Customers run any business today. They have the power to evangelize and grow your brand organically to the next level. This demands pure persuasion in terms of learning from your customers, understanding their behaviours, their attitudes, their lifestyles that can influence their decision.
Brands need to rethink ways to win customers and create better connections with them. By harnessing the power of cognitive technologies, companies can generate valuable connections with customers. The flow will be natural and intuitive in this case. Cognitive solutions have a very strong role to play in enhancing your customer experience. The potential is huge and enterprises need to tap into this segment. Here's what Paul Papas, Global Leader from IBM Interactive Experience said:
The last, best experience that anyone has anywhere becomes the minimum expectation for the experiences they want everywhere.
From the above quote of Paul Papas it is clear that enhancing the experience of your customers should be your prime focus.
International Data Corporation (IDC) recognizes cognitive computing as a major innovation accelerator that has the capacity to drive digital transformation by generating fresh revenue streams, building information-based organizations, and transforming the way business functions.
So, are you ready to apply cognitive intelligence to your business? If yes, then the rest of the article will guide you and take you through a better understanding process.
Cognitive solutions help you focus on three distinct areas – to engage, to discover and to take a decision.
Moments that matter
- Customer value
- Experience Value
- Business Value
Offering the same experience across multiple touchpoints is the biggest challenge faced by many retailers today.
Data is available in various forms such as images, video, audio and so on. In order to process such data through a single channel, business organizations are looking towards the cognitive solutions. This new venture will enable businesses to gain intelligence in real-time, have a single view of consumers across channels, segment customers based on their purchase history, demographics etc, and roll out targeted offers to a wider set of buyers.
By understanding new patterns with your data, you can gain insight into new strategies and operational efficiency, to augment, to scale and to eventually create personalized and more meaningful connections with your customers.
A recent report from MarketsandMarkets indicates that the global cognitive services market is likely to grow from USD 2.59 billion in 2018 to USD 15.28 billion by 2023. Innovative businesses that are ready to take this transformation are already investing in this to broaden their capabilities.
Win customers with cognitive solutions
In order to implement a powerful customer-centric strategy that can enhance customer experience, brands need to extensively implement automation and innovative cognitive technologies.
By leveraging the possibilities offered by mobile, advanced text, social media, analytics and multi-channel integration, businesses can offer the most compelling customer experience. Artificial intelligence and machine learning are two prime advancements that are gaining significant importance in driving automation in customer experience management.
Advantages of using cognitive solutions to enhance the customer experience:
- Ability to process millions of conversations
- Ability to mine the data
- Better interaction with your users
- Improved customer serviceability
- Seamlessly move from front-end to back-end service
- Efficiently process the data
- Insight-driven business decisions
- A lesser probability of customer annoyance
- Insight-driven product launches
- Automation delivers new break-through value
- Pre-emptive approach to avoid disruption
Cognitive use cases:
- Sales and marketing
- Campaign management
- Customer segmentation
- Purchase prediction
- Analyzing customer behaviour
- Understand purchase pattern
- Formulate growth strategies
- Enhance customer experience
James McCormick, Principal Analyst at Forrester mentioned in a report titled, “Predictions 2017: artificial intelligence will drive the insights revolution report,” that AI will enable business users with powerful insights much before they are available through the use of cognitive interfaces.
Key Options available with cognitive solutions
1. Natural Language Processing (NLP)
2. Machine Learning
3. Automated Reasoning
4. Artificial Intelligence
You can apply cognitive solutions into your products, process and to gain insights:
# Products – Embed cognitive solutions into your product and service to enhance end-user experience.
The all new virtual assistant from Google is one of the prime examples that have embedded cognitive technologies to assist its users.
Just say “Hey Google.” The assistant is ready to help you with a series of topics that are of your interest. The product is naturally conservative and visually assistive. With Routines, location-based reminders and support to more than 30 languages, this Google product is all set to help you get things done easily and save your time. You can ask anything right from what’s trending to how the traffic is and even schedule your routine for a specific day seamlessly! This is the power of cognitive technologies.
Check out the following video:
# Process – Embed cognitive technologies with workflow process to automate and improve your operational efficiency. Here are major advantages of using cognitive automation include:
- Speed and precision that can smooth customer experiences
- Intelligent interaction with customers
- Cost cut
- Eliminate errors
- Increase efficiency
- Deliver better results
Chatbots are another great use case of Cognitive solutions for automation of several business processes. A number of brands are taking maximum advantage of this technology to add value to their customer experience.
For example, Uber uses chatbot to chat with its passengers and continue its passenger interactions, including their ride experience, any booking issues, any driver issues, and prompt about offers and much more chatbot’s algorithms to refine and optimize their experience. Such service helps in predicting their needs and resolve instantly all their queries. Check out this video.
# Insights – Embed cognitive technologies to get access to advanced analytical capabilities.
Intelligent management of information using cognitive analytics helps businesses to unlock the value of complex unstructured data and data sources in real-time.
Use cognitive analytics to assemble, extract, manage and organize data for better decision making and business intelligence. The Global cognitive analytics market is likely to reach $40.25 Billion by 2027.
For example: In social media, to identify context from the text, image and audio, cognitive analytics help a big way. It can understand, recognize, read and react to conversations and opinions expressed by users to effectively analyze customer preference and take future actions accordingly.
Image source: https://www.ibm.com/watson-analytics/social-media
Such analytics helps a brand to identify and comprehend to the most relevant information about the users and give them personalized future services. Such predictive approach enhances customer experiences. Such systems enable a brand to direct customers towards specific products or services they may want to purchase based on their conversations.
Brands can deliver personalized experiences to its customers, identify new opportunities and risks and generate new business models based on cognitive analytics.
Key considerations while adopting cognitive solutions
Before investing in cognitive solutions, business organizations should understand its processes, its potential, market dynamics and much more. The next step is to understand whether your business case can support this. Once this is in place, then identify the areas where you can deploy this technology.
- What are the end results that you would want to achieve?
- How can cognitive solutions help you accomplish these results?
- What can be your long-term interest and investment in this technology?
- What are your support systems?
- Can your business adapt quickly to the changes?
- Do you have the necessary organizational skills?
- What kind of IT supports you have?
- Who will assist you in building, deploying and managing such systems?
- How can you measure the value?
Interpret data and understand every interaction
Customers arrive at your desk with limitless choices, massive discovery and bundle of inspiration. They are not bound by time, location etc to make any purchase.
Standing at this cusp, if you invest in cognitive systems, you can take the lead and win your customers. It helps you bread all prevailing compromises in terms of speed, time and quality.