AI in Customer Service: How It Can Benefit Your Business.
Artificial intelligence is frequently talked over in futuristic films and dystopias, however, it’s already evident in our daily lives in many ways. One of them is customer service which has seen a significant increase in AI implementation in the last few years. With more and more companies adopting AI chatbots to address their customer service requirements It can be a challenge to figure out whether this is the best decision for your business. Here are a few points to think about in making your choice.
What can AI help improve customer service?
AI can help you to improve customer engagement, boost brand loyalty and boost retention. Although this types of technology is not a substitute for humans it can aid in increasing productivity and takes the low-hanging fruit such as responding to frequently asked questions off the hands of your customer service team.
A look at the different options AI can offer your company.
AI can also combine other technologies, such as deep learning, machine learning, and natural language processing to eliminate barriers to communication and streamline customer interactions. The most well-known examples of AI working are chatbots, bots, as well as product recommendations based upon customer behavior information. However, the possibilities are limitless.
AI Facilitates a Better Understanding of the Customer
The use that comes from AI as well as machine learning to gather and analyze historical, social, and behavioral data allows companies to get a more exact understanding of their customers. In contrast to standard software for data analytics, AI is continuously learning and growing by analyzing the data and is able to anticipate the behavior of customers. This allows brands to offer high-quality content, increase opportunities for sales, and enhance the customer experience.
Sven Feurer, senior director of operations and engineering for SAP Customer Experience, shared his thoughts on how to use AI to improve CX. “When is it about the customer experience, there’s potential for a wide-ranging impact. With the rapid increase in data, there is the opportunity for B2B as well as B2C companies to use it alongside AI to enhance the everyday experience for their customers,” explained Feurer.
Real-Time Decisioning and Predictive Behavior Analysis
Real-time decisioning refers to the capability to make decisions based on the most current data available, for instance, data from the most recent interactions a client has with a company — which has near-zero latency. Precognitive’s Decision AI, for example, has a sub-200 millisecond response to evaluate every event in real-time, with a blend of AI as well as machine learning.
Real-time decisioning could be utilized to provide more efficient targeting customers with marketing. One instance of real-time decisioning is to find customers who are blocking ads and offer alternative UI elements that could keep them engaged. Another option is personalized recommendations that are utilized to provide more relevant information to the user. Utilizing AI and real-time decisions to identify and comprehend a customer’s intentions through the data they generate, in real-time companies are able to deliver hyper-personalized, relevant information and offers to their customers.
AI Chatbots Come of Age
According to a survey from the year 2020 MIT Technology Review survey of 1,004 business executives Customer assistance (via chatbots) is the most popular use of AI that is currently in use. In the analysis titled AI and the Ethical Conundrum, 54 percent of consumers said they have everyday AI-powered contacts with companies, such as chatbots, virtual assistants, and biometric scanners. In addition, 49% of these customers were able to prove that AI interactions are trustworthy which is up from just 30% in the year 2018.
Feurer acknowledges the value of AI chatbots to provide individual assistance to customers however, he does not believe they replace human interaction.
“Modern businesses should view chatbots not as a replacement for humans but rather as supplementing the human workforce to help their employees be as efficient as possible,” said Feurer. stated.
“Notably businesses must strike the right balance between customer service and human interaction in order to give customers the most efficient experience that is possible. For instance, AI-powered chatbots can be an effective tool that could reduce costs for businesses and allow users to address minor issues in themselves.
It’s crucial to remember that chatbots will not perform better if they attempt to comprehend everything. Instead, they should be utilized to deal with a specific set of issues, including billing, order tracking, and managing accounts. The research has proven that chatbots can help with questions related to invoice management by a factor of 2-3x.”
Also Read: WHY IS ARTIFICIAL INTELLIGENCE IMPORTANT IN MARKETING 2022
AI for Hyper-Personalization
As per Radanovic, consumers and brands are taking advantage of conversational AI as it offers customized experiences that are more efficient and user-friendly than traditional methods of communicating with companies, such as waiting for a call or scrolling through a myriad of websites to locate the correct information. In addition to the benefits of a more customized interaction, AI is also able to alleviate the pain points during the customer journey.
Radanovic provided this example “A major source of stress for consumers is the need to repeat information that they’ve already shared such as confirming a number or having to explain an issue to many agents. As companies adopt tools such as LivePerson’s Conversational Cloud that allow conversations with AI to make connections to conversation past conversations, customer’s declared intentions, and other information their conversations with consumers appear to be more personal.”