AI (Artificial Intelligence) and ML (Machine Learning) are technological concepts that have transmogrified the present world to a higher extent. Many leading industries are reaping the benefits of AI and ML for providing higher value to customers in order to achieve tremendous business growth. From cutting operational costs to delivering personalized UX (User Experience), AI has come forward to dominate the future of the business world. With the aid of AI and ML technologies, businesses are reimagining their upcoming goals and objectives.

In the present world, almost a good number of online customer interactions are supported by AI Technology which as we know has become super powerful and nimble due to ML and DL (Deep Learning).

Today, KR Elixir Technology will reveal how AI and ML together leverage positive, valuable, and outstanding CX (Customer Experience) or UX (User Experience). Continue reading to learn more.

Personalized Online Experiences

Based on Forbes’s report, Netflix, the infamous online streaming platform saved $1 billion by using machine learning during 2017. Highly advanced machine-learning algorithms have proven to predict accurate user behavior for the sake of improving sales and of course, Customer Experience. Big business giants, like Amazon, Netflix, Facebook, Google, and YouTube deploy recommender systems or engines to show products and services based on an individual’s interests or preferences.

24*7 Customer Service and Support

According to Gartner’s research, in 2020, organizations report a reduction of up to 70% (call, chat, email) inquiries after implementing a chatbot or virtual customer assistant. Virtual assistants or 24/7, Chatbots have enabled round-the-clock Customer Service and Support practical and effective. AI-powered Chatbots have allowed organizations to fulfill customer queries without any delay and further complaints. With Knowledge Base platforms, customers get their queries met at once without any human intervention.

Real-time Insights

When it comes to providing valuable Customer Experience, data is the biggest asset for any organization. Corporations understand the value of data and hence incorporate various machine learning techniques, like data modeling, sentiment analysis, and churn prediction to become one step ahead of their competitors. Statista’s analysis proves that by using big data, Netflix saves $1 billion per year on Customer Retention.

Fraud Detection

Fraud prevention is one of the significant aspects of improving Customer Experience. It is needless to point out how intelligent machines have become in detecting fraudulent activities online. AI and ML algorithms have the tendency to learn from previous fraud patterns and identify them in future transactions. As per Statista’s 2019 report, 25% of IT leaders have planned to use ML algorithms for preventing anomalies or fraudulent activities.

Artificial Intelligence and Machine Learning – Interesting Facts

• In the healthcare industry, 38% of providers use computers as diagnosis assistants. [Source: Gartner]
• Artificial intelligence facts show that Netflix’s recommendation engine is worth $1 billion a year. [Source: Business Insider]
• 95% of business leaders who indicated they know how to use big data to solve business problems or obtain information also use Artificial Intelligence technologies. [Source: Forbes]
• Businesses with more than 100,000 employees are more likely to have a strategy that implements AI. [Source: MIT]
• AI implementation in consumer packaged goods has led to a 20% reduction in forecast errors. [Source: Forbes]

Let KR Elixir Technology follow you through the process of phenomenal Digital Transformation. Get access to immense technological evolution with our excellent team of AI and ML Specialists.