A brand new report reveals that while businesses view generative AI (GenAI) as a game changer for customer experience (CX), many struggle with the associated fee of implementation. The findings come from CallMiner’s 2024 CX Landscape Report, developed in collaboration with research firm Vanson Bourne, which surveyed 700 global CX leaders across industries including financial services, healthcare, retail, and technology.
Based on the report, 87% of CX leaders see generative AI as essential for improving customer support. A good higher percentage, 91%, consider AI will optimize their CX strategies. Nevertheless, despite this enthusiasm, 63% of respondents admitted that the financial investment required to implement AI technology has been higher than initially expected.
The Increasing Role of AI in Customer Experience
Over the past two years, AI has revolutionized how organizations approach CX, particularly in touch centers. AI is becoming central to how businesses streamline operations, enhance agent productivity, and personalize customer interactions.
The report highlights that 62% of organizations have already implemented some type of AI of their operations, while 24% are within the early stages of adoption. Nevertheless, these early adopters are cautious, specializing in foundational AI applications that exhibit quick returns on investment (ROI) before exploring more complex implementations.
Specifically, organizations are adopting AI-driven automation to spice up efficiency, with 44% of respondents using AI to streamline tasks and 43% deploying chatbots or suggestion systems to enhance CX. By automating routine tasks, AI allows employees to deal with more strategic and artistic problem-solving, a trend that 43% of respondents have embraced.
The Financial Challenges of AI Implementation
Although AI is seen as a critical driver of business success, the costs related to its deployment have been a major obstacle. In actual fact, 63% of CX leaders noted that AI implementation has been costlier than anticipated. This includes not only the associated fee of acquiring and maintaining the technology, but in addition the resources required to coach teams and integrate AI solutions effectively. Specifically, 42% of respondents cited the associated fee of maintaining an AI-supporting team, while 40% mentioned the time needed to coach staff on the brand new technologies.
One in all the most important ongoing challenges is the issue of measuring ROI from AI investments. Based on the report, 27% of CX leaders stated that they still do not know methods to gauge the success of their AI systems. Furthermore, 37% of respondents struggled with determining which AI technology most accurately fits their organization’s needs, though this figure shows a modest improvement from last 12 months’s 44%.
Growing Confidence in AI, Fewer Fears
Interestingly, the survey indicates a growing confidence in managing AI, with the complexity of AI technology being less of a priority in comparison with previous years. Only 21% of respondents now consider AI too complicated, a notable drop from 31% in 2023. Moreover, worries about AI-related security and compliance risks are waning, with only 38% of leaders expressing concerns, down from 45% last 12 months.
This reduction in AI-related fears is essentially attributed to higher education and increased awareness of AI’s potential. As organizations turn out to be more knowledgeable, they’re increasingly confident about using AI to reinforce CX without jeopardizing security or compliance.
AI as a Tool for Worker Empowerment
While some still fear that AI could replace jobs, the report paints a special picture. As an alternative of replacing human employees, 90% of organizations see AI as a method of empowering employees to succeed in their full potential. The vast majority of firms are using AI to handle repetitive, low-value tasks, freeing up employees to deal with more complex challenges.
This trend is further evidenced by the incontrovertible fact that 37% of organizations are adopting AI to extend their workforce’s capability for high-level tasks. In lots of cases, AI can be getting used to offer real-time guidance during customer interactions, with 46% of respondents reporting the usage of AI-powered live support.
Moreover, 39% of organizations are turning to AI-driven scoring systems to judge each customer interactions and worker performance. This shift toward data-driven, objective evaluation methods helps firms offer more unbiased assessments of their CX strategies and worker effectiveness.
Evolving Data Collection and Customer Feedback
As customer interactions spread across more channels, organizations are collecting vast amounts of information. Nevertheless, the report notes that solicited customer feedback—gathered through surveys and reviews—has proven limited in scope. In contrast, unsolicited feedback from customer interactions, especially those in touch centers and social media, provides a more nuanced view of customer experience.
A growing variety of organizations recognize the worth of unsolicited feedback. The report shows that 64% of respondents are still primarily counting on solicited feedback, down from 71% in 2023 and 79% in 2022. As well as, 25% of organizations now collect an equal mixture of solicited and unsolicited feedback, up from 20% the previous 12 months.
This expanding data collection is driving the necessity for automated evaluation. Based on the report, 60% of organizations are using automation to process their customer data, a 5% increase from last 12 months. By analyzing this data more efficiently, firms can uncover useful insights that inform their CX strategies and drive improvements across the business.
Looking Ahead: Balancing AI’s Promise and Challenges
Because the CX landscape continues to evolve, the CallMiner 2024 CX Landscape Report reveals a growing awareness of each the potential and challenges of AI. While the technology offers significant advantages, comparable to improved efficiency, greater personalization, and enhanced worker productivity, organizations must navigate the complexities of implementation and the financial costs that accompany it.
The important thing to success, based on CallMiner’s founder and CEO, Jeff Gallino, lies in balancing the promise of AI with practical and secure execution. Corporations that may strike this balance will probably be well-positioned to capitalize on AI’s transformative potential within the contact center and beyond.
With 87% of organizations recognizing the importance of generative AI in CX, it is evident that this technology is ready to play a pivotal role in shaping the long run of customer experience. But because the report makes clear, businesses should be strategic of their approach, ensuring that they invest not only in the correct technology but in addition within the people and processes that may drive long-term success.
For more detailed insights, readers can access the total CallMiner 2024 CX Landscape Report.
