How does the use of AI creates potential for further growth?
I recently listened to a talk by John Larson of McKinsey & Company on the potential of using artificial intelligence (AI) for boosting productivity, accelerating innovation in service industries, and driving the change in user habits that will follow. Despite the doubts about the use of artificial intelligence and the distrust surrounding data security and credibility of information, I believe that the technological potential of new technologies is immense and that it will be crucial for further economic and social progress. At the same time, I believe that effective use of artificial intelligence requires strategic reflection, the use of proven solutions and controlled integration. By implementing AI strategically, companies can unlock the vast potential for service innovation and create a customer-centric environment that fosters growth and satisfaction for everyone.
The transformative potential of artificial intelligence for business is enormous
McKinsey predicts that generative AI can add billions of dollars in new value to the global economy. In fact, McKinsey experts predict that the use of generative AI in conjunction with new products and business models will generate between $2.6 billion and $4.4 billion annually, with its significance growing exponentially over the coming years (estimated at approximately 15 and 40 percent annually). The development of AI-driven technologies will transform a variety of industries, including banking, technology, automotive and biomedicine, where its application value is expected to be the greatest.
The widespread adoption of AI in more developed countries is already changing the nature of work by enabling the efficient automation of certain activities and increasing the capabilities of individual workers. McKinsey projects that generative AI and related technologies could automate up to 60 or 70% of the tasks currently performed by employees. It is therefore important for companies to think today about how they will redesign internal processes and the investments that are needed to support workers as they transition to new activities or develop new competences. Particularly, I see a promising opportunity in developing AI trainers' profiles.
Huge potential for innovation in services
With artificial intelligence technologies such as natural language processing and machine learning, companies can revolutionise the customer experience. AI-powered virtual agents, automated customer assistance platforms and technologies that provide comprehensive insights into customer needs provide opportunities to improve service delivery.
These tools allow organisations to streamline operations, reduce operational backlog and increase productivity. In addition, AI enables companies to mobilise their employees as contributors to service innovation. For example, employees can actively train and test AI models, providing valuable feedback and driving continuous improvement.
As AI is increasingly embedded in the service environment, there will be behavioural change, increased engagement and empowered employees who will actively advocate for the products and services they provide.
Automating processes for a better customer experience
The use of artificial intelligence for customer support is another area worth highlighting. Traditional customer support operations often involve long waiting times, repetitive tasks and limited availability. Customer support systems can use generative and conversational AI to automate and simplify customer interactions and provide fast and accurate responses to common queries and problems.
Our clients have already embraced chatbots to handle routine queries and automate repetitive tasks. These chatbots can escalate more complex or specific issues to human agents when needed. By automating repetitive tasks, AI enables customer service teams to focus on more complex, value-added activities, improve response times and increase overall customer satisfaction.
The integration of generative artificial intelligence into customer support chatbots allows the generation of human-like responses, ensuring a more natural and engaging conversation for customers. This technology not only optimises the support process by reducing wait times and improving the accuracy of responses, but also enables businesses to provide 24/7 support, leading to increased customer satisfaction and loyalty. In addition, generative AI models can continuously learn and improve based on customer interactions, meaning that support keeps getting better over time.
The benefits are numerous ...
AI-powered technologies deliver many benefits to businesses. Firstly, they provide round-the-clock customer support, allowing businesses to serve customers in different time zones and reduce response times. They can also handle multiple customer interactions at the same time, effectively scaling up customer support activities. Conversational AI and chatbots can provide immediate and consistent responses, providing customers with accurate information and reducing human error. In addition, AI-powered systems can analyse customer interactions, gather insights and make data-driven recommendations to improve products, services and customer experience.
While conversational AI and customer service AI offer important advantages, it is important to strike the right balance between automation and human intervention. While AI systems excel at routine tasks, there are scenarios where human empathy, creativity and problem-solving skills are essential. That is why I recommend companies to look for AI-driven solutions that leverage the competences of their employees and seamlessly integrate them into the processes themselves as agents or trainers. This hybrid way of working allows companies to seamlessly transition between automated and human-assisted customer interactions, to continuously learn, and to have the opportunity to grow and be more productive.
Artificial intelligence as a trusted co-pilot
I am convinced that we will all slowly embrace AI as we realise that its benefits outweigh the drawbacks - from increased customer satisfaction, reduced employee workload, improved insights into customers to automation of repetitive routine tasks, etc. AI is a great co-pilot that can help us to work better, think faster and save time for activities where our human touch or skills add value.
McKinsey research explains how AI technologies can boost productivity, optimise processes and create new business models. It also highlights how important it is for companies to develop AI strategies and invest in talent, infrastructure and data capabilities to fully exploit the potential of AI. Are you ready for this technological transformation?
