The role of AI in changing the Customer Experience can lead to more customer retention and loyalty

Augmenting human impact with AI
Human Interaction with AI
Augmenting human impact with AI

With the growing number of technology and innovation, it is getting harder for many businesses to choose the right growth path. It is estimated that there were approximately 333.34 million companies worldwide in 2021. Finding the right fit for your organisation is even tougher.

In the long run, customer retention for any platform depends upon the kind of service you provide. The organisation’s value depends on the feedback shared by a customer. The long online waiting queues have made this experience worse. To understand this phenomenon, Gartner has conducted much research on the topic.

As per them, any customer retention based on customer service depends on four major criteria – Getting connected, Process orchestration, Knowledge and insight, and Resource management. A recent list shared by them has Vyntelligence recognised as a Sample Vendor in the 2022 Gartner Hype Cycle for Customer Service & Support Technologies.

Role of AI in driving industry standards in Customer Service

By fostering intelligent cooperation among distant teams and specialists, Vyntelligence helps get more “jobs done” correctly the first time, thereby saving time, resources, and money. For deskless workers and customers, Vyn’s innovative and proprietary deep learning Video AI technology is easy to adopt and provides a personalised experience. Rajat Khare, founder of Boundary Holding, based in Luxembourg, is one of the investors in Vyntelligence. With specialisations in AI, Machine learning, and Deeptech, he has been an adviser to the company.

AI is proving to be the driving role behind this change in industry standards in customer service. The Gartner report clarifies that it is important for technology in this area to focus on providing an architected, channel-neutral design to build customer service journeys, including intelligent self-service.

“Cloud enables organisations to focus on transforming customer experience (CX), rather than managing the day-to-day technology needs of users, which is fuelling the 22% CCaaS market growth to $10.9 billion in 2023,” says Drew Kraus, VP Analyst, Gartner.

The process orchestration pillar’s technologies enable increasingly intricate and customised consumer interactions, frequently through automation. For instance, as they develop to handle increasingly complex client demands, chatbots, a type of virtual customer assistant (VCA), are predicted to replace human customer service representatives as the principal channel for a quarter of businesses within the next five years.

“The role of AI and ML in developing technologies based on cloud service and customer support is going to be the future of how we are able to solve a problem. Most of the real-time data is going to be available in cloud servers, enabling easy access to all platforms,” says Rajat Khare

Empowering and Engaging workers to improve Customer Experience

The delivery of operational and customer insights, as well as advice on the optimal course of action across all functional groups, are the main focuses of this category’s innovations. Customer service analytics, customer journey analytics, voice-of-the-customer solutions, and knowledge management for customer service are key technologies in this Hype Cycle.

Resource management consists of tools that empower and engage workers, improving the customer experience. For instance, workforce engagement management (WEM) solutions build on the already developed workforce optimisation (WFO) industry by incorporating complementary technologies that promote employee engagement, such as interaction assistance and voice of the employee (VoE). Within two to five years, they are anticipated to have a significant impact on service businesses.

This pillar’s other innovations on the hype cycle include field service workforce optimisation and mobile field service management.

Any organisation that follows these criteria based on the study conducted by Gartner will most likely be successful in proving the right business model. AI and ML have changed the field of customer service drastically but with that, it is even more important to recognize the right organisation with these traits.

Originally published in Silicon Canals. Reproduced here, kind courtesy, Rajat Khare, Founder, Boundary Holding