AI Industries now that rapid change is happening across a range of industries, leaders and organizations at large are starting to look deeply into the importance of innovating customer experiences (CX). Innovation is not just a way of improving efficiency, but a tool to stay relevant across major digital pillars. The majority are open to experimenting, seeking creative ways to strategize, and finding solutions to tackle customer-oriented challenges.
Combined with AI Industries (artificial intelligence), data can help businesses realign operations, capture valuable insights, and streamline processes. Recent research done by Accenture points out that 80% of executives are confident in their ability to connect business results with customer experience innovation.
The AI Industries beneficial for customer experience innovation
It has been proven that innovation helps organizations target their customer base with as much as 70%. As a result, developing tailored interventions could be the key to improving both costs per engagement and overall engagement rates by 25%. ROI (return on investment) can also be increased by 11%, which is quite significant considering that most businesses invest tremendously in digital marketing initiatives.
For experience innovation to kick off and provide results, data insights play a vital role. The more accurate data is collected, segmented, and standardized, the better chances companies have to generate valuable insights into their customer behaviors. Over time, this will help understand customer needs with precision and in turn develop a marketing strategy that truly resonates with their core demands, expectations, and needs.
Customer experience innovation, fueled by AI technology
Having a well-defined AI Industries experience and data foundation setup enables organizations to experiment and test with various campaign combinations. Step by step they can track interactions and monitor customer behavior to generate targeted value. For instance, artificial intelligence can enable sequence promotions via interactions. This way, organizations can determine the time of the day that performs best for their content and creatives across organic and paid social media channels.
Before advanced technology, monitoring behavior and quantifying value were challenging. As traditional analytics models transitioned to IoT and AI Industries powered tools, analyzing the data coming from millions of customers became a lot simplified. As an example, Accenture’s Attribution Platform uses machine learning models to make accurate customer predictions using sophisticated algorithms that don’t just identify viable prospects but can also speed cross-selling and up-selling to drive growth.
Measuring performance with experimentation
Experimenting with AI Industries platforms to understand customer behavior and improve experience takes time and effort. For many organizations, it’s starting to add value because targeted optimization separated qualified from unqualified prospects. In time, the segmentation can help businesses build a solid pool of engaged customers. As technology advances, user preferences are changing. Easy access to smart devices and the internet has convinced them to do proper research before making a final purchase.
Leading companies that choose to implement AI Industries into their business processes and operations will most likely succeed at keeping their competitive advantage. Although innovation doesn’t happen overnight, it pays to start investing in tools and platforms that can help make a difference. Relevancy is the key as the competition accentuates, and AI capabilities can disrupt the way organizations keep their customers close and their customer experiences unique.
Technology and data lie at the core of every modern business model. Order to fuel innovation with AI to convert prospects into paying customers might seem like a challenge, but those that choose to remain on the traditional side will most likely lose their competitive advantage. For experience innovation to happen across all business levels, leaders should focus more on training their staff on the benefits of artificial intelligence. Equally, they must embrace reality and become more open to seeing a growth trajectory in the long term rather than in the short term.
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