AI and machine learning applications are radically reshaping the customer experience. One area in which AI is surpassing any previous systems is analytics – deciphering data for information. Today, AI-powered analytics can enhance customer experience by providing data-driven insights at an unprecedented scale.
With new technology, changing consumption habits, and constant disruption changing the business landscape, companies need to make quick business decisions based on analysis and facts. They also need to find new ways to enhance their content and target their advertising in this world of instant customer service and hyper-personalization.
AI is the way forward; Gartner predicts that “By 2022, 70% of customer interaction will involve emerging technologies such as machine learning (ML) applications, chatbots and mobile messaging, up from 15% in 2018.”
The aim is to attract and retain customers, creating more resilient and lasting customer relationships, and increasing revenue and profitability. Unfortunately, many businesses do not have data organized properly and sometimes lack the analytic competencies necessary to meet these information delivery requirements efficiently.
Companies need to manage data in an intuitive and integrated way so they gain actionable insights from the data to provide enhanced customer experiences.
AI and Data Analytics
The benefits from proper data usage impact every aspect of a business, and possibilities that emerge from a data-driven approach are significant. In ‘The Data Management Playbook for 2020’, Forrester argues, “[Y]our business is only as fast as your data. What you know – and how well you use that knowledge – fuels your competitiveness and growth.”
The most significant change that forward-thinking companies need to implement is not technological but operational. Data working for, and with AI, needs to be placed at the center of the business model.
Just investing heavily in technology is not enough; establishing a data factory staffed with qualified data engineers and analysts capable of driving the collection and use of data within the company is equally crucial.
Data silos create barriers and have a damaging impact on the business. Eliminating silos within a company requires educating the staff on the necessity of sharing data through an open culture and encouraging the company and data sides of operations to work in tandem, align visions, and achieve goals. Firms that synchronize business operations and customer experience while adopting a data-driven approach will reap more significant benefits.
Leveraging AI-Powered Data Analytics for Growth
Fully integrating data analytics and AI into a company’s operations and ethos has a transformative impact, especially in the case of customer relations. Beyond increased efficiency through automation and providing agents with tools that ensure better performance, AI-powered data analytics fulfills the most crucial feature customers want – personalization. Understanding customers’ wants, needs, and perspectives are the biggest way to deliver rewarding service.
Today, customers desire meaningful relationships with brands and demand effortless connection with businesses. Customers also expect brands to provide seamless communication and an omnichannel experience, which can be easily accomplished by sharing and utilizing data.