Customer service has always been one of the most critical functions in a modern business. This is especially true with the advent of e-commerce and social media, which allow customers to communicate with companies in ways that were previously impossible quickly.
The Need for Brands to Improve Customer Service Has Never Been Greater
While some brands are already highly responsive – thanks to dedicated teams monitoring social media channels 24/7 – many others fall short in this respect compared to leading high street retailers. According to research conducted by Lithium Technologies, only 38% of US marketers surveyed say they measure their performance on this front very effectively or at all. In other words, most businesses don’t know how well they perform according to their customers’ expectations.
As a result, brands must think seriously about better serving their customers – be it by improving customer service or even through more innovative means. Meanwhile, the need for brands to improve on this front has never been greater. According to research conducted by Lithium Technologies, only 38% of US marketers surveyed say they measure their performance on this front very effectively or at all. In other words, most businesses don’t know how well they perform according to their customers’ expectations. Thankfully, however, this is not the case with every brand worldwide. The following are some brands that have successfully transformed customer care operations with Artificial Intelligence.
This digital transformation presents an opportunity that brands cannot afford to miss out on. According to Forrester Research, the market for cognitive and Artificial Intelligence (AI) systems will grow from $8 billion in 2016 to $47 billion by 2020.
Artificial Intelligence Is Also Transforming Other Areas of Business, Including Marketing
Although AI does not yet have its separate field of expertise – encompassing an entire discipline like Big Data, for example – it has become a vital part of many different fields, ranging from robotics to cybersecurity to finance.
Forrester’s research claims that cognitive and Artificial Intelligence (AI) systems will grow from $8 billion in 2017 to $47 billion by 2020. It’s no wonder why industries are falling over themselves trying to incorporate the technology into their businesses.
Well-known brands such as Google, Microsoft, and Facebook have been at the forefront of this new AI-driven paradigm shift. In recent years, all these companies have made significant strides forward from the early days of rudimentary forms of machine learning where developers needed to tell machines what data to look for. Now systems can learn from their environment and improve with every iteration – a concept known as Deep Learning. In addition, artificial neural networks that imitate how the brain works enable computers to recognize patterns in images, text, and sound more effectively than before.
Brands can take full advantage of many developments in technology by simply customizing pre-assembled cognitive computing solutions that come packaged with AI capabilities. For instance, DigitalGenius is an AI platform that delivers customer service on demand. It deploys natural language processing, machine learning, and other forms of AI to provide agents with the information they need at every stage of customer interaction.
This solution is even more attractive because it does not require companies to hire or train new staff to handle automated customer requests. This allows businesses to save time and money while providing customers with a better level of service.
How Can Brands Benefit?
AI can also help brands in another way by reducing wastage through increased automation. Watson Content Hub, for example, enables marketers to optimize their content campaigns across all channels – including social media, email, and print – by automatically suggesting what audiences would like based on prior engagement with similar material. This helps create personalized messages that can be sent out swiftly and without the need for human intervention. Check with professionals at RemoteDBA.com for more ideas.
AI can help brands in countless ways, and it doesn’t end with operations. The following are some of the most promising benefits:
Eliminating repetitive work: Using Microsoft’s Bot Framework, businesses need only write a bot once, and it will be able to run on different channels such as Skype, Facebook Messenger, and Kik.
Improving efficiency: Artificial Intelligence makes customer service more efficient by empowering contact center agents to handle more tasks than before. According to information from Tecalliance, an international contact center consultancy firm, eliminating basic inquiries could save call centers up to 90% of their time.
Saving money: Another area where AI has helped companies is through its ability to eliminate costly mistakes. With machine learning, algorithms can determine if a customer is about to churn and initiate corrective actions such as offering discounts and special offers.
Personalizing messages: Marketers can create personalized messages by incorporating Natural Language Understanding (NLU), which identifies what people say so brands can reply with relevant information. The same NLU technology powers AI assistants like Siri and Cortana.
Making decisions: Data scientists use predictive analytics – how pattern recognition within the data sets of the business will lead to insights that allow them to make predictions on future outcomes. Invoca’s attribution engine also makes advertising more efficient using AI by performing real-time analysis of millions of transactions across search, social and local channels, providing greater transparency for marketers looking to attribute their spend correctly.
Making predictions: Predictive analytics allows marketers to analyze data sets across a business to identify the future impacts of their strategy. For example, an e-commerce firm can predict how many customers it will have next month using machine learning and historical purchase trends.
Leveraging big data: AI solutions such as IBM Watson Analytics for Cloud scale up our ability to handle large amounts of information that need processing without lag time. They also provide the ability to visualize the insights they have generated. IBM’s solution can read millions of rows and columns of structured and unstructured text in seconds, making it more effective than humans who can only process about 10 at a time on average.