With the growing market competition for businesses to perform, customers today are becoming highly impatient. The list of their ever-increasing demands is only getting longer. And customers expect these demands to be fulfilled instantly and at the lowest price possible. They get attracted to only those companies that are successful in delivering their promises and fulfilling customer requirements, while maintaining accuracy, timeliness, and efficiency. Hence, organizations are embracing  technologies to streamline their business processes, provide satisfying results, and most importantly, to enrich customer experience. But, before incorporating these technologies, CIOs, CAOs, and other top business executives should have an thorough knowledge of the technologies improving customer experience, so that they leverage these technologies in the best possible fashion.

1.             AI

While unprecedented levels of data, having the potential to unlock significant patterns for driving customer satisfaction, falls into organizations, ,it still requires the prime driver, AI, to obtain actionable insights on customers. AI developers are responsible for building AI models, capable of providing comprehensive experience to their wealth drivers (read customers) by inputting highly chaotic data collected from multiple sources into these models. Through rigorous training, AI model can become so efficient that it can provide personalized content to its users, based on the user’s interests. So, if you want to derive the most out of AI for improved customer experience, then streamline your focus on:

• Data acquisition – Collect relevant, correct, and high-quality data that can drive your business revenue. The more the data, the ‘smarter’ the AI model will be.
• Real-time customization – AI model should be ‘intelligent’ enough to provide customers with real-time, highly-accurate, and streamlined deliveries.

2.             IoT

Earlier, the only way for B2C companies to gauge the robustness of their products was by gathering the feedback from their customers. But today, with the help of IoT-connected products, companies can monitor and examine their products in real-time. Such a streamlined approach helps companies to analyze flaws in their products in real-time, thereby providing quick and concrete solutions to customers. Additionally, due to IoT capabilities, organizations can obtain meaningful insights on market trends and customer behavioral patterns, thus boosting the research and development of products.

3.             Blockchain

Customers get attracted to only those companies that provide them with high security, privacy, and trust. Blockchain offers to both, organizations and customers, a secure way to carry out digital asset transactions. Hence, the role of blockchain in enhanced customer experience is immense. For example, retail banks have to undergo a strict process of validation for identifying whether the customers are legit or not, before they lend them money. The complete method involves a lot of paperwork, which takes up a lot of time for both, customers and the bank. Instead, by using blockchain, the bank can record every detail and document of customers with minimal effort and maximum accuracy. The bank can then validate customers for authenticity in much lesser time, thus providing enhanced customer satisfaction to their customers.

When we have technologies improving customer experience for us, then why not boost customer experience with these technologies? Along with improved customer experience, these technologies also have the potential to enhance the brand value.