AI for Customer Experience Report 2021
The events of the last 16 months amid the COVID-19 pandemic, among other things, shined a light on inefficient and outdated ways of working and doing business. While the world took a collective pause on many things, enterprises got busy investing in new ways of working and doing business, not only to meet immediate and near-term needs, but for the longer term as well, considering things were already heading in the direction toward digital.
The enterprise landscape has taken well to digital platforms, artificial intelligence (AI), and automation to fuel these efforts to maintain and ultimately exceed customer expectations.
Not only have recent events propelled many of the world's businesses to establish more digital cultures and strategies, but they have also provided a fundamental mindset shift. For many companies, gone are the days of brick-and-mortar stores and requiring employees to work in the office, as these businesses have realized that employee collaboration and customer engagement can live and thrive beyond physical locations.
Despite many hardships brought on by the pandemic impacting businesses across industries and across the globe, AI software spending continued to grow. Many companies had already started their AI journeys ahead of the pandemic and invested further during the pandemic. Others reallocated funds toward AI projects, especially those regarding the customer experience (CX), to keep business running.
The top AI use cases for CX are no longer specific to digitizing the CS but are taking it a step further toward personalization. The landscape is ever-more competitive within every industry and now more than one year into a global pandemic, digitizing the CX is no longer a nice to have, rather an expectation.
Using AI and analytics to discover and act upon data-driven insights to improve, speed, and personalize the CX is an increasingly important aspect of doing business in today's digital world.
The COVID-19 pandemic propelled AI and digital customer engagements to the top of the priority list for many enterprises so they could adjust to new ways of having to do business with their customers.Spending on AI for CX will maintain a strong growth trajectory as businesses adapt to and capitalize on this new normal.
Businesses hold engagement metrics in the highest regard related to their CX deployments, even more than cost savings and revenue generation, placing significant emphasis on them as the ultimate core of a successful CX strategy. Maintaining and improving engagement metrics is not easy in this digital age of always-on advertisements competing for mind and wallet share.
Using AI-powered customer engagement and experience platforms can help contextualize and personalize the CX. Personalization is becoming more of a differentiator as consumers have increasing expectations of both speed and accuracy. Netflix is an example of personalization using AI and analytics that has become wildly successful.