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) …
Many prominent thinkers have warned of the risks inherent in AI. However, they also point to its vast potential to free us from mundane tasks, to gain deeper insights and to boost productivity. There's no doubt that AI has huge potential to improve our everyday lives – at least before the robots take over. Because it already has, and for decades. We can thank AI for Deep Blue, the first computer chess playing program, for driverless cars and, speaking personally, for Microsoft email spam filters.
Organisations are failing to truly harness the power of Conversational AI to deliver real business outcomes. Limited understanding of Artificial Intelligence (AI) has resulted in its hurried and ineffective implementation. The Customer Experience (CX) leaders of tomorrow can avoid this by following a framework that focuses on using AI and Machine Learning to deliver a tangible business case that enhances their overall customer experience. A recent CIO survey by Gartner found that by 2022, 20% of customer service will be handled by intelligent conversational agents and yet, 54% of organisations still have a very limited understanding of the technology. This has set the premise for the emergence of a plethora of vendors offering niche solutions using AI.
In a recent Forrester survey, only 35% of CX professionals reported that they are measuring how their most important customers feel about their most important experiences. An even smaller number, 21%, were confident that they shared these metrics in an actionable way. The use of artificial intelligence can help you address both of these issues and make your customer experience measurement programs much more effective. Since CX professionals are just starting to wake up to the idea of applying AI to improve customer experience measurement, you're probably not sure how or where to begin. In this blog post, I detail eight uses of artificial intelligence to boost your customer experience measurement program by improving your understanding of the rich customer experience data you're already collecting and making that data actionable. There are two fundamental ways in which artificial intelligence can be used to impact customer experience measurement.
Google Cloud VP of Retail Carrie Tharp has a long background of embracing disruption. Having joined the Mountain View, Calif.-based tech giant in July, she might be a relative newcomer, but she is no stranger to developing and supporting technology for the changing retail landscape. Tharp spent the past three years at Neiman Marcus Group creating the luxury retailer's digital-first strategy, including shifting to a cloud-centric software stack for marketing and ecommerce and leveraging artificial intelligence and machine learning to drive programs like digital styling, personalized promos and algorithmic buying. Before that, she was immersed in similar tasks at Fossil and Travelocity. One theme that weaves throughout her career: Tharp embraces the challenge of shepherding retail brands through disruption and helping them evolve the way they interact with customers.
The 2019 edition of Opus Research's Decision Makers' Guide to Enterprise Intelligent Assistants report determined 7 AIVA to be a top solution for enterprises, and the only virtual agent solution capable of delivering across a breadth of simple FAQs to complex, conversational issues to online transactions. The Opus report presents a comprehensive assessment of 16 enterprise-grade Intelligent Assistant solution providers, with a focus on natural language processing, machine learning, AI, analytics and customer management integration to power digital self-service solutions. The report highlights 7 AIVA's ability to support both voice and digital channels and deliver unified self-service, calling out the company's differentiators as being a unique blend of AI and human insights, two decades of unparalleled experience in customer journeys across all channels, and proprietary insights including more than 150 patents and patent applications. "We analyzed a short-list of the leading providers in natural language processing, machine learning, AI and analytics to develop the industry's most comprehensive assessment of today's virtual agents and digital self-service solutions," said Dan Miller, lead analyst, Opus Research. An agent can take over a bot conversation at any time, and hand the conversation back to the bot to complete the interactions.
Providing excellent customer service needs to be a priority for every business. Think of your customer service department as the personality of your brand. It is also the reason why people will choose your products and services on a repeated basis. It is quite simple really, with no customers, there is no company. The path that consumers travel on to make a purchase, is called the "customer journey."
Although corporate adoption of automation technology is becoming more widespread, success remains elusive. Three-quarters of respondents in a 2018 McKinsey global survey say their companies have begun to automate some business processes or plan to do so within the next year. Yet many find total returns have fallen short of their expected target. Our client work indicates there are two main reasons for this. First, too many organizations fail to consider how automating certain steps in a business or customer-facing process will affect upstream or downstream handoffs and connections, which can introduce new inefficiencies, capping the value delivered by automation.
The advent of technologies such as artificial intelligence (AI), machine learning and the internet of things (IoT) have transformed the way in which the world operates. Customers now demand personalised experiences and firms that haven't digitised their businesses must transform in order to compete in this new world. One industry which has found it more difficult to adapt is banking, as many banks are saddled with rigid and core legacy application systems. Large banks and financial institutions continue to remain slow to adopt these emerging technologies which is preventing them from delivering an optimal customer experience, driving growth and keeping themselves relevant in a dynamic market. Banks must modernise their legacy banking systems in order to compete in this evolving marketplace.
Artificial Intelligence (AI) is by far one of the most praised trends in Silicon Valley. Yet, in the "real world", opinions tend to be split into two camps: those who desire AI-driven personal assistants on the one hand, and those who fear that such AI solutions will steal their jobs in the future, on the other. Nevermind that Hollywood-like scenario though – the truth is that AI is already here, reading our emails, listening to our conversations, recognizing our faces, and even smelling our breath! AI is not a shiny addition. It is a must-have for any business innovations, and e-commerce seems to be in the avant-garde.
There has never been a more exciting time in the banking industry, as technology continues to evolve, providing opportunities that expand well beyond traditional financial services. More than expanding the services offered, financial institutions will be able to process data and engage with consumers faster than ever, as the rollout of 5G networks becomes a reality. This will provide the opportunity to instantaneously and intelligently meet any consumer need, at any time, on any channel. Achieving this will require new computing and storage strategies, advanced analytics, enhanced cybersecurity capabilities and a brand new perspective on how banking services can be delivered. What are the technologies which hold the greatest 4th industrial revolution potential?