siliconindia | | November 20199By deploying AI-based data analytical tools, businesses can analyze the piles of customer data and utilize it to gain insights into their buying behaviour and preferencesIn fact, 72 percent termed AI as a "business advantage." The increased adoption of AI across verticals further indicates the growing cognizance of its disruptive nature. By deploying AI-based data analytical tools, businesses can analyze the piles of customer data and utilize it to gain insights into their buying behaviour and preferences. Moreover, AI has the ability to learn continuously and grow smarter with every new set of data that it as-sesses. Using deep learning algo-rithms, AI can also predict what kind of products, services, and offers will appeal to a certain segment of con-sumers. This, in turn, allows busi-nesses to provide customers with per-sonalized experiences. Companies in sectors like banking, retail, and hospi-tality have promptly integrated AI sys-tems into their operations, benefiting immensely from the vast amount of data available at their fingertips. For example, banks and financial service institutions capitalize on AI's insights to recommend account upgrades dur-ing specific events in their custom-ers' life, such as when individuals are getting admissions into college or getting married.Introducing Virtual Assis-tants to Facilitate Height-ened Customer EngagementWhen it comes to handling hundreds and thousands of customers on a dai-ly basis, intelligent interactive tools such as intelligent virtual assistants help businesses keep their consumers engaged at an individual level. How-ever, it's important to make a clear distinction between virtual assistants and chatbots, the latter of which com-prise most industry bots in play today. Chatbots pretend to be human, but re-ally act like machines while intelligent virtual assistants think and act like a real personal assistant. Chat bots are highly script-driven and dictate user flow while intelligent virtual assis-tants support a multi-direction-flow that understands business language and allows users to refer to things in context, change their minds, and ask follow up questions.By deploying intelligent virtual assistants, companies are now able to enhance the customer experience by providing a seamless communi-cation between the company and the end-consumers. These virtual assis-tants provide intelligence that makes smart choices for the user, offers personalized recommendations, and proactively provides actionable in-sights. Combining the intelligence of AI-driven virtual assistants with hu-man expertise, businesses have made significant improvements to their customer service. The unprecedented growth of tech-nology has inevitably ushered in a new era where modern enterprises face an unpredictable future that is also brim-ming with possibilities. As more or-ganizations take a customer-first ap-proach, technology acts as an enabler. By leveraging the digital transforma-tion, they can provide greater acces-sibility, convenience, personalization, and ease of use, which translates into better customer experiences. Indeed, the emerging technologies of today will help both B2C and B2B business-es to revamp their customer service.
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