A year ago, the fear of missing out (FOMO) was prevalent in adopting tech solutions. This was specifically the case with AI, where game-changing capabilities and perceived large scale benefits were deemed a necessity to adopt if companies wanted to remain competitive, or even push ahead as market leaders. Yet, this led to hasty decisions about adoption, resulting in a patchwork of systems that lacked cohesion and didn’t align with the broader CX strategy.
As a result, we are now seeing a shift where quick-to-market deployment of tech innovation and AI capabilities are being slowed down and paired back. Instead, organisations are starting to understand that implementing these technologies requires considered intention, achieved through a cross-departmental approach, backed by centralised leadership and aligned to overall business strategy – whilst also determining where the greatest potential for ROI lies.
Resisting the FOMO urge
It’s easy to see why brands feel the need to jump on every CX technology innovation. First is the rapidly appearing, exciting range of new tools and solutions on the radar of CX leaders, from voice analytics, to live video support, and augmented reality. Secondly, when putting AI into the mix, are the business opportunities to increase productivity through task automation, improve product quality and delivery, drive optimised personalisation, and enable more accurate empathic reactions into direct engagements.
The vast potential benefits can make it feel like those who delay in adoption are falling behind – especially with our research finding that AI has the potential to create an estimated $860 billion opportunity in CX.
However, while over 70% of executives state that AI will significantly change how they approach CX over the upcoming years, the majority are reluctant to lead their industry in AI adoption or unsure how to embrace it. Even if this means their organisation misses out on the exponential gains that early adoption appears to highlight in regards to both the short and long term opportunity.
Where the best brands succeed
At a time where every investment needs to be justified, leading businesses are realising that getting value out of new tech innovation and AI specifically, requires transformation, not just new technology. Successful change management and mobilisation is essential. The more organisations use AI, the more they will recognise that effective AI requires a top-down approach, starting with a committed C-suite and ideally an engaged board.
Look at Adidas, KFC, or Delta Airlines. They’re global companies who have built strong, immediately recognisable brands by ensuring every customer touchpoint aligns with their core values. For these organisations, their success with adopting new tech innovations is seen through an approach that aligns to their brand mission and strategy and not just applying elements that if they go wrong, or don’t fit within the customer perception of the brand, could lead to eroded loyalty and churn.
Building a sustainable CX strategy
When looking at new tech innovations, another key factor to consider is how they will link with and fit in alongside existing systems. After all, poorly integrated tech means higher operational costs as businesses struggle to link and consolidate data, maintain multiple platforms, and extract collective meaningful insights – something that few brands can afford to let slip with ever-constricting budgets.
Therefore any new technology should seamlessly integrate with existing experience management platforms, CRM systems, and contact centre solutions to provide a unified view of the customer. A chatbot may optimise efficiency, but if it doesn’t sync with the existing case management system, it risks frustrating customer care teams who won’t perform as well. And this all needs to be evaluated against the brand’s long-term AI strategy, as opposed to a siloed, departmental consideration.
Organisations will reap the benefits of new technologies and AI benefits once all the above factors have been considered; a full AI transformation strategy – aligned with the business strategy – is in place with leadership buy-in; and brands are focused on long-term impact, not short-term wins.The real measure of CX success is its positive effect on business value drivers over time.. Organisations that tie their CX investments to what the overall business is setting out to achieve will be the ones that create a sustainable competitive advantage into the future.