Unless you’ve been hiding under a rock; you will have been exposed to the massive hype around Artificial Intelligence (AI). As advocates of digital transformation and workplace modernisation, we know AI is worth this hype, but as we said in our last AI blog: the proof is in the pudding.
That’s why in this article, we’ll discuss the areas that AI saves on costs, adds value to your organisation and solves business problems. We’ll prove to you that AI can quickly and affordably benefit your organisation and that it’s not just another random piece of technology on every CTO’s wish list.
Reducing the cost to serve
Incorporating AI into customer experiences dramatically reduces the cost to serve, whilst maintaining high levels of service. As customer expectations increase; there will become an even finer line between a good experience and a bad experience.
We know bad experiences are not cost effective to any business: they must be avoided at all costs. On average, after a bad experience with a company, 22% of consumers decrease their spending and around 19% completely stop doing business with the company!
What’s even worse is that bad experience spreads fast. With today’s social media and the amount of review sites; it’s so easy for people to share their experiences and feedback. In this new digital world, there is certainly nowhere to hide. 84% of consumers say they trust online reviews as much as personal recommendations from their friends. That’s a huge percentage of people that might have already formed an opinion of you just by what they read online!
But using AI technology, you can have the best of both worlds by reducing the cost to serve, whilst also greatly improving your customer experience. Our Conversational AI, Ami for example is a digital agent that will work alongside your human employees. Set up with just 12 lines of code Ami complements your human team. Taking on the brunt of repetitive and menial customer enquiries she works to reduce the strain on your human agents. Enabling them to spend more time delivering top-class service to more complex customer cases, or more valuable opportunities. Ami works by trawling the content from your website and she learns with each conversation, so her knowledge is always up-to-date.
Ami facilitates increase productivity in customer service staff. Think of the money you’ll save on recruiting a few more human agents as opposed to just recruiting Ami. No agency fees, training or downtime (a.k.a humans need to sleep). Ami doesn’t need to sleep; she’s awake 24/7 365.
Further direct cost savings will begin to show as your human agents are faced less and less with time-consuming menial issues and requests.
Research carried out by Contact Babel shows the exact cost of Conversational AI as opposed to other channels of communication by the contact centre agent. It costs just 20p for a company to handle a customer enquiry by a Conversational AI agent like Ami. We know that the other channels of communication are vital, but how much could your company save by adopting a Conversational AI like Ami for even just a few interactions?
Contact Babel: The UK Contact Decision Makers Guide 2017-18.
Improving the employee and customer experience
The businesses that realise AI is here to complement their employees, not replace them will be the winners of innovation. Digital transformation creates and evolves jobs, which is no bad thing. The role of the contact centre agent for example, is changing. Think of technologies like AI as leaving you with the best possible workforce, ready to serve your customers faster, better and more proactively.
Disengaged employees on average cost their companies 34% of their salary in lost productivity. AI helps to make our jobs more interesting. Ami for example, our Conversational AI takes away the menial work, leaving contact centre staff to focus on work that’s more engaging. This will not only have a direct impact on employee engagement, but also a business’s opportunity to retain and attract talent.
AI not only helps you to save on the costs lost due to recruitment and disengaged employees; it also enables you to add value to the employee experience and customer experience. Happier, more engaged employees mean happier, more engaged customers. Your contact centre staff will be able to speak to employees more around getting the most out of your products or services and this leads to an increased amount of opportunity to upsell or cross sell.
Think about the opportunity cost of all those unnecessary calls. With AI your contacts can be pre-qualified so by the time an agent talks to them they know exactly what the call is about and can add real value. Who doesn’t love a pre-qualified lead?
As with any piece of technology, there will be costs associated with rolling it out and training staff about how to use it, however in the long run these costs are nowhere near what you’re currently losing by having a high employee turnover, disengaged employees and unhappy customers!
The future is AI: a key business problem solver
AI is at the bleeding edge of technology. Companies that adopt it now and start reaping the benefits will be in a better position in the future to build on their infrastructure and the experience they can offer their employees and customers.
We’ve recently been talking about how AI, teamed up with something like Robotic Process Automation (RPA) can take a business process and completely automate it. Sometimes without ever having the need for human intervention. Teaming up voice-first AI for example like Alexa to deliver Microservices like ordering taxis or coffees for guests visiting the office. Or enhancing the power of Ami further by automating complete business processes like a maintenance request for a housing association. It’s not just about the value a piece of AI technology can add as a lone technology, but how it forms part of a solution to solve a key business problem.
Microservices with Alexa
Automated maintenance request with Ami
Feeling daring? Take the jump and open up your business opportunities with AI, get in touch today.