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How Artificial Intelligence Drives Better Customer Experience

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.

About VeraCentra.  We’re a team of experts here to help you implement and execute the capabilities your company needs to make real personalized connections with your customers.

 

Why Integrating Marketing Technologies in 2018 is a Must

In a recent Forbes article, the importance of shifting our full focus to the integration of our marketing technologies and leaving yesterday’s silos behind, was summed up very succinctly. “2017 was the year of digital discovery. 2018 will be the year of technology and more integration of it into mainstream retail. It will be the year where we see retailers create new operating models that are less focused on their store vs. the web and more focused on creating experiences that gives customers more control and convenient ways to shop. It will be an exciting year where customers will find newness and creativity.”

How Does Your Organization Stack Up?

It’s surprising that skepticism still exists among the leadership of many organizations.  These organizations expect marketing departments to operate without a centralized view of their customers. Thus, they continue to spend valuable time trying to piece together the customer journey, their behavior and preferences, rather than having the time to understand each customer and provide them with an individualized channel customer experience that has customers saying “Wow!”

Integrating Marketing Technologies Starts with Centralized Data

A strong data foundation is needed if we are to give our marketers the tools they need to optimize customer data in a way that delivers the greatest value.

Start by centralizing the fragmented data created by silos and channel specific technologies like; email tools, e-commerce engines, social media, and POS systems. Data integration can be achieved with a Data Hub that layers onto your current systems. This alone will greatly help your marketers’ ability to craft a clear picture of the customer’s journey and where marketing can influence their behavior.

To find out more about how to integrate your marketing technologies download our eBook, The Value of Context, Cross-Channel and Real-Time Capabilities: Advancing Marketing’s Productivity.

About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.