A recent McKinsey & Co. report found that over 70 percent of customers today expect personalized outreach from the companies they buy from. In fact, more than three out of four points to personalization as the factor most likely to turn them into a repeat customer that’s willing to recommend the product to friends and/or peers. This sends a clear message to companies; there’s no room for error when it comes to interacting with customers, whether the organizations are corporate giants or small-and-medium businesses all doing their best to survive.
Consumers are less patient and far less forgiving than ever before. They no longer simply expect companies to cater to their every whim; they insist upon it and their loyalties are perpetually up for grabs because they’ll change their spending habits in a heartbeat if they sense that another brand understands them better and anticipates their needs more accurately and consistently.
AI: The Missing Link to Keeps Customers Happy (and Loyal)
Using AI-based systems, organizations are able to identify products and brands that the customer may want, but with a degree of specificity and confidence that goes well beyond what standard recommendation engines can deliver. This Segment of One approach leverages the advanced analytics provided by automated machine learning components that embrace a rules-based system and dispense with list-based constraints., Here, machine learning models trained on accurate, intelligently grouped customer data recommend a real-time, algorithm-generated “next best action” for the customer based on their specific journey. Dozens, or even hundreds, of variables and dimensions are brought together and analyzed almost instantly and outcomes are used to train the system so it “earns over time as it gains access to more and more data.
Customers who previously may have had a taste of personalization in their engagements with businesses are now demanding a vastly-improved experience with deeper personalization than ever before. They crave engagement that treats them as individuals, not as representatives of arbitrary marketing categories, and they’re rewarding companies that turn to AI to develop a comprehensive understanding of their unique tendencies, preferences, and goals. Customers respond better and more frequently when companies deliver offers, incentives, and messages that demonstrate a deep understanding of who they are and the nature of their experience as a customer. A blend of AI, data, analytics, and automation is enabling companies to engage with their customers as distinct, stand-alone entities, and customers are responding positively, even as (inevitably) they demand still more. Better yet, these cutting-edge technologies are getting better with time, and are ushering in a new era in which the wishes of the customer, not the manufacturer or retailer, are all that matter.
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Big data and AI help businesses to enhance the customer experience, boost ROI & productivity and making business processes smoother.Artificial Intelligence and Big data are and will be the essential factors that will shape the present and the future of your organization.
Human intelligence amalgamated by AI in business and Big data will bring some dramatic changes and expand your business in directions that you have never imagined.
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12 Engineer AI and big data companies are about to entering Dcode’s 2020 accelerator program.
The Dcode team and mentors will work to equip the companies with what they need to win federal contracts and meet government needs.
Twelve Engineer AI and big data companies are convening in D.C. for Dcode Accelerate, which assists startups entering the federal market.
Over a 10 week period running between February and April, Foggy Bottom–based Dcode will work with the companies to develop federal strategies and introduce them to government and tech industry leaders.
