There is so much noise around the benefits of AI, but what is it? Put simply Artificial intelligence (AI) involves using computers to do anything that traditionally requires human intelligence. So, why is it so important?
Recent Accenture AI research revealed eighty-four per cent of executives say they will not achieve their growth objectives without scaling AI. The powerful combination of data, AI and automation are fueling not just greater productivity and efficiency, but also improved customer experiences.
In KPMG’s new study, Thriving in an AI World, high numbers of business leaders in financial services surveyed were confident in AI’s ability to solve industry challenges for example detecting fraud. In fact, the report showed the rate of AI adoption skyrocketed during the pandemic.
Now, more than ever before, businesses need to be more adaptive to change. After years of incremental change in AI, organisations are now rethinking their operations to thrive in a data-driven, digital world and deliver better-digitised customer experiences. With shifts in how we work, accelerated by the pandemic, hybrid work is driving increased volumes and support is now required from anywhere, any time. This has led to organisations enhancing their customer service and support – often leveraging technology such as AI.
So, you would think customer service, being built on human interactions is the last place you would find AI when it is often the first place organisations start on their AI journey. In fact, Deloitte Conversational AI report estimates early benefits from the adoption of ‘Conversational AI’ is expected to grow by an average of 30% annually through to 2024.
Artificial intelligence (AI) can help customers to reach a solution more quickly than they would with human touchpoints. As a result, it can create a more seamless customer experience and lead to repeat or referral business.