With Artificial intelligence (AI) taking center stage in the enterprise, it is no longer just a strategy for business advances, it’s fast becoming a primary tool behind many success stories.
AI and automation are increasingly helping create business advantages – from predictive analysis to transforming customer experience (CX).
The latest report from Interactions, titled “THE STATE OF AI DECISION-MAKING”, reveals some surprising insights from 151 mid-to-high level managers in the U.S. The Harris Poll conducted the online survey to the marketers – who collectively work for companies with $400 million+ revenue and familiar with AI solutions. Nearly 96% of surveyed marketers confirmed that AI technology is extremely crucial for their business’ success, and 93% of them have been involved in an AI deployment at their workplace. However, around 52% think their company did not adopt technology much as it is supposed to be.
Moving forward, the majority of the respondents – about 89% feel the usage of advanced technology and AI spanning their organization will increase over the next years. Besides, 87% believe their companies’ value the hard benefits of AI more than their soft benefits. As per the report, soft benefits of AI, like improved customer experience and customer loyalty are among the primary drivers of AI deployment – while 87% of the surveyed marketers believe that companies primarily value the hard benefits of AI than the soft ones. And in its support, an overwhelming 71% report their company measures the ROI of the AI project using demonstrable soft benefits.
Chief Marketing Officer at Interactions, LLC, Jim Freeze, has been reported having said – “Our primary research reveals that, as exceptional CX continues to grow in importance as a top competitive differentiator, companies are investing in AI deployments not for immediate return but for long term transformation…As business leaders continue to invest at the intersection of two exciting tech trends—adopting artificial intelligence and enhancing the customer experience—they signal a trend towards putting the customer first, prioritizing transformational customer experience over cost savings.”
Some more findings:
It was revealed that enhanced CX is the most frequently cited primary driver of AI implementation decisions (53 %), which is above cost reduction (cited by 48 %) and the potential to drive top-line revenue (39 %). Precisely in the contact center, 61% percent of respondents said that they are “very likely” to implement AI technology – provided it improves CX on the spur of the moment and marginally reduces costs.
There is a strong consensus about the value of AI-related to improving customer experience. As stated in the study, “Soft benefits such as potential for competitive advantage (66%) and ability to accelerate digital transformation (63%) are frequently cited as very important potential outcomes of AI technology, although falling in the middle of the pack of primary drivers determining whether to proceed with AI project implementation (44% and 43%, respectively).”
Clearly, businesses cannot maintain a competitive advantage if there is no focus on customer experience – even 95% agreed to the fact. Jim Freeze also mentioned, “Our research with The Harris Poll shows that the value of providing streamlined customer experiences has reached a point where it’s the primary driver for AI investment. At Interactions, we’re following this trend closely, and as CX standards continue to rise, we expect the emphasis on AI’s soft benefits to accelerate.”