Why Your Customer Experience Must Build From Innovation

Customer experience and engagement is a priority for many companies, especially those that understand the power of the customer experience . Studies show that:

• Companies with customer experience mindsets drive revenue 4–8% higher than others
• Two-thirds of companies compete on customer experience
• Companies that lead in customer experience outperform laggards by nearly 80%
• 84% of companies that work to improve their customer experience report an increase in their revenue

While many companies are upping their game with customer experience, it’s important to understand that traditional customer engagement strategies are no longer viable. Consumers are more tech-savvy and connected than ever. In order for companies to keep up, they must evaluate how they can make the customer experience more personal and proactive in line with current tech innovations. Today, companies must work to incorporate tech innovations if they wish to gain a competitive advantage in almost any industry.

Chatbots

Customers are demanding faster responses from companies regarding their purchases. This has resulted in the use of chatbots. Chatbots allow companies to use pre-written messages to help identify problems that customers have and help customers navigate the customer service portal. Chatbots are also making waves in all other business areas, such as:

• Supply chain management
• Manufacturing operations
• Inventory management

Chatbots can offer a wide range of benefits, like:

• Enhancing interactivity between customers and companies
• Managing high-volume queries without the necessary training
• Reaching out to a new audience that may speak a different language or is not as tech-savvy

With the help of chatbots, companies can communicate with their customers seamlessly, enhancing the customer experience while streamlining their processes.

Big Data

Big data can help companies understand trends and patterns from large pools of data that traditional processing software cannot handle. Most, if not every, company in some industries rely on data to understand their customers. For instance, the healthcare industry uses big data to analyze pharmaceutical results while IT staff use it to identify and protect against security threats.

Companies can use big data to:

• Create insights and analytics
• Prioritize tasks
• Reinvigorate leadership
• Improve their position in their industries

Predictive Analytics

Predictive analytics uses data, analytics, and machine learning to unlock the probability of future outcomes. Companies can use this type of analytics to understand customer behavior and arrange it into a strategic and comprehensive plan of action. Some ways that companies can apply this include:

• Marketing: Companies can discover behavior and purchase patterns to attract and retain customers.
• Cybersecurity: IT staff can detect fraud before it occurs.
• Risk analytics: Financial companies can assess a buyer’s likelihood of default.
• Inventory management: Hotels and airlines can use predictive modeling to decide on their prices and availability.

It’s important for business owners and decision-makers to understand the power of predictive analytics so they can make more informed decisions about their business.

Feedback and Measurement

AI can also provide real-time feedback and measurement tools to help resolve issues before they escalate. For instance, manufacturers have benefitted from the connected factory business model, which shares data throughout the supply chain. Supply chains generate a lot of data, and business owners can use that data to help make important decisions. Other benefits of a connected factory model include:

• Increased productivity and flexibility
• Production traceability
• Enhanced responsiveness
• Increased worker safety
• Lowered costs

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Qhala enables digital transformations through effective strategies and excellence in execution. Collaborating with business and technology leaders, we help formulate and execute operational strategies to achieve intended business outcomes by bringing the best of consulting services, technology expertise, and execution models.

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