By 2020, Customer Experience is predicted to overtake product and price as the number one differentiator among businesses. Companies wishing to stay ahead are taking note and increasingly turning to artificial intelligence (AI) to meet consumers’ growing demands. According to a recent study by Oracle, nearly 8 out of 10 businesses have already implemented or are planning to adopt AI as a customer service solution by 2020. Gartner predicts that by this same year, customers will manage 85% of their relationships with an enterprise without interacting with a human.
A generational shift is driving these changes. Millennials hold high expectations of technology and digital solutions and demand speed and immediacy when interacting with a business. They want to express themselves naturally across any channel; they want their questions understood and resolved within the context of previous interactions; and they want to control the customer service experience to best suit their needs.
Modern advances in machine learning and natural language processing are finally able to deliver on these requirements. Machine learning and natural language processing technologies allow conversational understanding to move away from keyword dependencies. AI and machine learning also match correct resolutions to customers’ issues with greater specificity and accuracy than ever before. Finally, these technologies can extract meaning from prior successful agent interactions to improve the next user’s experience.
Early adopters of AI technology for customer service are reaping real results through higher customer satisfaction, increased revenues, decreased costs, and improved agent performance. For example, GoFundMe achieved 20-30% self-service resolution, reduced support costs, improved team productivity and streamlined their Help Center to deliver a better customer experience all within the first six months of implementing an automated solution.
Yet many people ask us, “these results sound amazing, but how do I get started?”
TOPBOTS and Solvvy are teaming up to share our collective experiences in customer service automation. We believe our combined knowledge will help companies of all sizes pinpoint the right artificial intelligence solution to enhance customer care in their business, be it a virtual agent or sentiment analysis. We’ll discuss how companies can sort through the hype and find the true value in this emerging technology.
Find out more about the future of customer service in our upcoming whitepaper and webinar on November 14, 2017 at 2pm EST.