Companies who aren’t investing in AI may risk falling behind

A new study from LogMeIn, conducted by Forrester Consulting, has found that artificial intelligence widens the success gap between customer experience (CX) leaders and organizations that are falling behind.

The study, Build Competitive Advantage Through Customer Engagement and AI, surveyed 479 global customer engagement decision makers to reveal that organizations with a more mature strategy, which makes CX an organizational priority and leverages AI, see an increase in revenue and conversion at double the rate of other companies.

LogMeIn’s study also shows that the maturity gap continues to widen to the extent that organizations that have fell behind may never be able to catch-up to their more mature competitors.

According to the study, “Exceptional customer experience is a cornerstone of business success. Better customer engagement leads not only to higher customer satisfaction, but also to greater top-line revenue growth and more satisfied customer-facing employees”.

Impact of AI

Emerging technologies such as AI are also helping to accelerate the divide as companies with a more mature engagement approach can adapt more quickly and incorporate powerful use cases of AI that advance their business.

The study found that 36 percent of the least mature respondents do use AI but only in proofs of concepts whereas 58 percent of CX “experts” have implemented a holistic AI strategy and roadmap.

Less mature organizations also run into additional challenges including lack of visibility into customer data (37%) and the performance of engagement channels (42%). These limited views also hinder a company’s ability to quickly address weaknesses and understand how to best serve their customers.

Senior Director of customer engagement technologies at LogMeIn, Ryan Lester provided further insight on the study’s findings, saying:

“With all of the hype around AI’s place in customer experience, it can be hard for companies to separate fact from fiction. The results of this study helped provide some clarity around the importance of continuing to evolve customer engagement strategies. Technologies like AI are creating a significant competitive advantage for leaders and leaving the rest falling irreparably behind.”

Source : TechRadar