Reading Time: 3 minutes
As organizations rewire business models in their quest to deliver superior CX across channels- website, mobile applications and social media, the importance of cutting-edge technologies (AI and ML, IoT, Cloud and AR&VR) becomes critical. A PwC study reveals that with 70% of customers prioritizing speed, convenience and user-friendly features, it’s no secret that tech is crucial to the success of every business.
Cracking the CX code with AI
Amid evolving customer expectations, ML and AI are enabling a business to better adapt to customer preferences. AI ensures quality service delivery through chatbots and 24*7 automated assistance. NLP tools bring huge data processing capabilities that can be harnessed to analyse customer data and provide a holistic understanding of customer needs. AI-driven chatbots integrated with customer service systems are already catching on. The outcome of AI deployment has been positive with 82% of companies reporting higher rates of customer issue resolution. Further, sentiment analysis can help identify positive and negative customer feedback and track customer satisfaction at a granular level. These insights enhance opportunities to upsell and cross sell.
Combining human and machine intelligence with ML
ML enables the predictive study and behaviour-based pattern analysis towards suggesting personalised recommendations. ML algorithms bring unique predictive features that can gauge customer responses during service interactions and intelligently apply the learnings to future scenarios. At Simpl, the credit underwriting is handled entirely by ML tools that delve deep into over 1000+ indicators across structured and unstructured data before arriving at a credit decision, eliminating any scope of human bias or error. The best part is the superior CX with an almost instantaneous credit approval powered by ML. ML also uncovers underlying trends of past purchase patterns and helps in building a unified CX strategy.
Taking CX to Cloud Nine
Cloud enables remote data access while offering a considerable degree of flexibility to move from a CAPEX-based model to an OPEX-based model. Software-as-a-service (SaaS), a powerful integrated offering from the cloud computing suite helps realise huge cost savings owing to its subscription model. By integrating internal databases, knowledge tools, CRM and support centres, organizations are able to quickly align operations to customer demands with greater transparency. Some of the key benefits on the CX front include minimizing turnaround time, enabling centralised data access, providing deep insights and aiding in decision-making.
Getting into the thick of things with IoT
IoT provides a holistic connected experience across devices and platforms, capturing diverse data points to offer personalised customer options. Organizations can leverage these integrated insights related to customer usage patterns on a real-time basis and map customer journeys to better resolve customer issues. Backed by accurate data, this would give a fillip to the quality of customer services. IoT combined with data analytics can enhance forecast quality, provide better root-cause analysis into product issues and reduce servicing costs.
Winning at CX in the virtual world
Immersive technology such as AR and VR is gradually gathering pace as a robust CX tool. A study reveals that the AR and VR market is expected to cross $30Bn by 2030. For example, in the retail scenario we have use cases such as apparel or furniture sellers who offer ‘Virtual Try before buy’ that adds an added element of emotional connect with the product prior to purchase. By creating a hybrid real-life experience, sales conversions can be further boosted with interactive, personalised experiences.
Driving Automation with analytics
The application of real-time data analytics supports prudent decision-making and facilitates personalised marketing strategies. For example, by capitalizing on location data, merchants can offer relevant deals and offers suited to customer preferences. The key to delivering superior CX is to offer memorable, seamless and intuitive experiences to the customer. At Simpl, CX is our topmost priority, which is powered by insightful data analytics. By making use of behavioural, transactional and attitudinal data, our Pay Later solution offers a 1-click, quick, almost-invisible payments experience, so the customer enjoys the purchase journey without the hassle of tedious form-filling at the time of checkout.
Aligning the customer with digital transformation is what real CX is all about
Ultimately successful CX is all about understanding customers and their needs, inside out. Today, owing to technological advancement, organizations can access a vast pool of Voice of Customer (VoC) data from diverse channels and customer touchpoints- physical store, website, app and social media, spread across the customer journey. The information may be raw data or actionable insights, obtained from structured sources- CX scores, product ratings and quantitative feedback or unstructured sources (customer reviews, chatbot interactions, call logs etc). The key is to deploy the right technology and platforms that can effectively measure CX but keeping the customer at the centre of CX transformation.