How AI is Changing the CX Game and Revolutionizing Business Success

In today’s volatile economic landscape, the transformative power of AI is proving to be a game-changer for businesses striving to maintain their competitive edge. Not only is it enabling teams to significantly reduce costs, increase profits, and enhance efficiency, but it is also elevating the customer experience and improving the performance of the most critical CX and business metrics.

In this article, we look at five ways businesses are leveraging AI to their advantage, utilizing AI-powered technology to improve customer experiences, refine business strategies, and unlock new and exciting growth opportunities.

1 Reduce revenue loss and uncover new revenue streams

Amid economic turbulence and in a highly competitive market, diversifying revenue streams and reducing revenue loss is essential. Customer Journey Analytics solutions that leverage AI give businesses the detailed insights they need to quickly see and analyze millions of customer interactions as they are happening and understand how they are affecting revenue, cost, churn, and customer satisfaction. With these insights, businesses can quickly resolve costly breakpoints, identify untapped revenue opportunities, capitalize on up-sell and cross-sell opportunities, and optimize customer experiences at the most advantageous times.

2 Maximize operational efficiency

One of the biggest advantages of AI is its ability to analyze massive amounts of complex data at speed and scale. For businesses, this is hugely beneficial, empowering them to improve operational efficiency and optimize outcomes in a fraction of the time it would otherwise take them. Using advanced AI capabilities, solutions like Alterian’s Journey Discovery analyze cross-channel data at rapid speed to reveal customers’ true journeys and behaviors. Having these insights means businesses can reduce resource and operational costs, expedite customer issue resolution times, and improve overall customer satisfaction.

Gartner predicts that by 2025, businesses using AI within multichannel customer engagement platforms will see a 25% improvement in operational efficiency.

3 Anticipate customer churn – and prevent it from happening

In an era where acquiring new customers comes at a premium, retaining existing ones (and keeping them happy) is critical. Using the power of AI, leading market platforms, such as Alterian’s Real-Time CX, predict and prevent churn before it happens, identifying disengagement signals early and serving up relevant content to individuals in real-time to resolve any issues before they escalate. By anticipating customer needs, preferences, and potential pain points, teams can ensure frictionless journeys at all stages, recommend relevant products or services, and personalize experiences, thereby enhancing satisfaction, loyalty, and retention.

Research by Aberdeen found that 93% of businesses using AI in CX can optimize the content and timing of interactions based on customer data compared to 56% of businesses that don’t use AI.

4 Minimize high-cost interactions and keep customers moving towards their goal

Imagine a customer is trying to upgrade their insurance policy online but a website error is preventing them from completing the transaction. The customer is forced to contact the call center and wait on hold to speak to an agent. This not only increases pressure on internal resources and drives up operational costs, but it also tarnishes the customer’s experience.

AI-powered Journey Analytics and Journey Orchestration help to solve these problems by identifying issues in the moment and orchestrating relevant messaging and interactions that keep individuals moving towards their goal. It also enables businesses to direct more customers to lower-cost or self-serve channels to find what they’re looking for.

5 Deliver hyper-personalized customer-centric experiences

Customer-centricity is key, and an increasing number of businesses are embracing the power of AI to deliver the seamless and individualized experiences that customers demand. For example, AI-powered Journey Orchestration solutions work to analyze and understand individual customer preferences, needs, and behaviors, and harness these insights to orchestrate hyper-relevant interactions that resonate with the customer in that moment on an individual level. Not only does this promote stronger connections and engagement, but it also increases customer spend, builds customer loyalty, and drives advocacy. It’s all about treating each customer as an individual and putting them in control.

Delivering individualized experiences isn’t just beneficial to customers, it also proffers many commercial advantages. According to McKinsey, personalization has the potential to reduce customer acquisition costs by as much as 50%, lift revenues by up to 15%, and increase marketing ROI by up to 30%.

In conclusion

For decision-makers today, leveraging the power of AI for customer experience can no longer be a nice to have; it is a strategic must. By allowing businesses to unlock valuable insights, optimize customer experiences, and fortify business-critical KPIs, it ensures resilience and success in an increasingly competitive market. In particular, AI-driven tools such as Alterian’s Real-Time CX Platform with Customer Journey Analytics and Journey Orchestration are now indispensable for teams wanting to successfully navigate today’s challenging business landscape and come out on top.

Ready to harness the power of AI and optimize your CX and business performance? Get in touch with us today.


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