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Avaya Staff
Businesses have no choice but to elevate contact center performance by providing personalized customer support or risk falling behind. Artificial Intelligence (AI), and its applications such as Conversational AI can be the key to gaining the competitive edge and successfully managing modern and constantly evolving customer expectations. And how does AI enable contact centers to be in full sync with the “on-demand” culture of today’s customers and offer the round-the-clock, customized help they crave? Let’s take a closer look.
A recent survey by Business Insider shows that 80% of respondents from surveyed financial institutions are highly aware of the AI benefits and that today financial institutions are heavily investing in these technologies to help solve increasingly complex challenges. The Insider also reports booming use of artificial intelligence in medicine and predicts nearly 50% growth of AI projects in the healthcare industry in the next two to three years.
You might have heard the saying, “Data is the new oil.” Using this analogy, we can think of Artificial Intelligence technologies as a refinery that tirelessly works through gigantic flows of countless bits of information, cleans, refines, organizes, and extract the exact data that is used in nearly limitless use cases of enhancing and improving human lives. Whether they realize it or not, people now use AI everywhere in their daily life, whether it is at work or in their private experiences. It got so ubiquitous and all-encompassing, to the point that it became…expected! The Massachusetts Institute of Technology (MIT) says that being digitally literate is no longer enough, the new normal requires AI literacy.
Research findings show that most buyers expect the companies they buy from to provide personalized customer service, i.e., relevant offers and recommendations, anticipatory engagement, and behavioral targeting. AI enables personalization and brings direct positive results to everyone involved by improving customer experiences, increasing agent productivity, or creating more revenue opportunities for an organization. Research also reveals that more than half of online buyers say they are happy to exchange personal data in return for personalized offers or discounts. Artificial Intelligence empowers businesses to create these personalized yet effortless experiences for their customers.
What we expect and want as a consumer has changed. Customers today want everything. And what they want today differs from what they wanted yesterday and certainly from what they will want tomorrow. Think about it just for a second, when shopping online, one might disable tracking of shopping patterns to avoid suggested product advertisement, but then when this consumer transitions to another device, he expects to be able to pick up just right where he left off, meaning there is an expectation that his/or her shopping data, e.g. shopping cart items, get recorded and are available to review anywhere anytime whenever needed.
Gartner calls this modern economy phenomenon The Everything-Customer:
To put it simpler, they want:
The bottom line is that customers want a lot. For businesses, delivering on consumer experience ambitions is now more difficult than ever. The Everything Customer is not a segment – it is a mindset. We want to consume services the same way we are used to doing things like streaming music or movies, and we want the ability to define what good looks like for us. We want the services we use and the experiences we have to be “composed” and “wrapped” around us. We want this applied to every device we use, we want it to support every modality we leverage, whether it’s natural language understanding (NLU), typing, gestures, or touch. And we want to experience it differently depending on the context of our situation. My experience as a business traveler will be different from when I’m traveling with my family and different again to when I’m traveling with friends for a weekend getaway.
Artificial Intelligence refers to algorithms implemented by computing machines and designed to react to customers with responses and actions that humans would normally take. Machine learning (ML), which is a part of AI, enables computers to “learn” data patterns, trends, new situations, and improve their responses and reactions over time to better display human-like abilities for contemplation, intention, and judgment. While artificial intelligence does not mean that a machine can think on its own, it does mean that it can understand different languages, help create plans, solve complex problems, recognize sounds, faces, and objects, and many more functions that can be completed through data processing and computing.
Chatbots are one example of basic Conversational AI. Programmed by a human, they run on AI algorithms. Chatbots can respond to certain keywords in pre-programmed ways. For example, if a customer asks a question that involves words that a chatbot can recognize (for example “return” or “defective”), it can then respond to help that customer through pre-programmed automation or choose to send them to a human in case of a more complex or unique situation or if a customer asks to speak to a human agent.
The revolutionary changes that AI brings to the contact center can set businesses on a robust growth trajectory; the possibilities can be limitless. Here are just a few examples of how organizations can use this fascinating technology to satisfy the highest customer expectations and propel their business ahead:
World Economic Forum showcases how AI technologies are powering industries and accelerating their growth across the globe. Investments in AI have been increasing at an unprecedented speed (40-50% year over year for 2020 and 2021). With AI in the company arsenal, the contact center can see fast internal improvements in efficiency and productivity and provide incredible customer benefits that translate into greater satisfaction and more spending with your business. Their expectations will be met, and organizations will be able to successfully manage interactions using technology that grows smarter each time it is used.
Avaya, a global leader in AI-powered cloud communications and collaboration, has been named a winner in the Best Use of AI in communication technologies. Today’s customers and employees expect and demand personalized communications experiences that are effortless. Avaya OneCloud™ is an AI-powered experience platform designed to meet this challenge. Together with Avaya, businesses can create and deliver memorable and impactful customer and employee experiences at the moment by assembling and combining communications capabilities to achieve desirable outcomes. By leveraging the cloud as a set of tools rather than a destination, the Avaya platform delivers a whole new level of business agility and resilience while creating many growth opportunities.
Contact our AI experts today to see how it can be a game-changer for your business.