How Cognitive Technologies are Shaping the Next Generation of Customer Experience?

Cognitive technologies such as artificial intelligence, machine learning, natural language processing (NLP), robots and others, are already providing businesses opportunities to harmonize the use of human resources and accomplish better outcomes from customer interactions. Today, companies are starting to realize the benefits of integrating cognitive technologies into their business processes. They have the potential to enhance customer experiences as well as lessen operational costs, enabling enterprises to drive efficiency.

The customer experience (CX) has always been at the center stage of every company's growth strategy. It is indispensable for businesses and indicates that they think new and innovative ways to enhance their knowledge of customer experience to design an effective strategy. Machine learning and AI technologies have evolved tremendously in the last few years, driving a significant transformation to online and offline customer experiences.

As customer experience is a competitive driver of growth, data insights are one of the prime tools for CX enhancement. In this way, AI is perceived as an effective technological advancement providing an intelligent, convenient and informed customer experience at any point along the customer journey.

Why Businesses are Adopting Cognitive Technologies?  

In partnership with Stefanini, IDG conducted a survey to identify the specific factors that are driving interest in the use of cognitive technologies. With 108 respondents, the survey found that over 70 percent are using cognitive technologies for one or more purposes, while 63 percent have plans to implement them over the next year, and 26 percent plan to implement cognitive technologies for any purpose more than a year from now. Moreover, using these technologies for customer experience improvement was found to the topmost objective with 54 percent of respondents. Following this, 44 percent considered improving employee and user experience as the second most significant objective, while 40 percent cited reduced operational costs.

Personalization is another key driving factor in enhancing customer experiences. This can clearly be seen in sectors like banking, which is among the early adopters of technology-led innovations that help personalize its services and approaches towards every customer. As banking is a complex industry that highly relying on manual processes, customer experience matters a lot. Thus, cognitive technologies here can become an integral part and assist banks to rethink and restructure their customer experience strategies.

Big Data is also assisting organizations to redefine the customer journey in order to make it more consequential by eliminating bottlenecks and delivering value at the right place and right time. It is able to better understand customers' preferences. Big data technologies can collect a volume of data from distinct sources including surveys, social media comments, call transcripts, and virtually any other exchange between a brand and a customer. Then the data gathered must be used by businesses which can help them assess both quantitative and qualitative feedback to make improvements to their service, ultimately enabling them to deliver personalized services that will make customer loyal and improve their experiences.

Therefore, in the coming years, making use of cognitive technologies will assist organizations to make better decisions. They will also help in developing a better infrastructure that enables businesses to lay the foundation of customized and streamlined customer experiences, personalizing the customer journey, and improving the overall customer engagement with a brand.