While global CEOs had equipped themselves for force majeure calamities as well as natural disasters and were ready with their business continuity plans, no one was ever prepared for a COVID-19 situation that could lockdown 150 countries at once and not allow the workforce to reach their offices! The future business contingency plans will, therefore, focus on working from home.
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Customers, today, are tech-savvy and use multiple channels to search, purchase, and get information. Unfortunately, many companies still use outdated, legacy engagement channels, which can frustrate or disappoint customers.
To provide an exciting, engaging, and convenient customer experience, businesses must leverage artificial intelligence. AI can help in creating end-to-end, deeply personal customer journeys that feel natural and more interesting than ever before.
Customer experience is a double-edged sword. if you've not delivered it properly, it can lead to failure, else, it can provide huge competitive advantage. To enhance customer experience, what you need is real-time, actionable data insights. But customer behavior is hardly well-defined and structured - it's disorderly to say the least, making for messy datasets.
The rules are vague, and the criteria for success are hazy; in fact, for any AI developer, it is a tough challenge. However, this intrinsic complication is why AI has great potential in enabling businesses to deliver exceptional value to customers in terms of experience. Sales teams, call center executives, and any other employees who deal with customers can benefit from implementing AI. It can help them understand a customer's history, preferences, and behavior patterns in real time, allowing them to draw their own insights.
An automated system cannot be coded with rules to handle every imaginable consumer history. To deliver a consistent experience throughout the various touchpoints in an organization, it is necessary to identify patterns from a huge number of data points - this is where AI comes in.
Today, enterprises are employing strategies specifically to leverage AI. Industry experts predict that the investment of companies in AI will increase by about 300% in the coming year. However, with the increased adoption, organizations need to think about the three main types of stakeholders who will be affected -
The younger generation will of course take to the new technology like ducks to water, but older customers as well as employees may have to do a lot of unlearning and re-learning. Consumers are also more likely to want regulation in the way brands use data, as a lot of data will be collected about them. The EU has already introduced a regulation for the same, GDPR, and it becomes all organizations dealing with sensitive client data to be GDPR compliant.
When properly implemented, collaboration between humans and machines can drive great outcomes in any business. More and more enterprises are warming up to the idea of working with intelligent machines. But humans will still be very much needed, as only we have the requisite domain knowledge - of the customers, business, and the industry.
Of course, it may be necessary to equip employees with a new set of skills. Human knowledge can well be used to not only work with machines, but, also to control them. The most common method of human-machine collaboration is the use of natural language processing and computational linguistics to deliver enhanced CX.
These are the tools which help us understand and examine the customer-employee interactions, and pinpoint complaints and scope for improvement. Machine learning can make the systems smarter and more efficient at identifying these issues over time, as it analyzes more conversations.
When organizations use AI appropriately, customers can have seamless experiences without realizing that AI is responsible for the same. Cleverly used AI can make customers feel they are making the decisions, even though it's the system's machine learning and algorithm that's doing it for them.
The customer's journey is usually a path from education about the product to purchase. By implementing AI, businesses can pinpoint the channels through which a customer bought a product. The use of AI has been most prevalent in the eCommerce domain for some time.
It is the AI which allows brands to configure dynamic pricing structures - a combination of luck, planning, and risk-reward. The trick is in pricing a product high enough so that you're making maximum profits possible, yet low enough to entice the customer to buy, while making them believe that they're getting a great deal!
Businesses use AI to analyze data from the point of view of business intelligence and gain actionable insights that help them understand their customers well. In this way, marketers can provide delightful experiences to customers without intruding much.
Implementing AI can also help brands deliver a highly personalized experiences to their customers. This can be achieved by fingerprint matching, face, or voice recognition for placing orders or accessing devices, voice recognition for conversing with chatbots and so on, AI has opened the doors to immense possibilities for highly engaging and customized experiences. Businesses will, of course, need to enhance security as these methods are vulnerable to hacking.
AI can help companies to bring down operating costs and make more profits. Take internet banking and credit card payments. The companies use a combination of AI, analytics, and expertise - an end-to-end solution to ensure no financial fraud takes place. But financial institutions must apply security tools judiciously and ensure that they are not very intrusive.
A customer who experiences inconvenience will likely get annoyed, and not want to return to this company. And yet, without robust controls, the risk of fraud looms large. Here, it's AI to the rescue, as it can help organizations strike the right balance. Machine learning and language processing can help minimize fraud and provide smooth customer experiences - no compromise on the security, and happier customers.
Outsource2india has been providing exemplary digital solutions and data science services to global companies for over a decade. We have the expertise to leverage AI's power to provide intuitive solutions pertaining to lead scoring, route optimization, cognitive process automation, big data lakes implementation, automatic document classification, recommender system development, etc. Additionally, we have developed many software which uses our expertise in data science, blockchain analytics, predictive analytics, big data, CNN, machine learning, and artificial intelligence.
As an ISO certified company, we have a team of professional data scientists and software developers who not only have the requisite skills and qualifications but are also passionate and dedicated to develop tailor-made AI solutions for any domain or industry for global audience.
Implementing AI in your processes can help you deliver seamless, personalized customer experiences that can help you stay one step ahead of the competition, and drive business growth.
If you're looking for a reliable software development company in India to outsource your AI solutions, you've certainly come to the right place. Just contact us, and let us know what you need, and we'll get back to you with a quote within 24 hours.
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