The arrival of Generative AI has triggered widespread attention, prompting every organization to prioritize it, with many transitioning from the “what” to the “how”. This jolt has created a whirlwind pace of innovation across various industries and many companies are already transitioning. The primary focus is to enhance customer experience by increasing the human connection between buyers and brands.
This blog aims to take a deep dive into how Generative AI can catalyze inflection points in enhancing customer journey. In recent years, many companies have sought to enhance the customer journey through cutting-edge technology transformation to make customer interactions more responsive and personalized.
While Gen AI could impact most of the business functions, we would like to focus on Customer operations, marketing and sales, and software engineering that could account for approximately 75 percent of total annual value from Generative AI use cases.
Impact of generative AI in customer operations
Business and Consumers wanted to stay connected seamlessly, be it a purchase, technical assistance or after-sales support. Gen AI has the potential to revolutionize the entire customer operations. The research found that the application of Gen AI increased the issue resolution by 14 percent an hour and reduced the time spent on issue handling by 9 percent.
The following are some of the operational enhancements that Generative AI development services can bring:
Customer self-service
Customers expect interactions to be more human-like, personalized, and immediate regardless of demographic and geographical limitations. The increase in the quality of chatbots and self-service solutions has minimized the need to engage one-on-one with an agent. However, if required, someone can be triggered to the right agent who solve the issue in the first conversation. As a service agent, these self-service solutions have improved overall productivity and focus more on strategic value adds which can subsequently increase agent satisfaction. This is one of the effective use cases of Gen AI.
Improved customer satisfaction
Generative AI can instantly retrieve specific customer transaction data and help the human customer service representative to successfully answer customer queries and resolve issues during the initial interactions. Further, it can improve the turnaround time and quality by assisting in real-time and recommending next steps.
Improved sales
Because of its ability to rapidly process data on customers and their browsing histories, the technology can identify product suggestions and deals tailored to customer preferences. Gen AI can improve cross-sell recommendations from a better understanding of customer needs holistically. We estimate that Gen AI could increase customer operations productivity by a value ranging from 30 to 45 percent of current function costs.
Marketing & sales
Consumers are demanding more personalized and engaging content. Marketers are pushed to deliver this promise while driving cost savings, speed to market, and workflow efficiency. Sales and Marketing professionals mine for market trends and customer information from unstructured data sources (like social media platforms, new, research, production information, and customer feedback) and draft effective marketing and sales communication. Generative AI can create personalized messages for targeted customers based on their interests, preferences, and behaviors.
Once the LLms are trained on proper unbiased training data, they can do content creation tasks such as drafting brand headlines, content creation, social media posts, and product descriptions.
This tailored content creation capability can not only maximize end-user engagement across the marketing funnel but also catalyze conversion rates and enhance brand outcomes.
Some of the potential benefits of generative AI for marketing include the following:
Hyper-personalization:
The conventional content creation method is a time-consuming process and often lacks the agility to both customer needs and adapt to a person’s evolving needs. With AI-generated content, companies can drive creative content generation to enhance the personalization of marketing messages for different customer segments, geographies, and demographics. Generating tailored content for a targeted audience can enhance customer value, attraction, conversion, and retention in the long run.
SEO optimization
Generative AI can aid marketers in achieving improved conversion rates and reduced costs through the optimization of search engine optimization (SEO) for various marketing and sales technical elements, including page titles, image tags, and URLs. It can generate essential SEO tokens, assist specialists in creating digital content optimized for SEO, and disseminate targeted content to customers.
Competitor analysis
Gen AI can quickly analyze sentiment and activation across a broad competitive set, to inform competitive benchmarking and due diligence. These insights can augment a marketer’s ability to deploy content in real time that helps position brands ahead of their competition. Generative AI could also change the way both B2B and B2C companies approach sales. The following are two use cases for sales:
Increase sales conversion
Generative AI could identify and prioritize sales leads by creating comprehensive consumer profiles from structured and unstructured data and suggesting actions to staff to improve client engagement at every point of contact.
Improve lead development
Generative AI could help sales representatives nurture leads by synthesizing relevant product sales information and customer profiles and creating discussion scripts to facilitate customer conversation, including up- and cross-selling talking points. It could also automate sales follow-ups and passively nurture leads until clients are ready for direct interaction with a human sales agent.
Generative AI could increase sales productivity by 3 to 5 percent of current global sales expenditures.
Software engineering
LLMs can be trained to develop applications that can generate code by understanding the natural-language prompt. Study indicates that software engineering productivity could be impacted by 20 – 45 percent of current annual spending on the function. Time spent on activities such as generating initial code drafts, code correction and refactoring, root-cause analysis (RCA), and generating new system designs could be drastically reduced.
Large technology companies are already selling generative AI for software engineering, including GitHub Copilot, which is now integrated with OpenAI’s GPT-4, and Replit, used by more than 20 million coders.
By accelerating the coding process, generative AI could push the skill sets and capabilities needed in software engineering toward code and architecture design.
Better system design and planning
Software Engineers leverage generative AI to create multiple IT architecture designs and iterate on the potential configurations, accelerating system design, and allowing faster time to market. Gen AI can also assist in analyzing, cleaning, and labeling large volumes of data from different platforms.
Coding & testing
Software engineers can use AI-assisted tools to generate code drafts, rapidly fix syntax issues, and debug codes. Gen AI can also be their coding companion and serve as a navigable knowledge base. Engineers employ algorithms that can enhance functional and performance testing to ensure quality and can generate test cases and test data automatically.
Conclusion
When implemented in the right way, Gen AI can increase employee productivity, enable personalized experiences for customers, and drive tangible value for organizations. The rapid development of generative AI is likely to significantly increase the impact of AI overall, generating trillions of dollars of additional value each year and transforming the nature of work. Intellectyx, a pioneer in data science and Artificial Intelligence, is committed to empowering organizations by maximizing tangible Gen AI ROI. Partnering with Intellectyx, organizations can unlock the full potential of their data, make informed decisions, enhance operational efficiency, and ultimately drive business growth.
Contact Us today to accelerate your Gen AI implementation with Intellectyx
