Artificial Intelligence (AI) is no longer a vision of the future, but a reality that is already transforming our business world and the way we interact with customers. Companies face a choice: Will they be spectators, followers, or innovators in this exciting development?
AI and Customer Centricity
In an era where customer retention is crucial, AI offers companies the opportunity to provide customers with a better, personalized experience. The goal is genuine 1:1 customer interaction that is automated through AI yet feels human. As early as 2017, KPMG named customer centricity as one of the top issues in the consumer goods industry.
By utilizing data from various business areas, AI can help develop a better understanding of customer needs and create personalized offers.
Predictive Analytics – Predictive AI
One of AI’s most impressive capabilities is its ability to analyze data precisely. It can make remarkably accurate predictions based on data that seemingly reveals little about a person. For example, an AI can draw conclusions about personal characteristics from Facebook likes and often assess these more accurately than friends or even family members.
The benefits for companies are manifold: from creating individual offers to optimizing the customer experience and increasing sales and customer loyalty. AI also enables cost reduction and early detection of behavioral trends among customers.
The AI Gap
However, it’s important to note that not every company has the same technological progress. There is an AI gap between industries and companies. Germany lags behind internationally in AI development, partly due to a lack of investment. Only one in 8 companies currently uses AI.
Companies that don’t adapt AI early on risk falling behind. AI can help develop new technologies and stay one step ahead of competitors.
It Depends on All of Us
AI is revolutionizing customer communication and plays a key role in customer retention. Companies should actively engage with AI and find out how they can use this technology. Even if fully automated AI is not yet perfect, it’s important to accustom customers to new communication possibilities and train employees in interacting with AI.
Companies should not lose touch with the competition. Lifelong learning is crucial to harness the potential of AI and take customer loyalty to the next level. Because in a world where AI is becoming increasingly prevalent, innovators will be the ones who succeed in the long term.
