New research sheds important light on how AI is helping companies achieve their goals.
New research from Gartner found that by 2024, 50% of all investments in artificial intelligence (AI) and AI-driven technology will be linked to key performance indicators (KPIs). Those KPIs will be laser-focused on helping brands determine the precise return on investment from these projects. For marketing and customer service departments, this can help eliminate risk, increase performance, and make the case for an AI investment as a long-term business asset. If you’re considering AI, here’s a closer look at three benefits AI offers marketing, customer service, and larger organizations from a data-driven perspective.
In many cases, some brands still view AI as a risky investment. However, the risk-mitigation benefits to the larger business can eliminate that issue. Because smart decision-making models for machine learning need significant amounts of data collected across a wide variety of channels and platforms, AI helps enable effective risk management across the organization. AI, for example, simplifies risk identification and validation in the banking and finance industry, quickly red-flagging known threats and behaviors. It can also be used as a secure front-office digital operator, and chatbots can be used to advise large numbers of customers or offer service at scale.
AI tools can also help improve the speed and efficiency of key marketing and customer service-related processes. AI-enabled speed measurements include a diverse range of processes, metrics, and indicators spanning everything from operational efficiencies to customer satisfaction ratings. The ease and speed with which AI assesses call response times, for instance, are just some of the benefits of an AI investment.
Marketing and Sales
AI can also help you track important sales- and marketing-related metrics, such as follow-ups, abandoned-cart follow-ups, user experience tracking, and webpage traffic. Automating these processes can save you money and drive conversions. AI offers instant visibility and tighter control in certain profit-driving areas. For example, if machine learning identifies an at-risk account, customer service tactics can be used to help keep that customer subscribed to your product or service. Over the lifetime, these small and specific KPIs can have a major impact on your bottom line.
AI can help improve your customer service and reduce your spending. However, to make the most of your AI project, it’s important to explore how the AI tool’s benefits and features will be measured in terms of impact. With clear KPIs, it’s possible to establish a strong return on investment for AI projects related to your marketing and customer service efforts.