Already though, we can see the first incarnations of AI-powered CX innovations making their way into the ME market, from major banks introducing customer-facing robots and virtual assistants, to the launch of AI labs designed to improve government services.
In fact, there is a growing consensus that AI will be a core competition differentiator for most industries in the coming years, with more than 75% of global finance managers believing it will be key to the future success of their business.
58% of companies say data analytics, CRM, and AI are top priority in their 2021 CX strategy*. (*CX Live State of the Market Report 2021)
Time and again data is touted as the magic ingredient in CX success. Yet, organisations find it incredibly challenging to collect, access and analyse data to provide real-time insights and leverage it for exceptional CX.
So, what are the CX Solutions For The Next Decade
1. IoT is the preferred solution for capturing data seamlessly and automatically. IoT provides a neural network of sensors that are capable of collecting large volumes of data and subsequently processing them.
Given the multitude of touchpoints from where data is collected, IoT provides a sophisticated data capture strategy that enable in-depth views of the customers, their journeys and buying behavior.
2. Data Analysis and Insights - The data can be subsequently analysed to deliver insights that can help improve your CX capabilities. It can be integrated into service layers for better accessibility and one-click integration.
3. Collaborations - User-generated data is a premium commodity and therefore CX executives often leverage gamification strategies to collect it by offering rewards.
Collaborations and partnerships can prove effective when gathering data and insights that can boost your ability to deliver an exceptional customer experience.
4. Artificial Intelligence - The position of AI as our number four solution is also no great shock, as the technology represents quite dizzying potential to change the way we view the transactional relationship between provider and customer. Still in its infancy, the true scope and scale of AI’s impact is far from being fully realised, which is perhaps what has placed it further down in our list, beneath solutions with proven track records and easier (and cheaper) paths to adoption. Already though, we can see the first incarnations of AI-powered CX innovations making their way into the ME market, from major banks introducing customer-facing robots and virtual assistants, to the launch of AI labs designed to improve government services.
In fact, there is a growing consensus that AI will be a core competition differentiator for most industries in the coming years, with more than 75% of global finance managers believing it will be key to the future success of their business.
5. Chatbots/ NLPs - The presence of Chatbots/NLPs and speech analytics at the tail end of our list can be viewed in a similar way to AI in that these technologies are undergoing iterative change (particularly in the case of chatbots) to move past their first rudimentary applications and fit more effectively into companies’ plans to deliver highly personalised and appealing CX.
There seems to be a certain ‘wait and see’ vibe among many of the major industry verticals, as the use cases and proven case studies broaden.
To download a copy of the CX Live State of The Market Report 2021 click here
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