If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
A "smart-automation" approach can give a typical HR organization a measurable lift when it comes to improving customer experience and efficiency, according to new research from the Hackett Group. The Hackett Group's new Digital World Class analysis found that those typical HR organizations can reduce costs by 17% and operate with 26% fewer staff hours--while also improving effectiveness and internal customer experience. The Hackett Group research advises that, by following a smart-automation strategy, typical HR functions can boost efficiency levels close to those seen by world-class HR organizations (defined as those that achieve top-quartile performance in both efficiency and effectiveness across an array of weighted metrics in the Hackett Group's comprehensive HR benchmark). For instance, world-class HR organizations currently operate at 20% lower cost and with 31% fewer employees than typical HR organizations, the research found. Smart automation--defined as approaches including robotic-process automation, cognitive automation, intelligent data capture and other leading-edge technologies--can enable world-class HR organizations to cut costs and reduce the number of staff hours needed to perform existing administrative/transactional work.
"AI is probably the most important thing humanity has ever worked on." This statement from Google CEO has become quite relevant in the Indian banking industry, especially after demonetisation. With an average Indian consumer getting at ease with online banking, making internal operations efficient and the customer experience more effective has certainly become a challenge. Poor data quality and customer segmentation are one among the many challenges banks face today. Further, with the rise of technology-oriented payments banks like Airtel Payments Bank, Paytm Payments Bank, etc; entry of neo banks and neo banking platforms, as well as rise of NBFCs, has also made it impossible for banks to survive with the traditional mode on.
Jazz, Pakistan's leading digital communications company, and Afiniti, a multinational advanced analytics company, have partnered to implement Artificial Intelligence (AI) solutions in customer service contact centers across Pakistan, fostering significant gains in customer satisfaction and revenues. As part of its long-term commitment to meet and exceed customer satisfaction, Jazz engaged Afiniti to use their AI powered contact centre technology to optimize call outcomes at Jazz's customer service contact centres. By analyzing call histories and other CRM data, Afiniti's algorithm predicts patterns of interpersonal behavior and matches callers with Jazz's contact centre agents best equipped to serve them. "Industries globally are advancing rapidly thanks to AI and we wanted to use this technology for the benefit of our customers," said Aamir Ibrahim, CEO Jazz. "Afiniti's solution is intuitive, seamless and measurable, and a part of Jazz's broader customer obsession motto. "Afiniti is the world's premier provider of applied artificial intelligence solutions, having delivered billions of dollars in measurable economic value to its clients around the world.
Bizagi Catalyst 19: Bizagi recently announced that companies will now be able to instantly apply advanced artificial intelligence (AI) and machine learning (ML) to enhance customer experiences and outcomes with the latest release of the Bizagi process automation platform. The new out-of-box capabilities, which complement Bizagi's introduction of native process automation and AI/Cognitive Services in Azure Cloud, are being showcased at the Catalyst 19 event. The latest AI/ML capabilities enable companies to instantly analyze data and apply predictive analytics across business processes to enhance decision making and customer experience – without the need for data science modeling. These behavioral insights and next-best actions enable business users to acquire real-time advantages from new big data, accelerating process outcomes, and developing accuracy of crucial customer interactions across sales, marketing, support, and more. "AI is central to intelligent process automation, but organizations need those AI/ML capabilities in the hands of the people that set and manage business processes," said Bizagi CEO Gustavo Gomez.
In order to become and remain competitive, companies need to tap into the latest technologies and customer experience trends. Here are 6 customer experience trends every company must get ready for. It's no longer enough to have a surface-level understanding of customers. It's assumed every business should know who their customers are, where they live, how old they are, and other rudimentary info. Today, companies must go deeper, and with fast-advancing technology such as the Internet of Things (IoT), they are able to get a 360-degree view of customers and markets.
Retailers today are leveraging Artificial Intelligence-powered solutions to revolutionize the retail industry. However, it is proven that AI technology has made significant and interesting transformations across multiple industries over the past few years. But due to its high costs, inaccessibility, and proprietary systems, not every retailer has been utilizing it. As customers or shoppers are taking a multichannel approach while purchasing, offline retailers are also turning to AI to level the key players in the field. From assisting customers to explore the items using visual search to personalizing their entertainment experience through virtual assistants or chatbots, AI is transforming the retail industry in a number of ways.
Not all chatbots are created equal. They come in all shapes and sizes and often have varying level of capabilities. While basic (or scripted) chatbots have become quite the norm, some scenarios require more advanced bots. Fueled by advanced technologies like AI, machine learning, and natural language understanding (NLU), smartbots are capable of remembering interactions they have with users and proactively learning from them over time. If you have a search engine feeding insights to your bot (and vice versa), that makes them the most advanced chatbots available right now!
The rise of Artificial Intelligence (AI) in the global economy is today described by specialists in the "industrial revolution", as steam machine, oil and electricity and computer in the past. The integration of Artificial Intelligence technologies into business is growing. Artificial intelligence, however, remains a notion whose definitions vary greatly. From HR management (automatic selection of candidates for a desired profile, analysis of CVs, etc.) to law or accounting (proofreading of contracts, automation of accounting acts, etc.), the applications of the Artificial Intelligence already exist in many businesses. Among these opportunities, the AI also proves its legitimacy to accompany the improvement and the modernization of the customer relationship.
For this new edition 2019, the Insurtech Rising International will gather more than 450 attendees, 55 investors and 120 insurtech coming from 33 countries around the world. Insurance leaders are facing strategic and operational challenges and have to think about the new customer experience. Therefore, in terms of potential size, the European market is one of the biggest in the World. Almost 96% of traditional French insurers would like to collaborate with insurtech in the form of partnerships or "Solution-as-a-Service" (SaaS) models. In Europe, Health insurance (€0.2 trillion) continue to attract companies and it is growing strongly at 3-4%.
If customer experience is the center of digital transformation, customer relationship management (CRM) must be central to managing that experience. But mentioning the term "CRM" in your meeting room often leads to groans of disgust rather than coos of excitement. Indeed, most companies have a love/hate relationship with their customer management software. It allows them to keep in touch with the people keeping them in business. But in many cases, it's sluggish, time-sucking, and confusing--not words you'd like to describe the tech most central to your company's success.