As businesses evolve at an ever-increasing pace, emerging technologies are set to change the way we think about, approach, and conduct business. Artificial intelligence (AI) is one such technology that has the potential to shape the work environment in a revolutionary way. AI has been widely tipped as a powerful potential asset in the field of human resources. According to the ‘Artificial Intelligence as a Service Market Growth & Trends 2022’ report by Grand View Research Inc., the global AI as a service market is expected to reach USD 96,064.7 million by 2030. Growing at a CAGR of 37.1% from 2022 to 2030, the role of AI has evolved with digital transformation across industries, including the HR domain. From talent acquisition to exit interviews, AI is instrumental in addressing common issues that emerge during an employee’s life cycle while simultaneously transforming HR departments. 

How insurance chatbots use decision trees and natural language processing to meet insureds' needs The insurance industry's sales and customer success teams are under pressure to deliver positive customer experiences faster than their competition. Customers expect an honest and positive experience in all end-to-end transactions like quoting, policymaking, and policy activation. Today, rising costs and long wait times have led carriers and brokers to deploy insurance chatbots to meet increased demand. So, what makes a positive customer experience? A recent report by PwC says nearly 80% of all American consumers point to speed, convenience, knowledgeable help, and friendly service as the most critical elements of a positive customer experience.

A positive customer experience is critical for business success. But how can you deliver a positive customer experience? A Business Insider survey found that 80% of 800 decisionmakers plan to or already use AI chatbots to interact with their customers via email, SMS, apps, and live chat by 2020. Properly trained AI chatbots have the ability to read between the lines, so to speak. They can engage with people at a level that surpasses set if-then scenarios.

For e-retailers, deep learning offers immense opportunities to increase conversion rates and improve the brand image through positive customer experience. According to a 2018 U.S. Census Bureau report, the e-Commerce industry has shown impressive growth in the past one decade. The online revenues have steadily eaten into an additional 1.5% of the yearly retail sales for the past several years. Tech giant Amazon is projected to make up half of all eCommerce sales in the US by 2021. Statista predicts the global e-Commerce sales will amount to $ 4.88 trillion; thereby, showcasing a yearly growth of 20%.

We often hear the phrases customer experience and customer engagement used interchangeably. But these terms have completely separate meanings. Customer experience is a single event with the customer--a service issue, a promotion, a survey. Customer engagement is a collection of customer experiences that impact engagement such as loyalty, advocacy, and so on. Both customer experience and customer engagement are significant to a company's overall success.

Generally speaking, it refers to using technology to digitize an organization's data and processes to make them more efficient. That being said, DX is not simply about duplicating an existing process exactly in digital form. It's about taking advantage of digital technologies to improve the process and transform the business. While efficiency is certainly an important benefit, it's not the most important. DX has the capacity to improve speed to market, enhance the customer experience and increase collaboration and innovation.

Social media marketing is growing by leaps and bounds, what with Artificial Intelligence taking center stage. As user experience becomes more and more personalized, social media marketers are using AI to provide a holistic and positive customer experience, writes Pritha Bose, Marketing Content Specialist, Aritic. Back in the day, social media platforms were a fun place where we would share photos or find an event or follow a friend. But connecting with brands or businesses required a proper phone call or to visit their respective website. Fast-forward to the present date; the scenario has experienced a mega-shift, what with consumers now connecting with brands directly on social media platforms.

These days, you can't turn on the news, listen to your favorite podcast or read an article without hearing about the latest and greatest developments in AI. But for many businesses, AI is more than hype -- it's an important part of how they do business and connect with their customers. And in the world of customer care, getting AI right is a challenge many businesses will deal with for years to come. So what does it mean to'get AI right'? When it comes to AI and the customer experience, it's about adopting technology that helps your customers get things done quicker and easier.

Just yesterday my partner and I hit a snafu: Our bank had not paid our homeowners insurance, resulting in a panic-inducing email titled "your policy has expired." The bank's call center was a byzantine maze of pre-recorded messages, and it took three calls just to navigate it to the point of talking to a human being. Just when I was contemplating slamming my phone onto the pavement, I finally reached a person. A person who was clearly chagrined that I'd made it through the labyrinth undeterred. Not finding any help there, I then called my insurance company, which connected me directly to a person -- a real, live person!