Businesses are heading, growing and leading, day by day with the help of AI and ML.
Surprisingly, many people have heard about machine learning and artificial intelligence but do not understand how these technologies work and how it helps to enhance the customer experience.
In a simple definition,
“Artificial Intelligence could be best explained as a technique to create intelligent hardware/software machines replicating humans in all forms: learning, problem-solving, decision-making and responding”
Usage of AI & Machine learning has grown expeditiously!
- According to an expert’s point of view, (MLaaS). Machine Learning as a Service market will be supposed to enlarge the market by $7.5 billion by 2022.
- Tractica predicts that AI is going to expand its software market globally with a hike in revenue generation to 126 Billion U.S. dollars by 2025.
Now, the question is straight forward- Do we need AI in customer experience?
It is the time’s requirement like we humans are evolving with time so customer experience concerning AI should also be a need. Further, if we see through another perspective it automates the regular tasks & structures the whole data which helps an organization to better understand the customer’s opinion to work on.
There is a buzz created across the globe, the particular technology helps to transform from data collection to process them for further marketing. This is the reason ML is working on the most captivating development as (APIs) Application Programming Interface.
Let’s learn from the Overlords and acknowledge how we can get the maximum out of AI & ML by integrating the grounds of these super-powerful technologies of today.
Multi-Million Dollar Companies Implementing AI & ML to Improve their Customer Experiences
As we all know American Express is not a small company, it is huge and has a good credibility in the market. The Data Volumes at Amex was not only increasing but also was modifying a lot.
More than 55% of people are executing businesses via mobile phones and over 40% of the online transactions are done successfully from mobile devices.
American Express has huge customer data related to which they look upon Machine Learning and its problem-solving algorithms that can assist the company to study customer behaviour, new customer acquisition, and better customer experience.
Virtually, ML tools and techniques consume unlimited amounts of comprehensive data and review and modify it as per the need. The support of powerful and robust backend codes and algorithms identify relevant variables and produce relevant data feeds to be worked upon.
Machine Learning requires tons of data sources that will include spending details of customers, merchant personal information and card membership.
“Incorporating AI, ML, and their subsets, American Express has made their online engagement to witness a remarkable rise of growth and productivity by 40%.”
Amazon is considered as a giant of e-Commerce, AI Machine Learning are modifying every aspect of Amazon’s business, from its Echo smart speaker, warehouse, to all its products.
Amazon is using ML technology to come up with product recommendations based on those particular products and services that the users have already liked. The technology behind those system updates regularly.
Nowadays these recommendations are playing a major role all thanks to ML.
Another Amazon astonishing product is Alexa, voice assistant, she provides the services of guide robots which help the customers to grab items via voice assistant, further, it allows users to access the cloud-based tools, and a lot more.
Amazon’s Alexa grows smarter using Machine Learning, developing its capabilities being more human-like.
Who doesn’t know about Disney, it is a huge company in the entertainment sector. Disney uses ML Algorithm and IoT (Internet of things).
After many years of testing, Disney has finally launched a MagicBand basically it looks like an ordinary wristband that is combined with RFID technology. These Magic Bands transmit with the number of sensors present in the Disney premise, to enhance the Customer Experience.
Magic Band includes multiple features and acts as tickets, keys of the hotel, credit cards, and a lot more. With the swipe up of the band, the complex across the park knows where you are, what you need and what you are doing.
Moreover, your favourite Disney characters could find you and greet you and your children wherever you are.
Let’s see 4 Ways AI is Restructuring the Customer Experience
This is an important way to improve the customer experience. This is an era when we hardly search a thing twice; it’s so easy now to find a recommendation based on your history.
I am talking about the product we are searching for on Amazon, shows on Netflix or songs on Spotify, etc. Artificial Intelligence is essentially putting “in the know”. This is a time where everyone knows everything relevant to their wants and needs. So it improves the personalization.
#Providing “happy” customer service agents
Let’s face it: It is not possible for customer service people to take care of every customer and keeping them waiting is not an option and most of the time service people also get irritated than AI is here to resolve the problem.
The benefit of AI, however, is that it never gets upset. Although AI has the power to learn emotional intelligence, it works calmly without being bothered.
Chatbots, new virtual assistants powered by AI are adept in enhancing business communication, raising the level of customer experience to an exceptional and unbelievable level.
Another benefit of AI: it doesn’t require a night of sleep. AI allows their customer to 24/7 support—most of the companies cannot hire staff 24/7 similarly most customers couldn’t wait until you open the door and get answers to these questions.
AI makes that possible.
#Allowing for Automated Life Assistance
The trend has come when people are more curious about voice assistants, it saves them time and efforts of humans. Rather than scrolling something on Google, we can use Google assistant by telling it our needs, for example, setting an alarm at 9’0 morning, weather forecast, adding the products on cart etc. It works as a Jarvis of Tony Stark.
There is much company who set their own voice assistant such as:
- Siri (Made by Apple)
- Alexa (Made by Amazon)
- Google Assistant (Made by Google)
Give a 5minutes read to– “Future of AI in 2020: What are the Trends and Predictions?”
As we all know AI is the future of the world and has helped millions of dollar companies to develop the customer experience. With the evolving AI, presently it is an endless opportunity to combine the data and create a customer Analytics which helps the organization to simplify customer interactions, further it can deliver meaningful messages to increase customer engagement.
If you are giving a personalized experience to your client with the help of ML, it will significantly improve your credibility and brand perception. “Great power comes with great Responsibility” it means there are certain risks too there is a high probability of inappropriate use of customer data.