The arrival of generative AI has garnered widespread attention, prompting all organizations to prioritize it, with many moving from “what” to “how.” This shock has created a meteoric pace of innovation across various sectors and many companies are already in transition. The main objective is to improve customer experience by increasing the human connection between buyers and brands.
This blog aims to delve deeper into how generative AI can catalyze inflection points in improving the customer journey. In recent years, many companies have sought to improve the customer journey through cutting-edge technology transformation to make customer interactions more responsive and personalized.
Although Gen AI could impact most business functions, we would like to focus on customer operations, marketing and sales, and software engineering, which could represent approximately 75% of the total annual value of Generative AI use cases.
Impact of Generative AI on Customer Operations
Businesses and consumers wanted to stay seamlessly connected, whether it was a purchase, technical assistance, or after-sales support. The AI generation has the potential to revolutionize entire customer operations. The study found that applying Generation AI increased problem resolution by 14% per hour and reduced time spent handling problems by 9%.
Here are some of the operational improvements made Generative AI Development Services can provide:
Customer self-service
Customers expect interactions to be more human, personalized and immediate, regardless of demographic and geographic limitations. The increase in quality of chatbots and self-service solutions has minimized the need to engage one-on-one with an agent. However, if necessary, someone can be directed to the right agent who will resolve the issue in the first conversation. As a service agent, these self-service solutions have improved overall productivity and focus more on strategic value-add that 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 successfully answer customer queries and resolve issues during initial interactions. Additionally, it can improve turnaround time and quality by providing real-time assistance and recommending next steps.
Improved sales
With its ability to quickly process data about customers and their browsing histories, the technology can identify product suggestions and offers tailored to customer preferences. Gen AI can improve cross-selling recommendations through a better overall understanding of customer needs. We estimate that Generation AI could increase the productivity of customer operations by a value ranging from 30% to 45% of current operating costs.
Marketing and sales
Consumers are demanding more personalized and engaging content. Marketers are pushed to deliver on this promise while driving cost savings, speed to market, and workflow efficiencies. Sales and marketing professionals leverage market trends and customer insights from unstructured data sources (such as social media platforms, news, search, production information, and reviews customers) and write effective marketing and sales communications. Generative AI can create personalized messages for targeted customers based on their interests, preferences and behaviors.
Once LLms are trained on appropriate unbiased training data, they can perform content creation tasks such as writing brand headlines, content creation, social media posts, and product descriptions.
This tailored content creation capability can not only maximize end-user engagement throughout the marketing funnel, but also catalyze conversion rates and improve brand results.
Some of the potential benefits of generative AI for marketing include:
Hyper-personalization:
The conventional method of content creation is a time-consuming process and often lacks the agility to meet customer needs and adapt to a person’s changing needs. With AI-generated content, businesses can generate creative content to improve the personalization of marketing messages for different customer segments, geographies, and demographics. Generating tailored content for a targeted audience can improve customer value, attraction, conversion and retention in the long term.
SEO Optimization
Generative AI can help marketers improve conversion rates and reduce costs through search engine optimization (SEO) optimization for various technical marketing and sales elements, including headlines of pages, image tags and URLs. It can generate essential SEO tokens, help specialists create SEO-optimized digital content, and deliver targeted content to customers.
Competitor Analysis
Gen AI can quickly analyze sentiment and activation across a wide range of competitors, to inform competitive benchmarking and due diligence. This information can increase a marketer’s ability to deploy real-time content that helps position brands ahead of their competitors. Generative AI could also change the way B2B and B2C companies approach sales. Here are two use cases for sales:
Increase sales conversion
Generative AI could identify and prioritize prospects by creating comprehensive consumer profiles from structured and unstructured data and suggesting actions to staff to improve customer engagement at every touchpoint.
Improve lead development
Generative AI could help salespeople develop leads by synthesizing relevant information about product sales and customer profiles and creating chat scripts to facilitate conversation with customers, including sales talking points incentives and crossovers. It could also automate sales follow-up and passively nurture leads until customers are ready to interact directly with a human sales agent.
Generative AI could increase sales productivity by 3-5% of current global sales spending.
Software engineering
LLMs can be trained to develop applications that can generate code by understanding the natural language prompt. One study indicates that software engineering productivity could be affected by 20% to 45% of current annual spending on this function. The time spent on activities such as generating initial code drafts, correcting and refactoring code, performing root cause analysis (RCA), and generating new system designs could be significantly reduced.
Large tech companies are already selling generative AI for software engineering, including GitHub Copilot, now integrated with OpenAI’s GPT-4, and Replit, used by more than 20 million coders.
By speeding up the coding process, generative AI could push necessary software engineering skills and capabilities toward code and architecture design.
Better system design and planning
Software engineers leverage generative AI to create multiple computer architecture designs and iterate on potential configurations, thereby speeding up system design and enabling faster time to market. Gen AI can also help analyze, clean and label large volumes of data from different platforms.
Coding and testing
Software engineers can use AI-powered tools to generate code drafts, quickly resolve syntax issues, and debug codes. Generation AI can also be their coding buddy and serve as a navigable knowledge base. Engineers use algorithms that can improve functional and performance testing to ensure quality and can automatically generate test cases and test data.
Conclusion
When implemented correctly, Gen AI can increase employee productivity, enable personalized experiences for customers, and generate tangible value for organizations. The rapid development of generative AI has the potential to dramatically increase the overall impact of AI, generating billions 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 ROI from the AI generation. By partnering with Intellectyx, organizations can unlock the full potential of their data, make informed decisions, improve operational efficiency, and ultimately drive business growth.
Contact us today to accelerate your Gen AI implementation with Intellectyx
