Have you ever called up a customer call centre only to be greeted by the calm voice of a virtual customer service agent, or the feared bot? Depending on the underlining base architecture AI or ML will decide how you circumvent this dreaded virtual cosmos we call the customer care centre or front of house. An AI bot reminds me of a person with a pencil in their ear and a clipboard, designed to handle specific tasks such as take an order, tell you statuses or updates, answers the basic questions before it must pass you on to a real-world human, as these bots are rule based and decision-making algorithms.
The ML learning bot can improve its responses by learning from the interaction and the data accumulated over time. This bot reminds me of the old-style person working in a store that answers the phones and can understand the intent of the customers questions and the context while generating the appropriate questions and desired responses. Each time the virtual service agent interacts with customers the more it will improve on its performance as it will learn more, just like on the job training.
Understanding this simple scenario will help you illustrate the need to sometimes have both AI and ML. AI to perform specific tasks, and ML algorithms to learn and improve their performance over time. Many industries will reap short and long-term benefits which leads to increased revenue streams, and lower operating costs, by enhancing the four key functions below:
- Automating Customer and Service interaction
- Automating the Processes and Governances
- Automating the creation of simple one of a kind micro service
- Automating the decision and learning process
All industries will prosper from the implementation of GPT4, the fastest growing user-based consumer application in history. Below are five examples of its potential:
- Retail can be used to provide customers with recommendations and information to increase customer satisfaction
- Telecommunications can benefit by automating customer service interactions, providing quick and accurate answers to customer inquiries and reducing the need for human agents
- Travel can provide personalised recommendations for travel destinations and help customers with booking and travel planning
- Legal can provide legal advice and information to customers in real-time, improving access to legal services
- Real Estate can provide customers with recommendations and information about real estate properties, helping to streamline the buying and selling
At Blenheim Partners, we believe Executive Leadership Teams with a Global and forward-thinking perspective is critical to success and securing market share. Our dedicated Technology and Digital Practice was built with the aim of identifying those individuals with the aptitude and leadership to deliver a strategy for the transition from the current environment to ensure their business is prepared for the future. These leaders:
- Understand that Technology is not simply the cost of doing business but to create new business
- Ensure the business has the appropriate governance to for a resilient, secure and compliant environment
- Can articulate and justify the monetary investment and return on transformation
- Position their organisation to take advantage of the new game changing technology, to improve internal capabilities and deliver leading customer experiences
Barry Lerner
Partner, 5G, Telecommunications, Technology and Digital Transformation