How Enterprise AI Companies are Helping Firms Improve their Customer Experience Management (CXM) Processes

Modern-day consumers are avid users of cutting-edge apps and tools like Google Assistant or Amazon’s Alexa. Naturally, these consumers expect nothing less than intelligent and personalized customer experiences from all the businesses they engage with. The COVID19 pandemic is further accelerating the need for businesses to be more customer-centric.

However, not all businesses have the same access to resources that giants like Google or Apple have. Customer Experience Management (CXM) processes that aren’t data-based or tech-driven will most certainly fail to meet the sky-high expectations of modern-day consumers in this upcoming decade. As a small-scale firm owner, what can you do?

Partnering with a third-party enterprise AI company can help. These AI companies create innovative systems that can help firms reshape their core CXM strategies. More impressively, the AI-powered tools provided by these companies can integrate you’re your existing CXM tools. Without causing much disruption, smaller firms can drastically improve the quality of their CXM processes.

Understanding the Need for AI in CXM 

Teaming up with a third-party enterprise AI company can be extremely lucrative for a small-scale company. But, more important than the money is the need to stay relevant and competitive. If your competitors are using AI to boost their sales or marketing, you have no choice but to do the same!

  • Addressing Competition – To avoid losing customers to larger firms that have invested heavily in AI tools, businesses of all sizes need to start leveraging basic AI-powered technologies like chatbots.
  • Becoming an Early Adopter – Simple AI-powered assistants can vastly improve the quality of customer experiences their firms provide. A recent MIT study revealed that 73%of leading businesses in the country view customer service as the most active and alacritous department for AI deployment. The study assessed over 1,000 business leaders – most of the respondents showed the most interest in deploying AI tools to boost their companies’ CXM strategies.
  • Direct Financial Benefits – AI tools have already transformed the ways in which large-scale companies like Zara or Amazon engage with their customers. Widespread adoption of these tools in customer service departments across the globe is only a matter of time. On average, companies that annually earn $1 billion in revenues can expect additional incomes of up to $700 millionwithin three years of investing in these AI-powered customer experience tools.

AI-Powered Analytics 

Top marketing experts have used customer analytics data for decades to pre-plan their marketing strategies. This data helped marketers gain basic understandings of their customer bases. AI-powered customer analytics tracking tools now enable marketers to obtain real-time assessments of their customers. Using these tools, firms can instantly access important customer-related metrics such as –

  • The average time it takes for AI-powered virtual assistants to resolve customer requests. These metrics can be constantly reviewed and refined to reduce the average time it takes to resolve customer requests on business apps/websites.
  • The lead generating potential of target customers can be instantly discovered based on their nature of engagement on the business website/app (number of clicks, which web pages the users explored the most, etc.)
  • CSAT or Customer Satisfaction Scores can be frequently obtained using chatbots.
  • Machine Learning programs can also extract the sentiments of consumers from their conversations with customer service agents or chatbots. Based on this data, companies can work towards improving their overall sentiment scores and reduce the types of errors that frustrate customers.

By tracking, measuring, and improving these important customer-related metrics, marketers can create more personalized ad campaigns, provide offers & promotions that customers respond to the most, and effectively take every step possible to increase the ROIs on their marketing investments. The deep understanding of customer preferences and sentiments also enables them to make accurate predictions about their target customers’ future buying behaviors.

The role of AI for technology industry solutions is already well-established. AI tools are now helping companies to improve their sales performances, optimize their supply chains, and of course, to deliver better and more personalized customer experiences!

 

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