It’s no secret that artificial intelligence (AI) is becoming increasingly important in the business world. A recent study by Boston Consulting Group found that AI will add $15.7 trillion to the global economy by 2030. With so much potential value at stake, it’s no surprise that companies are investing heavily in AI.
However, simply investing in AI is no longer enough to stay ahead of the competition. As AI becomes more ubiquitous, companies need to start focusing on how to use AI to create a competitive advantage by improving their customer experience.
Here are three reasons why AI needs to focus on people in order to create a competitive advantage:
1.People are the ultimate decision-makers.
No matter how advanced artificial intelligence becomes, it will never be able to replicate the human ability to make decisions. This is because humans have emotions and experiences that shape their decision-making process in ways that AI cannot replicate.
2.Improved customer experience leads to improved customer loyalty.
A key benefit of using AI to improve customer experience is that it can lead to improved customer loyalty. For example, a study by PwC found that 50% of consumers are willing to pay more for a product or service from a brand they are loyal to.
3.Improved customer loyalty leads to improved business results.
It’s no secret that happy customers are good for business. In fact, businesses with loyal customers outperform those without by nearly 80%. So, if you can use AI to improve customer experience and loyalty, you’re likely to see a direct impact on your bottom line.
AI has the potential to transform businesses and create significant value. However, simply investing in AI is no longer enough. To stay ahead of the competition, companies need to start focusing on how AI can help them create a competitive advantage by improving their customer experience.