The world is producing more data than ever before and it is only going to continue to grow. A recent Harvard Business Review article cites that by 2020 44 trillion gigabytes of data, will be produced every day. For context, 1 gigabyte holds the contents of enough books to cover a 30-foot-long shelf.
For marketers charged with delivering better customer experiences this means mountains of data to plough through to extract actionable insights from a plethora of customer interactions. However, as the article explains, there is a solution to this challenge. Implementing a system that utilizes AI and machine learning can help uncover the insights needed to deliver the brand experiences our customers expect.
Artificial Intelligence to the Rescue
Provided smart systems are set up properly, AI can predict customer preferences and drive better, personalized experiences. And, AI not only facilitates better customer experiences. By deploying the right Artificial Intelligence technology, your business can benefit from:
- Saving time and money by automating routine processes and tasks
- Increasing productivity and operational efficiencies
- Making faster business decisions based on outputs from cognitive technologies
- Mining vast amount of data to generate quality leads and grow your customer base
- Achieving cost savings, by optimizing your business, your workforce, and your products
- Increasing revenue by identifying and maximizing sales opportunities
- Growing expertise by enabling analysis and offering intelligent advice and support
Technology Alone Will Not Produce Meaningful Results
Machine learning is fundamentally only a facilitator. It brings all the data together and presents it in such a way as to be usable. But the machines still need human input. It is your strategy for applying advanced personalization that will reap results. To illustrate this point, the article cites two meaningful examples — two different businesses, two different approaches. Both leveraging AI and machine learning technology to drive better customer experiences.
- Sprint: Reduced customer churn rates by 10%, to an all-time historic low, by using Machine Learning and giving Customer Service the insights needed to have next best actions at their fingertips.
- Royal Bank of Scotland: Used machine learning to help them move from a sales-driven culture to becoming a more trusted advisor than your typical bank. Through a new culture and technology strategy, the company pivoted and raised its Net Promoter Score by 18 points. Analytics helped the bank identify customers that need help and the bank calls them to give them financial advice.
To find out more about how AI drives better customer experience, download the Harvard Business Review article, AI Can Comb Through Your Data to Create More Compelling Customer Experiences, here.
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