Artificial Intelligence (AI), as one of the most prominent technological developments, continues to rise in popularity among marketers and sales professionals, and has become an indispensable tool for brands that want to create a hyper-personalized, extraordinary customer experience. AI-enhanced customer relationship management (CRM) and customer data platform (CDP) software has made AI accessible to businesses without the exorbitant expenses traditionally associated with the technology.
Artificial Intelligence Aids in Customer Understanding
Brands may acquire a much more precise picture of their customers by using AI and machine learning for acquiring and analysing social, historical, and behavioural data. Unlike traditional data analytics tools, AI is able to predict client behaviour by continuously learning and improving from the data it analyses. This enables businesses to deliver highly relevant content, increase sales prospects, and improve the customer experience.
Predictive Behavior Analysis and Real-Time Decisioning
Real-time decisioning is defined as the ability to make a decision with near-zero latency based on the most recent data available, such as data from a customer’s present interaction with a business. Precognitive’s Decision-AI, for example, has a sub-200 millisecond response time and uses a combination of artificial intelligence and machine learning to assess any occurrence in real time. Precognitive’s fraud prevention product includes Decision-AI, which can be implemented into a website via an API.
Predictive analytics is the technique of making predictions using statistics, data mining, and modelling. AI employs predictive analytics to create real-time, actionable insights that direct the future interactions between a customer and a brand, thanks to its ability to evaluate vast amounts of data in a short amount of time. This is known as predictive engagement, and it necessitates an understanding of when and how to contact each consumer, something AI excels at.
Artificial Intelligence Chatbots Have Arrived
Customer service (through chatbots) is the main application of AI being deployed now, according to a 2020 MIT Technology Review study of 1,004 company leaders. According to 73 percent of respondents, it will continue to be the most common use of AI in businesses by 2022, followed by sales and marketing at 59 percent. According to a recent Capgemini report titled AI and the Ethical Conundrum, 54% of customers said they have daily AI-enabled interactions with businesses, such as chatbots, digital assistants, facial recognition, and biometric scanners, and 49% of those customers found AI interactions to be trustworthy, up from 30% in 2018.
Hyper-Personalization with AI
Hyper-personalization blends AI and real-time data to deliver content tailored to a customer’s individual needs. Consumers and brands are embracing conversational AI. According to Radanovic, it provides personalized experiences. That is also much faster and more convenient than traditional ways of interacting with businesses. Such as waiting on hold for a phone call or clicking through multiple pages to find the information they need. AI can also help to minimize pain spots in the client journey, in addition to providing a more personalized experience.
The Challenges with AI
Customer data is spread out across many different channels and diverse systems. And much of it is siloed, which is now the biggest issue for brands employing AI. Before AI can be used to examine the data, it must first be unified. Many organizations are utilizing a Customer Data Platform (CDP) to integrate. And analyze the massive amounts of data generated during the customer experience. Blueconic’s CDP leverages artificial intelligence. To help organizations improve customer profiles with ratings. Build more effective consumer segments, and create innovative data visualizations.
Another issue is that many brands either do not have finances for AI in their budgets. Or believe that AI is prohibitively expensive. Similarly, many businesses do not believe AI will provide a viable return on investment. The truth is that when AI is utilized well for customer experience. Whether it’s for real-time decisioning, personalization, or customer service. The ROI can be simply demonstrated using analytics.
Mobcoder,a software development company in Australia. Says that Artificial intelligence isn’t the boogie guy that sci-fi movies have made us fear for years. Nor is it the job killer that employees have to fear, it offers a plethora of lucrative commercial prospects. The customer journey may be improved across all touchpoints. And channels by employing AI to better understand the customer. Taking advantage of real-time decisioning and predictive analysis, providing a hyper-personalized experience, and deploying AI chatbots to engage the customer.