When talking about a successful business, one of the primary factors is customer satisfaction. In fact, some may give it more weightage than all other factors combined—measuring success in quantifiable terms.
Ensuring that employees are available for customers around the clock is an extremely taxing job. Businesses need to look for and invest in effective technologies, not only to enhance customer service but also to maintain buyer relationships and attract new clientele.
Given the rapid advancement in technology and its presence in our day-to-day lives, it is crucial for businesses to delve into the realm of mechanisation to provide uninterrupted services. One such pathbreaking technology is artificial intelligence (AI).
While most people may associate AI with sci-fi movies and futuristic worlds, we are already invested in AI in more ways than we realise. For example, your Spotify and Netflix recommendations or smart household devices such as Alexa, are all AI-powered devices. Artificial Intelligence has changed how businesses think and run, especially in today’s world where there’s cutting-edge competition and options aplenty.
According to a survey by Robert Half, “83% of managers in the U.S. are either currently using artificial intelligence/machine learning or plan to use it within the next three to five years.”
Even though AI has made significant breakthroughs in various industries, there is still a long road ahead before it reaches its full potential.
According to a report by Forbes, “In the grand scheme of things, artificial intelligence (AI) is still in the very early stages of adoption by most organisations.”
Not only does AI help bridge the gap between customers and businesses, but it also helps companies save costs and achieve much more. While some might assume that artificial intelligence will one day replace human jobs, the reality is quite the opposite. AI, in fact, helps the human workforce handle growing customer demands. And that’s not all—AI also aims to refine the existing products and services to deliver an even better customer experience.
5 Ways in which Artificial Intelligence is Connecting Customers and Businesses Worldwide:
(1) Hyper-personalization Based on History
One of the most widely adopted features of AI is the hyper-personalization of data based on the customer’s history. This way, consumers don’t have to look for specific things on the Internet every time a need arises.
The personalization feature of AI gathers information from the clients’ browsing history and recommends them what they would possibly like. Right from products on e-commerce websites to videos on YouTube, all kinds of customer-specific suggestions are readily available.
AI has shifted the focus from simple service to exemplary experiences. It not only recognises patterns but also helps businesses get insights to predict customer behaviour and trends. Based on these insights, businesses can understand customer intent better and keep future consumption trends in mind. All this leads to better client interactions and you’re able to provide for their rising (and changing) needs at once.
(2) Providing a Safe Cyberspace
More often than not, safe cyberspace is a major concern for customers. While using Internet-based services, data privacy, especially concerning transactions and bank details, is of the utmost importance. Safeguarding personal information is a top priority for customers and firms alike.
Wondering what role businesses play here? AI can prevent fraudulent deals—reducing their number significantly. These algorithms can detect suspicious transactions, money transfers and can effectively look for loopholes in the cyberspace.
With the continuous development of cyberspace, the number of threats is also increasing. To help build and upkeep the trust of their customers, businesses need to develop a reliable system with multi-level safeguards for sensitive data. Cloud services, empowered with artificial intelligence, provide just the right platform for this purpose.
(3) Better Customer Response and Services
Businesses may not be able to ensure the availability of their employees round the clock. So, what happens if a customer wants to avail a service during non-office hours, or on a holiday, or any time during the non-availability of a customer service representative?
Artificial intelligence and its allies’ step in here to assist a great deal. Services such as virtual assistants, chatbots and business intelligence bots are highly effective. Not only do they answer customer queries swiftly, but also prevent long waiting times, thereby leaving your customers happier.
Another aspect of an AI-based service is that unlike humans, it is always ready and energised to answer customer queries and has no qualms in repeating itself. It will save businesses the hassle of an unfriendly customer experience.
According to a report by Gartner, “between 2018 and 2019, organisations that have deployed artificial intelligence (AI) grew from 4% to 14%,” thereby indicating the increasing preference for AI-based services.
(4) Take Well-Informed Actions
The art of machine learning has helped businesses solve all kinds of problems more effectively. AI-based systems help gather and sort large amounts of data which can be used to create problem-solving models for companies. These models are aimed at targeted communication and customer-based solutions to assist businesses.
Artificial intelligence-based services also multi-task and initiate a quick response or call-to-actions. They also provide useful consumer insights based on previous trends, data analysis, chat history and previous preferences.
(5) Reduced Research Time and Better Predictive Insights
How often have we wondered how our favourite e-commerce website knows exactly what we are looking for? Well, it’s no miracle—it’s all the work of an intelligent technology that aims to ease the lives of both customers and businesses.
Looking at the frequent page visits, previous patterns and relevant history coupled with the algorithm of machine learning, artificial intelligence can make considerably successful predictions. For customers, this translates to reduced research time looking for what they want, and for businesses, it means better predictive insights for refined services.
These predictions also eliminate the hassle for customer service agents, since they will already be well aware of customer preferences before getting on calls with important clients.
With more and more businesses moving to cloud technology every day, the cloud has become an inevitable part of our lives. Artificial intelligence is a constantly evolving and self-updating system that successfully brings customers and businesses together.
Transitioning the way businesses operate, AI is helping all sectors, right from data collection and interpretation of trends, to customer services and sales and marketing strategies. Not only does it promise cost-saving and better time management, but also makes the customers feel valued.
- AI, as an emerging trend, has also made it to Gartner’s Hype Cycle for Emerging Technologies, thereby outlining its significance and prominence now more than ever.
- AI can also replicate human elements such as problem-solving, assessment and decision-making skills to a certain extent, which also means greater operational efficiency.
Did you know that Facebook Messenger’s AI alone has over 300,000 functional bots that are responsible for exchanging almost 20 million messages between businesses and customers?
In today’s cutting-edge world, each business is aiming for highest efficiency with minimal costs and all the world’s greatest companies—right from Amazon to Apple to Google to IBM—have invested in AI, and continue to do so to improve their services.
Artificial Intelligence is rising through the ranks quickly and has the potential to make impactful and long-lasting improvements to the industry.
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