AI (Artificial Intelligence) is currently reshaping the customer experience. It is being used in a range of contexts to provide intelligent, convenient and informed customer service. AI’s biggest opportunity, however, is in terms of customer data and analytics. It can make you a lot smarter about what’s happening with your business and customers
AI enabled analytics can sift through and analyse much larger and more complex amounts of data more quickly, compared to traditional methods. More importantly, AI and machine learning allow reliable predictions to be made about the future of the business and its customers.
Traditional analytics vs AI and machine learning analytics
Traditional customer and data analytics collects data which is then analysed. Predictions are based on historical trends identified in the data. Human interaction and intervention is required to query the data, validate patterns, create and then test assumptions. This of course is time consuming and costly and can lead to bias in the results.
With machine learning, an AI enabled analytics system is able to make assumptions, test them and learn automatically. It can provide predictions at a scale and depth of detail not possible with traditional data analysis. Highly complex data analysis can be done instantaneously. An enormous range of variables can be incorporated, allowing the AI to learn and adapt rapidly.
Gazing into the AI crystal ball.
Organisations store vast amounts of data about their customers. This data can include information about every interaction and transaction with each of your customers. The depth of predictive analysis and insights provided by AI and machine learning offers numerous opportunities, including:
- The ability to assess customer sentiment across the entire customer base without having to ask or run surveys
- The ability to be proactive in recovering customers you were about to lose
- More accurate predictions concerning the success of potential marketing and sales campaigns
- Better and more targeted profiling of customers
- Greater customer engagement and retention through the delivery of highly personalised services
These benefits can dramatically improve conversion rates, marketing return on investment and customer retention.
By using AI analytics and machine learning companies can make far better use of their customer data. AI can encourage them to be smarter and proactive in terms of exploiting emerging opportunities or eliminating future problems.
