Artificial Intelligence (AI), Internet of Things (IoT), and
Blockchain - these technologies are disrupting the business world. They are helping startups and Fortune 500 companies to optimize their traditional processes, mitigate the prevailing challenges, beat the competition, and explore new opportunities in the present competitive business world.
But, can we say the same for the customer experience domain? Does the power of three (
AI, Blockchain, and IoT) apply in the field of customer experience too?
Let’s find out in this blog. However, before we jump to the context of this blog, let’s take a recap of their basics.
What is Artificial Intelligence?
Artificial Intelligence (AI) is the technology that highlights the creation and operation of intelligent machines that think, work, and react like humans. The technology, with its lucrative features like data ingestion, facial recognition, and mimicking of human cognitive, is becoming an indispensable element of every business world. Evidence of which is that the global AI market is anticipated to be of worth
USD 190.6 billion by the year 2025.
What is Blockchain Technology?
Often termed as a chain of blocks, Blockchain technology is basically a distributed ledger that accumulates all the transactions in consecutive nodes in a secure yet transparent manner. The technology, with traits and concepts like tokenization, consensus algorithms, and
smart contracts, has decentralized the business world and added ample of benefits. A result of which is that the Blockchain market is predicted to grow at a
CAGR of 69.4% between 2019-2025.
What is the Internet of Things?
Internet of Things (IoT), in layman terms, refers to an ecosystem of similar computing devices, sensors, smartphones, and digital machines that comes with the potential to transmit data to each other in real-time without any human intervention.
As per the market predictions, it has been found that businesses investment will count up to
50% of the overall IoT spend this year.
With this covered, let’s see how these technologies are transforming the customer experience across the industries and business vertical.
Role of AI, Blockchain and IoT in Customer Experience
Know Your End Customers
AI and IoT provide businesses with an opportunity to access and analyze real-time data of every user activity and market trends. This makes it easier for them to understand what are the needs, expectations, and marketing strategies they need to focus upon for driving higher ROI.
Streamline Purchase Process
On one side,
AI has automated a major fraction of inhouse processes in the form of chatbots and virtual assistants. While, on the other side,
Blockchain has eliminated third-party intermediaries from the process. This way, the dual technologies are streamlining and speeding up the purchase and other traditional processes.
Safeguard Records
The
convergence of Blockchain and AI also helps with securing user records and other sensitive information. While blockchain ensures that no information can be altered or deleted without approval from the involved nodes, AI integrates the power of
NLP (Natural Processing Language) and Image recognition into the process to give a warning whenever a suspicious activity is noticed, as well as, turn a large system into numerous micro-economic environments to add flexibility into the process.
Enjoy Customer Analytics
AI-powered tools and machines, on convergence with
blockchain trends and IoT, eases the process of storing, arranging and analyzing a heap of user data. This improves the real-time customer analytics, which further fosters building successful marketing strategies and adding value to the business.
Deliver Personalized Results
AI-based chatbots and machines interact with customers day and night, listen to their requests, analyze their sentiments, and provide marketers with the right piece of information to study and predict their next move. And this way, come up with a lucrative
marketing offer they could not resist and take a decision in their favour.
Monitor and Inform Equipment Failure
One of the prime benefits of introducing
AI and IoT in the Customer experience process is that they can inform businesses about equipment failure in real-time. Here, AI-powered machines and software can analyze the functioning of equipment in real-time and inform if an irregular pattern is observed. Whereas, the Internet of Things (IoT) can transmit this information across the mesh of connections; making it possible for every node to be aware of the equipment failure and come up with a backup plan immediately.
This way, the dual technologies can not only prevent customers from operating faulty equipment and get frustrated with poor performance, while enabling employees to optimize their work accordingly.
Transparency and Trustability
In the present competitive
market scenario, one factor that can keep customers hooked to a particular business is trust. But, due to the growing unethical activities and data breaches, users are finding it tough to trust new and existing brands.
Blockchain and IoT (also called
Blockchain of Things), in this scenario, can add the value of transparency and trustability into the ecosystem. They can ensure that the right information is delivered across the different connected nodes, as well as the user is informed about everything happening with the ecosystem.
Faster Payments
ficial Intelligence (AI), Internet of Things (IoT), and
Blockchain - these technologies are disrupting the business world. They are helping startups and Fortune 500 companies to optimize their traditional processes, mitigate the prevailing challenges, beat the competition, and explore new opportunities in the present competitive business world.
But, can we say the same for the customer experience domain? Does the power of three (
AI, Blockchain, and IoT) apply in the field of customer experience too?
Let’s find out in this blog. However, before we jump to the context of this blog, let’s take a recap of their basics.
What is Artificial Intelligence?
Artificial Intelligence (AI) is the technology that highlights the creation and operation of intelligent machines that think, work, and react like humans. The technology, with its lucrative features like data ingestion, facial recognition, and mimicking of human cognitive, is becoming an indispensable element of every business world. Evidence of which is that the global AI market is anticipated to be of worth
USD 190.6 billion by the year 2025.