Yesterday the team attended the AI Inspiration Series hosted by IBM. It was a morning full of coffee, pastries and chatter around CX, AI and all those other clever little acronyms we know and love. Here are some of our key takeout’s:
“Start with the experience. Technology is just an enabler”
90% of businesses are already investing to improve their CX. Its predicted that by 2020 CX will overtake price and product as a key differentiator therefore it’s imperative you put the customer journey first.
86% of customers who receive a great customer experience are likely to repurchase from the same company. Shout out to our pals at The Iconic on this one ;).
Creating a top-notch customer experience isn’t easy though as there are many aspects involved around it :
Consistency > Every time a customer comes to your business you must thrive to give them a consistent brand experience, consistent product, etc.
Seamless > Whatever the channel the customer is on, you must ensure there is an easy link between channels so that they feel they’re on one long journey instead of having clunky jump from channel to channel
Efficiency > Show customers things relevant to them, only in the context they are in (eg. I don’t need information once I left the store or experience, I need it as long as I’m in.)
Personalised > It’s all about your customer. You don’t really notice when a message you receive is highly personalised, but you do notice it when a message is definitely not relevant to you
Why is AI a powerful tool?
Accenture research shows that AI has the potential to boost rates of profitability by an average of 38% by 2035 and lead to an economic boost of US $14 trillion(!!) across 16 industries in 12 economies by 2035.
But this will only happen if organisations adopt a people-first mindset and take bold and responsible steps to apply AI technologies to their business.
Driven by a massive increase in data, soaring computational power at decreasing costs and breakthroughs in technology, AI is becoming a commercial reality. More than a productivity enhancer, AI is now viewed as an entirely new factor of production that can reverse the trend of falling profit growth in 3 ways:
1) By optimizing processes with intelligent automation systems
2) By augmenting human labour and physical capital
3) By propelling new innovations
As the new factor of production, AI can also drive growth in at least 3 important ways.
1) Create a new virtual workforce OR intelligent automation.
2) AI can complement and enhance the skills and ability of existing workforces and physical capital.
3) Like other previous technologies, AI can drive innovations in the economy. Over time, this becomes a catalyst for broad structural transformation as economies using AI not only do things differently, they will also do different things.
“We are humans augmenting technology for the benefit of customers”
However it’s important to remember you must give context to Artificial Intelligence. AI is flawed, mostly because it misses context. For example, try googling “Don’t show me a pink elephant”. Good chances are you’re going see a whole lot of pink elephants as result.
Thanks to the guys at IBM and the Crowne Plaza for an insightful morning.