Tuesday, 18 December 2018 19:42

AI increases enterprise efficiency, revenue gains: survey

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AI increases enterprise efficiency, revenue gains: survey Image courtesy of Cooldesign at FreeDigitalPhotos.net

‘Customer–centric’ brands using advanced artificiaI intelligence benefit from increased efficiency, greater brand loyalty, and notable gains in revenue, according to a new report which found that companies adopting AI-enabled technology have seen a positive impact on customer satisfaction, service delivery and contact centre performance.

The MIT Technology global review of nearly 600 executives across 18 countries, with over a quarter (27%) based in the Asia Pacific region including in Australia and New Zealand, found that nearly half of respondents indicated that between 25% to 50% of all enquiries are now completely resolved through automated channels, leaving agents more time to handle complex tasks.

Sponsored by contact centre solutions company Genesys, the survey also found that 84% of respondents believed customers felt closer to them because of their efforts to improve customer experience, and more so than other regions, APAC respondents balance a strategic concern for efficiency and intimacy with 76% believing AI investment is driven by a need to improve customer intimacy, and 96% agreeing it is also driven by a need to improve customer experience efficiency.

Globally, respondents reported that AI dramatically improves the efficiency, processing speed and transaction volume of customer interactions, and almost 90% of companies report faster complaint resolution, while over 80% say they enhance call volume processing using AI.

By implementing AI, 70% of respondents report they’ve benefitted from improved revenue. More than half of those surveyed note increases in overall revenue of more than 5%, while over 30% cite revenue growth of more than 10%.

Merijn te Booij, chief marketing officer, Genesys, said that the research shows that “businesses win big” when they deploy AI to handle simple, repetitive tasks.

“AI dramatically saves human resources for more complicated or emotional customer needs," he said.

“Pairing automation and machine learning with live agents lead to happier customers, more satisfied employees and financial rewards.”

The MIT Report also revealed that 67% of customer experience leaders embrace AI to make the customer experience more efficient, and also to create deeper, more meaningful relationships with consumers.

In fact, 74% of those surveyed say AI enables agents to spend more quality time with customers - and, over two-thirds of respondents say they employ automated self-service channels, instant messaging chatbots, and sentiment analysis to deliver highly personalised experiences that strengthen ties with customers.

Additionally, 45% of respondents (and more than 75% of customer experience leaders) say AI helps them understand the difference between their stated brand attributes and what customers really think about them.

“While investments in AI are primarily driven by efforts to improve efficiency, the technology’s ability to help companies understand and connect with their customers in more meaningful ways cannot be understated,” te Booij said.

“Not only do businesses from across the world benefit from day-to-day improvements in contact centre performance, they also achieve significant gains in customer loyalty and revenue.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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