Technology in today's Age of the Customer is simultaneously increasing customer expectations and making service more complex. In the last few years, smarter algorithms, artificial intelligence (AI), self-service channels and analytics have exploded, and 56% of global consumers say they have higher expectations for customer service now than they had just one year ago. This wave of innovation is also bringing exciting opportunities for service managers to transform their brand's customer experience. Bluewolf, an IBM Company, predicted that AI will impact customer service in four key areas in 2018. Guiding -- Predictive and machine learning models to instruct next best action with the customer.
For large B2C businesses, reducing costs through increasing the share of service interactions handled without human intervention is a top priority. Research suggests that customers are on board with this – Forrester finding the share of customers self-serving via web increased from 67% to 74% in 2014, with the percent using virtual agents increasing from 28% to 55% over the same period. Deploying virtual agents or chatbots offers greatest scope for increasing the overall share of self-service from current levels. A survey by Personetics found that 14% of financial institutions believe chatbots are'ready for prime time' with another 62% stating they believe chatbots are an exciting opportunity which will become a reality in 1-2 years. Over 60% expect over 25% of current conversations to be handled by a chatbot in the relatively near term.
Forward-thinking companies are already experimenting with artificial intelligence (AI) to understand how they can integrate this emerging technology into their products and processes to improve their service to customers. AI and machine learning technologies are helping companies to get customers answers faster, automate routine tasks, identify at-risk customers, keep content up-to-date and free up service agent's time, so they can focus more of their energy on forging stronger relationships with customers. So how do you get started? Customers expect a seamless journey across a company's channels--one in which self-service options are available and they never have to leave the mobile app or website. Before you can start reaping the benefits of AI, put your data house in order and review your overall channel strategy.
We are tracking the most impactful AI use cases here. This is meant to be a list that grows over time so feel free to contribute with your comments, this list is definitely not comprehensive now. And share the knowledge with your twitter followers: @AndrewYNg claims that "AI is the new electricity". We compiled 100 applications runnning on this new electricity. Marketing can be summarized as reaching the customer with the right offer, the right message, at the right time, through the right channel while constantly learning. Optimizing product, pricing & placement allows marketers to create an attractive value proposition to customers. Gesture Control: Gesture control enables higher levels of activity and engagement by allowing users another mode of interaction with your digital products. Quantify the gesture levels and other engagements in order to provide meaningful insights. Pricing Optimization: Also called dynamic pricing or demand pricing, pricing optimization allows companies to optimize markdowns. Optimal markdowns minimize cannibalization while maximizing revenues. One of the easiest transformations a business can achieve, dynamic prices directly impact the bottom line and can be rolled out in a matter of days. Optimize markdowns to minimize cannibalization while maximizing revenues. Identify which products are of significant importance for customers.