A few months ago I needed to buy a new phone. The first place I checked out had a price that was just about what I had in mind. But I didn't really like the way I was treated. The price was right, but I still chose to check out another vendor because of my experience there. This new vendor had a slightly higher price but they made me comfortable and the attendant even threw a few jokes that made me laugh.
These are the questions your firm should ask before going down the route of edge analytics and processing. Oracle presented its vision for customer experience this past week at its annual event for marketers, called Modern Customer Experience 2019, held in Las Vegas. Customer experience means the sum of all touchpoints a customer has with a brand. Because creating a great experience is easy to describe but difficult to execute well, let's dive into the challenge. Also: Oracle's Ellison: No way a'normal' person would move to AWS Think of the phases through which typical customers may pass as they research, buy, and use products or services.
Imagine saying "Alexa, buy insurance!" You would not even have to specify what type of insurance policy you need, as the artificial intelligence working in the background will already have worked out when your renewals occur, and what your preferences for any given policy would be. These kinds of innovations have already happened in other industries such as online retail. Amazon, for example, can automatically select the best-matched product to your Alexa voice command, while UK online supermarket Ocado offers an automated weekly grocery shop based on customers' tastes and the amount of time it takes them to use their favourite items. However, despite some already functional AI tools such as telematics in motor insurance and wearable fitness technology in life and health, buying an insurance policy on a single voice command is still pretty much science fiction.
This isn't another post about how we are about to be overrun by cyborgs and that this is the end of humanity as we know it. What is evident, however, is that the sales and marketing functions are about to move into an entirely new era. Their roles are being fundamentally changed by technology. This is a blend of AI, machine learning, data analytics, video, voice and automation. Central to all of it is the customer buying behaviour.