BY TERRI WILLIAMS, TECHNOLOGYADVICE.COM | JULY 20, 2018
Artificial intelligence (AI), which can combine automation and algorithms to simulate human intelligence, can help businesses increase efficiency and performance. Increasingly, companies are realizing the advantages of AI and investing heavily in the technology.
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Global spending on cognitive and artificial intelligence systems reached roughly $12.5 billion in 2017, according to research by the Worldwide Semi-annual Cognitive Artificial Intelligence Systems Spending Guide.
For the finance community specifically, AI can help distill enormous quantities of data into actionable patterns, and fill in blind spots to help engage clients with greater confidence. Other areas AI is already being utilized in the industry are avenues like: risk asessment, fraud detection and management, trading, and general financial management with apps like Wallet.
Companies are realizing the benefits of AI across the board, and whether directly or indirectly, AI helps to fuel customer success. Below are several ways this is accomplished.
AI frees executives
According to Bot.Me: A revolutionary partnership, a report by PwC, 34% of business executives say that using digital assistants has freed up time and allows them to focus on deep thinking and creating. Digital assistants can handle such functions as making phone calls and scheduling meetings with colleagues, potential clients, and even job candidates.
That’s important, because executives need to focus on corporate strategy and ways to grow their companies and improve customer engagement and satisfaction levels.
AI allows employees to concentrate on customers
Employees spend a lot of time bogged down by tedious and repetitive processes. While most of these functions are important and need to be performed, AI can handle some of these tasks more efficiently than humans. This is beneficial because when employees are focused on business-critical tasks, they’re more likely to put customer service on the back burner.
Obviously, shuffling customer-focused tasks to the side does not lead to customer success, since clients and customers are intuitive enough to understand when they are not a priority. However, when employees are not burdened with administrative tasks, they are free to focus on the company’s customers to meet their needs and give them what they need to succeed.
AI improves employee engagement levels
Happy employees are more likely to be better workers – and this leads to better customer success levels. According to a NICE report, 80% of employee tasks are spent on work that is dull and unfulfilling.
However, when they can spend their time on more exciting tasks, instead of mundane, repetitive, and routine tasks, employees are more likely to be excited and engaged, and according to NICE, this leads to higher levels of employee morale and job satisfaction rates.
AI reduces error rates
To err is human, but in business, errors can cost a company both its financial stability and its reputation. According to the NICE report, on average, humans make 10 errors during a 100-step process. That might not sound like a lot of errors, unless you’re the customer with a $50,000 mistake on your invoice.
These manual errors detract from, rather than fuel, customer success. However, automation results in a zero percent error rate. AI can also produce faster work rates, which means that you can give your customers what they want much sooner.
AI improves communications like email and chatbots
One way AI can reduce error rates is by automating communications such as email. This can lessen the chances of grammatical and other errors, and it can also ensure that communication is sent to the right customers in a timely manner.
Chatbots integrated with AI can also help to improve customer communication. These bots can eliminate the need for customers to stay on the phone for excessive amounts of time waiting to get their questions answered by a human. Chatbots are also available online for customers who want to avoid phone calls. And, since bots are available 24 hours a day, they are always ready to answer a question.
AI analyzes data and provides customer information
AI can collect data on customers, such as preferences and habits. This can help companies to make recommendations and provide personalized communication and strategies. The collected data can be made available to any employees who need it because it stays in a readable form. Many companies use an integrated business intelligence software to bring together AI and business data from across the company to track critical KPIs in highly-visible and accessible dashboards.
This centralized approach allows different departments to access the data they need at the time that they need it. From marketing managers who want to check the success of their latest campaign to sales people who to know which product is flying off the shelf, employees can view the data to determine next steps to increase and improve customer success.
This level of collaborative data allows various departments to see what type of impact they’re making and also see how other departments perform in terms of customer success as well.
AI provides a wealth of opportunities for companies looking to enhance customer success. By streamlining their processes and making communication easier, companies can improve their rates of attracting and retaining customers, while helping them to succeed.
Terri Williams is a writer for TechnologyAdvice.com. She has covered business and tech topics for a variety of clients, including The Economist Careers Network, Intuit Small Business Blog, Investopedia, The Houston Chronicle, Daily News Energy, and Homeland Preparedness News. Follow her on Twitter @Territoryone.
