to improve your AI Customer Engagement? In this blog, we reveal how to execute an engaging, personal customer experience through artificial intelligence.

Introduction

In today’s customer-centric world, more and more businesses are beginning to understand the importance of delivering an engaging customer experience (CX). Even so, US businesses are losing $75 billion per year through poor customer service, according to NewVoiceMedia.

So, where does this disconnect arise? The truth is, most companies haven’t evolved to meet the realities of the modern consumer. By neglecting to do so, outdated, legacy technology will be the foundation of your customer engagement paths.

This scenario is where artificial intelligence (AI) can benefit your business. AI is used to deliver an intelligent, convenient, and informed customer experience at any point along the customer journey, leading to engaging customer experiences that help you build a competitive edge.

In this post, we reveal a hidden competitive advantage in your CX game thanks to the consumer-oriented capabilities of modern-day AI.

AI and CX

As a business, you probably already recognize the power behind innovative technologies. From augmented reality to 3D printing, breakthrough technologies have the potential to make a positive impact on not just business operations, but CX as well. Thus, if your business is not evolving with the advancing technologies around us, you’re missing out on a significant opportunity for differentiation in your customer service. 

But don’t just take it from us. According to Gartner, by 2020, a whopping 85% of customer interactions will be managed without a human. In that same year, AI bots are expected to power 85% of customer service interactions.

With 2020 approaching, think about the customer journey your company is offering. Are you taking advantage of the cutting-edge technologies in the market to deliver engaging experiences for your customers?

If not, we understand. CX can be a tough concept to digest and strategize. Consumer behavior is irregular and, therefore, CX datasets can be both vague, chaotic, and downright confusing.   

But AI can help your company manage the complexities of CX and bring value to the customer journey. It helps customer-facing roles understand each customer’s history and derive insights from the data in real-time. In a naturally messy data environment, AI excels at delivering consistent experiences across all enterprise touchpoints.

3 Ways AI Builds a Competitive Advantage in CX

To successfully apply AI to CX, one must consider the three core capabilities of AI: data unification, real-time insights delivery, and business context.

Data unification is a must when it comes to capturing the behavioral analytics of your customers. This process creates a single view of each customer by combining data from a variety of operational systems. Once data unification tools are employed, AI instantly integrates customer analytics, making the otherwise dreadful task comparatively quick, easy, and inexpensive to achieve.

Real-time insights delivery is another leading source of competitive advantage in today’s business landscape. According to Forrester, insights-driven businesses will steal $1.2 trillion per annum from their less-informed peers by 2020. Real-time insights delivery is significant to CX as it allows organizations to instantly connect with their customers as soon as the customer chooses to make contact. In this process, all of the customer journey touchpoints become integrated in real-time with the use of analytics.

Lastly, given the business context, AI can deliver simple, isolated interactions. This capability is vital as every company has its own set of touchpoints and a specific approach for using these interactions in their CX. AI can understand the significance of each business event along CX to provide customer journeys that are unique to your business.

Ultimately, these three building blocks of AI work together to increase business productivity across the board. By 2035, AI technologies are anticipated to increase business productivity by up to 40%, according to Forbes. Businesses who wish to look forward should leverage AI systems to deliver quality and efficiency at every level.

Conclusion

With a strategic application, AI can enhance all facets of customer engagement. By applying AI to improve CX, you invest in your customer relationships, and your customers will notice. Now is the ideal time to begin integrating sophisticated AI-enabled solutions into your operations for meaningful communications between you and your customers.

So, what are you waiting for? Research findings reveal that eight out of ten businesses have already implemented or are planning to adopt AI as a customer service solution by 2020. Don’t wait to jump on the opportunity until it’s too late. Contact the technology experts at Katalyst Technologies to gain a competitive advantage in your CX today.

 

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