Machine Learning has been one of the hottest topics of discussion among the C-suite and technology buffs. The posts speaks about the future of machine learning. Read this to know more.
We are firmly in the digital sphere, and as we all know, it’s changed drastically in the past few years alone.
In fact, this ever-evolving world is constantly keeping us on our toes, whether we’re businesses or consumers.
So, what could the future hold?
The machine learning market is expected to grow from USD 1.03 Billion in 2016 to USD 8.81 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 44.1% during the forecast period.
Want free money?
Well, if you’re a small business owner you’ve probably heard of machine learning, and if you haven’t, it’s time to brush up on it.
Machine learning provides solutions for companies to allow digital transformations.
After all, these rapid changes in technology are defining everything from customer service to the way a business operates internally.
Customer services to most companies are key; after all, it’s how they build relationships with customers. If these systems improve dramatically, it’ll only make things easier for customers in the not so distant future, and therefore, the company itself.
The Future of Machine Learning and Customer Service
|Machine learning (ML) is the scientific study of algorithms and statistical models that computer systems use to perform a specific task without using explicit instructions, relying on patterns and inference instead.|
Here are four machine learning predictions about what the future holds for machine learning and customer service.
1. It’ll be in Most Applications
Before you know it, machine learning will be in almost all software applications. This means personalization will be much better than it ever has been.
Just imagine a service that knows exactly what each person wants, making a customer’s journey 100% better in mere moments. For example, if you wanted a new gaming setup, Apple or Google will know the requirements for a good gaming PC and help you along the way.
Or if you’re an avid gamer of League or Legends, they’ll know exactly what upgrades and new maps you’ll want which will leave you constantly wondering, — ‘how much money have I spent on league?’ at times.
2. Machine Learning Services Will be More Common
As a business, you’ll want to be fully embedded into the world of digital. With this, technology will mature, and systems like the cloud will be able to offer machine learning as a service. This will allow companies to use this type of service without paying out a fortune on hardware investments, or training the algorithms currently in place.
3. Algorithms will Retrain
Constantly retrain that is. This will be due to your machine learning systems being connected to the internet all the time, meaning all the latest and most relevant information can be learned. This is a sharp change from old systems that were usually only trained once, which resulted in their training often becoming outdated and imperfect.
4. Computers Become Humans?
Not actual humans of course, but who knows what could happen in the future. But, with machine learning, computers will be able to get a better understanding of sentences through advance learning, meaning they’ll be able to process requests better; something that has been very limited before. This can only mean great things for companies operating with bots on their website for customer service.
Artificial Intelligence & Customer Journeys: How this Affects Consumer Experiences?
In today’s world, customers have an almost infinite collection of data, made present through the internet. Yet, there are many ways companies still forced today’s evolved customers onto engagement paths that are (and feel) outdated.
Artificial intelligence is a way of providing customers a way of interacting with the world in an evolved, intelligent and convenient manner. AI informs the customer and evolves as the customer does. This results in a completely reimagined customer experience that is much more integrated and much more personal.
Enhancing Customer Experience with AI
Customer experience is important. IT is one of the most important growth drivers when successful, and perhaps the greatest source of risk when presenting a product when failing.
Developing AI is a complex task, but it is a direct reason why AI can unleash so much and affect the customer experience so intensely. Moreover, it can actually add value to the customer experience. Call centers agents, employees and salespeople who interact with customers are not expected to understand a customers’ entire history and derive their insights from that acquired history in real-time.
Automated systems, on the other hand, have the ability to handle every sort of customer history and deliver a uniform experience across the board. By repeating patterns, and by creating connections between customers, AI can create a very powerful and coherent system across all data points.
AI delivers a powerful customer experience; it does so by providing insights about the customers at key / chosen touch points. Integrating insights with certain touch points is the key to real-time engagement of the customer.
Customer voyage analytics platforms are actually filling this difference with a bunch of APIs options and development sets to deliver complete, real-time touchpoint integration with reduced investment.
Think of something that the customers haven’t even imagined
Provide them with something they haven’t even considered. Targeted marketing communications that are relevant and useful can create sustained customer following, as well as an upswing in conversions.
The client lifecycle is non-linear. Probably one of the most effective ways to succeed them over is by coming in contact with them at the right level in their customer trip. For instance, a shopper who may have browsed but didn’t purchase anything will appreciate getting a contact with customized tips predicated on his behavior.
Identify the steps in the customer’s journey
Be reliable. It’s about in-the-moment personalization. Marketers are swamped with a great deal of data with minimal actionable insights. But, data by itself won’t lead you everywhere. With artificial cleverness, marketers can get profound and powerful insights to recognize key occasions in the client trip to automatically send the right concept to the right person on the right route, making the client probably to convert.
At the end of the day, the user experience is important. Using AI, you can enhance the customer experience and end up enhancing the reputation of your product. It’s obvious that a personalized and reliable experience is always preferred over a generic customer experience.
The Bottom Line
These are just a few ways that machine learning could help advance businesses with customer services. Offering the chance to provide a better service, save money, and make customers happy, maybe it’s time to jump into the world of machine learning early, and improve your company.