ABOUT: The 2023 Customer Experience Excellence Report highlights the tipping point in AI adoption for enhancing customer experience.
Summary
The 2023 Customer Experience Excellence Report in the UK delves into the role of artificial intelligence (AI) in reshaping customer experiences. It underscores a significant shift in business adoption of AI, with a focus on improving service quality while managing costs. The report discusses AI’s emerging role as a ‘colleague,’ transforming traditional operational models and enhancing customer interactions. It also explores the challenges and ethical considerations associated with AI implementation.
Key Points and Ideas
- AI is radically changing customer experience, with major impacts on costs, colleague experience, and customer value.
- Businesses are treating AI as a critical technological challenge, akin to cloud computing and blockchain.
- AI is increasingly seen as an enterprise-wide challenge, requiring leadership from the CEO level.
- AI as a ‘colleague’ is a new paradigm, with AI systems assisting in various tasks and enhancing human connections.
- The report identifies a new industrial revolution driven by AI, redefining how businesses create value.
- The Six Pillars of experience (Integrity, Resolution, Expectations, Time & Effort, Personalisation, Empathy) are key to customer experience excellence.
- Companies that excel in these pillars see significantly better commercial outcomes.
- AI’s impact varies across different applications, such as chatbots, virtual assistants, and predictive analytics.
- The UK’s customer experience is declining due to cost-cutting and failed technology implementations.
- Financial services and non-grocery retail are more resilient in delivering customer experience excellence.
Key Statistics
- Top 10 UK companies achieved 10x the revenue growth compared to FTSE 100 counterparts.
- Top 100 brands had double the average profit growth of the bottom 100 brands.
- Companies excelling in customer experience can improve experience and reduce costs by up to 25%.
- Leaders in customer experience achieve 89% customer retention on average.
- UK customer experience declined by 3.8% in the last year.
Key Takeaways
- Effective AI integration is crucial for enhancing customer experience and business growth.
- AI should be managed responsibly, with a focus on transparency, data privacy, and ethical use.
- Addressing bias in AI is essential for maintaining customer trust.
- Businesses must strive for AI models that are explainable and understandable to customers.
- AI’s ethical use and transparency in practices are key to building and maintaining customer trust.
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