In this recent era of Technology, “AI” or “Artificial Intelligence” is the latest buzzword. Almost all the industries, sectors, startups and MNC’s are in a rush to make use of AI to help their business. But, there are questions like How will this thing work? Is it really worth the efforts? What if it doesn’t give the expected ROI? Everyone stays cautious and confused while trying something new!
Also, now businesses are changing their ways of engaging with their customers, they are faster even than the speed of light! If we look at the transition then one minute Live Chat is the necessity, while the other minute its Facebook Messenger and WhatsApp. Suddenly, in the blink of the eye, you need everything now! But, hiring and training of agents isn’t easy or cost effective. Not to mention the large timelines required to execute them along with the retention issues.
Technology from time and again has aided us with solutions and this time it’s the Artificial intelligent. As per a market research last year by Marketing Profs, businesses that implement AI see 59% better close rates for sales, 58% increased revenue, 54% more traffic and engagement, and 52% higher conversion. And these numbers are just the tip of an iceberg of what AI can do to businesses.Businesses that implement AI see 59% better close rates for sales, 58% increased revenue, 54% more traffic and engagement, and 52% higher conversion. These numbers are just the tip of an iceberg of what AI can do to businesses!
Let’s have a quick read how AI is becoming a true game changer for the businesses of all sizes
- Better Customer Engagements: Today’s customers are very much fickle minded and specific. They want every engagement to be personalized for them and they expect an immediate resolution if there is any issue or question. Fast paced lifestyle has made them little impatient due to lack of time and as a result, they have very little patience for companies who cannot deliver. Also, with the emergence of new channels, customers are engaging at the rates, making it nearly impossible for the human agents to keep up with it. AI is acting as a Mozart in disguise in such situation, as it is helping to make engagements both Personal and Efficient – leaving the customers not only satisfied but also delighted by the whole experience.
- Better Utilization of Agents: None of us would deny the fact, that the life of a customer service agent is hardly a glamorous one. First, they need to answer the same basic question again and again ( like how to reset my password, I am unable to access the account, etc.) and if not that then they have to take the brunt of an issue that is most likely not their fault. AI could help them take the mundane load off, saving the agents from taking repetitive queries and allowing them to use their communication skills for conversations that add strategic value to the businesses. Also, AI is helping the agents on the backend to provide personalized customer experience to help customers feel good and a higher satisfaction factor.
- Cost-Effective: As per the industry evaluation and standards, it has been concluded that a chat conversation with a live agent costs 6x more than a conversation with a chatbot! Well, undoubtedly nothing can replace the importance of human component from customer service, but with the use of AI, companies could ensure that their most valuable resources are being used for the required job and time. Also, in addition, AI helps companies to scale up and add an additional channel for customer engagements and interaction without taking the pain of investing and adding more resources.
- Detailed Insights: There are n number of channels through which customers interact with brands these days. This makes it really difficult to track down their path and analyze that where they may be falling down and where extra resources need to be placed for delivering a better experience. AI is able to bridge this gap between organizing the data across thousands of interactions and deriving insights from them about the customers’ wants and needs compared to the previously unorganized and voluminous data. As engagements will continue to grow, such analytics will become an essential tool for refining and designing a world-class CX strategy.