How Machine Learning & Data Mining Techniques Enhance CX
Customer experience (CX) is the currency of business success. The whole package of product, service, communication and loyalty all complete the messy formula of CX. An organization needs a great product. An organization needs to offer great service and experience, including great omnichannel communication. While placing a specific emphasis on customer service and experience isn’t new, the expectations that consumers have for brands is continually increasing and advancing. So how do brands keep up with consumer demands? This is where big data, data mining, machine learning and artificial intelligence (AI) all come into play to boost your service performance.
What is big data?
The study of extremely large and complex data sets that are too big for traditional analysis and relational database management systems. You can capture data, store data, aggregate data, analyze data and visualize data.
What is data mining?
The practice of examining big data, or large datasets, to generate new information. Data mining discovers patterns in raw data. This process goes beyond collect and aggregating. Data mining helps statisticians and engineers build algorithms.
What is machine learning?
I am sure you have heard this term everywhere. Machine learning refers to creating algorithms from information gathered in a raw set of data. This allows machines to “learn” or train to perform a task more efficiently and effectively. Machine learning is a subset of AI.
What is artificial intelligence?
AI was the subject of fiction entertainment before it was a mathematical concept. Czech play “Rossum’s Universal Robots” introduced the word robot into the English language in 1920. It wasn’t until 1950, when Alan Turing explored the mathematical possibility of AI, that the possibility of robots could become a reality of the future.
While this term is very broad, it refers to a machine that can perform human-like tasks. Big data- data mining work in synergy with machine learning and AI. All these individual pieces fit into a technology puzzle to increase efficiencies and revenue and enhance CX.
1. Complete Understanding of Consumer Needs
Companies can use big data and data mining techniques to offer personalized product or service recommendations to their consumers. Often, customers are given too much information or can’t find exactly what they are looking for on a website. By analyzing previous customer data based on items clicked, terms searched and items in the basket, organizations can provide a structured shopper experience that leads to more sales. This is much like having an attendant helping you at Macy’s. She recommends shoes and a jacket to go with the fabulous jeans.
In addition to creating recommendations, companies can utilize big data, machine learning and AI to create a smoother virtual experience by analyzing behavior on a website.
2. Personalized Consumer Service, Product & Content
Consumers have become wary of email marketing blasts. Geographical area, age, education, income, etc. all play a part in personal preference. Companies can examine customer data to provide the best message based on individual or area preference. Big data and AI have brought forward several personalization techniques. Geofencing uses GPS data and consumer analytics to create messaging based on a specific area during a specific time. For example, a trade show is happening in New York, and your company couldn’t attend but the subject is relevant to your line of work. Your company could promote ads on social media and Google in the 3-block radius of the conference location and the hotels attendees are staying at.
3. Automation of Human Conversation
People want something, exactly when they want. When organizations can provide any type of instant gratification, consumers like that. Think of Amazon’s Prime membership that includes free two-day shipping. However, this can be expensive and time consuming. If you want to provide 24-hour customer support, you must pay agents for 24 hours. Now with the normalizing of AI, machine learning and data mining, companies can automate human interaction. We can now automate voice interactions (IVR) to answer every call in a timely manner and route the call to the appropriate person or department the first time. Also, set up a chat bot on our website. The possibilities are truly endless.
The future of enhancing CX and business processes with technology— like data mining, machine learning and AI—is very bright. These pieces of the puzzle provide more insight into consumers than we have ever had before.
However, this whole process begins with data collection and aggregation. This is where unified data analytics and collection platforms like ethosIQ can help. ethosIQ is a data analytics solutions provider that collects, aggregates and leverages disparate data across multiple systems in real time. ethosIQ can help you measure and manage all aspects of your consumers CX journey in one place. Get started today by daring to demo.