90 Percent of Firms Already Using AI to Advance Customer Experience and Generate More Revenue, According to the Report

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90_Percent_of_Firms_Already_Using_AI_to_Advance_Customer_Experience_and_Generate_More_Revenue_According_to_the_Report 90 Percent of Firms Already Using AI to Advance Customer Experience and Generate More Revenue, According to the ReportArtificial intelligence is already transforming the way industries get done, particularly impacting the customer journey. A recent published collaborative report from MIT Technology Review and Genesys on customer experience surveyed from 600 executives across the 18 countries found that 90 percent of them said their companies are now using AI solutions to improve the customer experience.

The report said that implementing AI has dramatically improved the efficiency, processing speed, and transaction volume of customer interaction. Around 90 percent of companies utilizing AI in the customer journey reported faster complaint resolution, and over 90 percent said the technology-enhanced call volume processing. On average, between 25 to 50 percent of all customer inquiries are now completely resolved through automated channels, and freeing up customer service agents to handle more complex tasks, as the report noted. Deploying AI for customer service interactions also has financial benefits where the report found that 70 percent of respondents who have implemented AI reported that they have seen increased revenue. While more than half of those surveyed cited increases in overall revenue of over 5 percent, and about 30 percent responded that they saw revenue growth of more than 10 percent.

The report said North American companies are also more likely than others to have adopted automation technologies. More than 90 percent of respondents said their organization leveraging AI across all stages of the customer journey. Nearly half of North American executives said their organizations resolve at least 25 percent of customer queries without a human agent, among the highest rates in the survey.

However, the report also found that the majority of executives are not just using AI to make the customer experience more efficient, but also to build deeper relationships with customers. 74 percent of those surveyed found that AI allows human agents to spend more quality time with customers. And more than two-thirds of respondents reported that they use automated self-service channels, instant messaging chatbots, and sentiment analysis to build more personalized experiences to develop customer relationships.