Unlocking the Full Potential of AI: Investing in Technology, People, and Processes for Business Growth
Businesses must invest in the right technology, people, and processes to unlock the full potential of AI as experts suggest
In today’s fast-paced and competitive business landscape, staying ahead of the curve is essential for success. One way companies are achieving this is by harnessing the power of artificial intelligence (AI) to transform customer service and drive business growth. Industry experts are now suggesting that businesses must invest in the right technology, people, and processes to unlock the full potential of AI.
A recent webinar by Twilio, titled “AI Alchemy: Crafting Next-Gen Customer Service Experiences,” delved into the emerging AI trends in customer experience (CX) and discussed practical approaches to meeting these demands. The session featured Nicholas Kontopoulos, VP of Marketing at Twilio, and Shivram Chandrasekhar, Solutions Architect at Twilio, who shared valuable insights on leveraging AI to enhance customer interactions, build trust, and ensure compliance.
Kontopoulos emphasized the importance of adopting a data-first approach to customer engagement. He highlighted the significance of collecting and organizing high-quality data, with zero-party data (data customers willingly provide) being the key to building trust and deepening customer relationships. According to Kontopoulos, businesses need to focus on creating meaningful, personalized experiences for their customers by harnessing AI tools that can effectively tailor interactions.
Chandrasekhar demonstrated the power of generative AI through a use case involving a voice bot created for Fabindia. The virtual agent, equipped with natural language understanding and real-time adaptability, was shown to handle customer inquiries with a personalized touch, based on data from previous interactions. Chandrasekhar explained how AI-powered virtual agents can enhance operational efficiency, scale customer service 24/7, and provide a cost-effective way to maintain high levels of service.
Moreover, Kontopoulos discussed how businesses in Asia are reallocating their budgets to prioritize AI investment. He referenced a report showing that top firms in the region are shifting resources towards generative AI to improve customer experience and operational efficiencies. Incorporating AI into customer engagement is not just about technology; it’s about reshaping how businesses operate and engage with customers on a deeper level.
Personalization emerged as a key focus of the discussion, with studies showing that consumers are more likely to remain loyal to brands that offer personalized experiences. Chandrasekhar highlighted the challenge of data fragmentation in India, hindering the creation of a unified customer view. Overcoming this challenge, known as “dark data,” is crucial for the success of AI in delivering personalized customer experiences.
In conclusion, businesses must invest in the right technology, people, and processes to fully unlock the potential of AI in transforming customer service and driving business growth. By adopting a data-first approach, leveraging generative AI, reallocating budgets, and prioritizing personalization, companies can stay ahead of the competition and meet the evolving demands of customers in today’s digital age.
