From Personalized to Predictive: How AI is Transforming Customer Experience
Businesses have access to more data about their customers than ever before and effectively managing and analyzing that data can be key to a company’s success. Application of AI is helping businesses not only provide customers with personalized experiences but also effectively predict customer needs. Whether it’s analyzing buying habits in order to offer customers deals on similar products in the future, or understanding online users’ favorite channels of interaction to serve them more preferable content, AI is increasingly helping companies improve customer experiences.
Industry leaders are betting heavily on Artificial Intelligence to drive customer experience.
Netflix is perhaps the best example to highlight how application of AI is continuously improving the experiences of its customers, especially by successfully predicting what its customers will want to watch next. As a result, 80% of shows watched on Netflix are due to recommendations, saving $1 billion a year in customer retention.
Amazon is another player that uses AI-fueled algorithms to improve customer experiences by providing personalized product recommendations. Imagine the future where your smart washing machine is linked to your Amazon account and it orders detergent when you’re running low. That future might be here sooner than you think.
The need for AI and Predictive Analytics is going to vastly increase.
According to a prediction byGartner, by the year 2020 customers will manage 85% of their interactions with businesses without interacting with a human. McKinsey recently reported that 70% of companies will likely implement at least one type of AI technology by the year 2030, and that same report states that Artificial Intelligence could generate a global economic activity of around $13 trillion by 2030.
Clearly, the sooner businesses adopt AI technology, the better prepared they will be for the customer experience-driven future.
How can TCB Solutions help you achieve your AI goals?
TCB Solutions has partnered with clients to create best-in-class AI solutions across industries. Through our unique approach we enable clients to extract unrealized value from their organization’s existing data, optimize business processes, improve customer experience and provide predictive analytics:
Exploratory analysis – In most cases, the business has an answer to “what” is the issue that needs to be addressed. However, getting an answer to “how” and “why” that addresses a problem optimally and also provides economies of scale, especially with large enterprises, becomes a challenge. TCB Solutions with its engineering consultants helps solve the problem, even before an actual engagement begins. We call it the “Design Sprint” – which includes not only design but also the steps to be taken to get the solution right.
Effectivity analysis – Every plan may or may not reap into the right results, depending on the real-life metrics and parameters involved. We at TCB Solutions, take the “Effectivity analysis” as serious as the “design sprint”. Analyzing and understanding the results with respect to the plan, and providing feedback to the “design sprint” for the alternate phase becomes critical for a successful implementation.