Zero Customer Defection

2022 ◽  
pp. 139-153
Author(s):  
Renu Yadav
Keyword(s):  
Artificial Intelligence ◽  
Customer Experience ◽  
Business Transformation ◽  
Bright Future ◽  
Customer Defection

AI-oriented CRM has a bright future in business transformation. We're living in the age of the customer. Due to the proliferation of data, customers are more informed than ever. Armed with empowerment, customers are demanding that customer experience be put on a pedestal. According to research by Walker, customer experience is slated to overtake price and product as the key brand differentiator by the end of 2020. Quality is a buzz word. In this sharp, opportunistic, and calculating world, one can survive only if it is having not only good quality but a unique quality. As it is very well explained by Darwin that the mantra for success is “survival of fittest.” Every organization has its own procedure of achieving its best quality and to sustain in this tough world. This chapter will not only discuss about the zero customer defection but also emphasize on the issues, problems, and trends of artificial intelligence in CRM and in turn zero customer defection.

How AI chatbots have reshaped the frontline interface in China: examining the role of sales–service ambidexterity and the personalization–privacy paradox

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hua Fan ◽  
Bing Han ◽  
Wei Gao ◽  
Wenqian Li
Keyword(s):  
Artificial Intelligence ◽  
Mixed Methods Research ◽  
Online Survey ◽  
Polynomial Regression ◽  
Customer Experience ◽  
Human Machine Interaction ◽  
Content Type ◽  
Positive Effects ◽  
Privacy Paradox ◽  
Machine Interaction

PurposeThis study serves two purposes: (1) to evaluate the effects of organizational ambidexterity by examining how the balanced and the combined sales–service configurations of chatbots differ in their abilities to enhance customer experience and patronage and (2) to apply information boundary theory to assess the contingent role that chatbot sales–service ambidexterity can play in adapting to customers' personalization–privacy paradox.Design/methodology/approachAn online survey of artificial intelligence chatbots users was conducted, and a mixed-methods research design involving response surface analysis and polynomial regression was adopted to address the research aim.FindingsThe results of polynomial regressions on survey data from 507 online customers indicated that as the benefits of personalization decreased and the risk to privacy increased, the inherently negative (positive) effects of imbalanced (combined) chatbots' sales–service ambidexterity had an increasing (decreasing) influence on customer experience. Furthermore, customer experience fully mediated the association of chatbots' sales–service ambidexterity with customer patronage.Originality/valueFirst, this study enriches the literature on frontline ambidexterity and extends it to the setting of human–machine interaction. Second, the study contributes to the literature on the personalization–privacy paradox by demonstrating the importance of frontline ambidexterity for adapting to customer concerns. Third, the study examines the conduit between artificial intelligence (AI) chatbots' ambidexterity and sales performance, thereby helping to reconcile the previously inconsistent evidence regarding this relationship.

Marketing and Artificial Intelligence

2021 ◽  
pp. 75-95
Author(s):  
Sujata Ramnarayan
Keyword(s):  
Artificial Intelligence ◽  
Customer Experience ◽  
Amount Of Information ◽  
Making Sense ◽  
Value Add ◽  
The Right

Technologies are changing marketing due to the amount of information available to consumers, along with information being generated by consumers. Marketers face a challenge with greater volume and variety of data generated at a faster rate than ever before along with fragmentation of channels. This data when combined with artificial intelligence presents an opportunity to marketers to provide value add at a granular level and a personalized customer experience round the clock 24/7/365. Treating customers as individuals by offering an optimized personalized offering, sending the right personalized message at the right time through their preferred channel is the promise of data fed into AI algorithms. Artificial intelligence has the potential to transform companies by making sense out of an insanely voluminous variety of data being generated with its ability to serve customers more effectively and efficiently, personalizing at scale.

Customer Experience in the Restaurant Industry

2020 ◽  
pp. 254-272
Author(s):  
Ilhami Tuncer
Keyword(s):  
Artificial Intelligence ◽  
Customer Experience ◽  
World Market ◽  
Restaurant Industry ◽  
Qr Code ◽  
Smart Technology ◽  
Technology Applications ◽  
The Subject ◽  
Smart Technologies

One of the most important points of consideration that will ensure the sustainability and profitability of businesses in the digitized world market is the experience offered to customers. Experience in business preferences, especially of the digitized customers, is quite specific. This chapter discussed the contribution of smart technologies to customer experience for restaurants, and emphasized its significance. Moreover, the subjects of artificial intelligence, smart technology, and QR code were addressed based on customer experience. The contribution offered to customers was emphasized by giving examples of smart technology applications used in restaurant businesses to improve customer experience. The chapter will contribute theoretically to the subject which has not been adequately studied in the literature.

scholarly journals The Retail Bank of Tomorrow: A Platform for Interactions and Financial Services. Conceptual and Managerial Challenges

2018 ◽  
Vol 3 (2) ◽  
pp. 110 ◽  
Author(s):  
Anna Omarini
Keyword(s):  
Current Account ◽  
Financial Services ◽  
Business Transformation ◽  
Bright Future ◽  
The Future ◽  
The Right ◽  
Customer Trust ◽  
Retail Banks ◽  
The Current Account

<p><em>Banking without boundaries will grow in the future, most of this because of digital business transformation. </em><em>Banks need to re-interpret their business and look for a different managerial approach. </em><em>A bright future for retail banks will depend above all on taking today the right actions for a long profitability, which are based on developing and reinforcing customer trust. </em><em>The current account is the hook service for a bank to defend and reinforce from the competition, because it is the bank’s platform for entering and developing its business</em><em>. </em><em>At the beginning, the retail bank of tomorrow should look at developing value in core contents as well as orchestrating a platform strategy, but moving from a technology idea of platform towards managerial and economic dimensions of it. Because technology is nothing without a strategy.</em><em></em></p>

scholarly journals Improving customer experience with artificial intelligence by adhering to ethical principles

2021 ◽  
Vol 15 (2) ◽  
pp. 34-46
Author(s):  
Olga Dolganova
Keyword(s):  
Artificial Intelligence ◽  
Customer Experience ◽  
Practical Investigations ◽  
Ethical Principles ◽  
Management Problem ◽  
Negative Effects ◽  
Negative Experience ◽  
Foreign Companies ◽  
Customer Interaction ◽  
Analysis And Synthesis

The intensive development and application of artificial intelligence technologies in organizing interaction with clients is accompanied by such difficulties as: the client’s unwillingness to communicate with the robot, distrust, fear, negative experience of the clients. Such problems can be solved by adhering to ethical principles of using artificial intelligence. In scientific and practical research on this topic, there are many general recommendations that are difficult to apply in practice, or, on the contrary, that describe the methods for solving a highly specialized technical or management problem. The purpose of this article is to determine the ethical principles and methods, the observance and implementation of which would increase confidence in artificial intelligence systems among client of a particular organization. As a result of the analysis and synthesis of the scientific and practical investigations, as well as the empirical experience of Russian and foreign companies, the main areas of application of artificial intelligence technologies affecting the customer experience were identified. The ethical principles recommended to be followed by business have been formulated and systematized. The main methods have been also identified to enable implementation of these principles in practice, and so to reduce the negative effects of customer interaction with artificial intelligence and increase their confidence in the company.

scholarly journals Artificial Intelligence Tools for Enhancing Customer Experience

2019 ◽  
Vol 8 (2S3) ◽  
pp. 700-706
Keyword(s):  
Artificial Intelligence ◽  
New Technologies ◽  
Academic Research ◽  
Customer Experience ◽  
Research Area ◽  
Customer Base ◽  
Significant Research ◽  
Narrative Literature ◽  
Narrative Literature Review ◽  
The Many

Customers are the key to any business and the major challenge for any established business is retaining an existing customer and acquiring a new customer. One of the many ways to reduce the churn rate and increase customer retention is to improve the customer experience. As businesses are growing, their customer base is also increasing. Each and every customer is different and needs different kind of motivators to engage with the business and hence we need to understand each and every customer uniquely. Artificial Intelligence tools can blend the gap between the business and the client, creating enormous information that can prompt further comprehension of the client’s preferences. Understanding these artificial intelligence tools and how these tools can assist organizations with retaining clients and help them give better involvement to their clients is significant. However, in academic research this significant research area stays under-focussed. Hence this study tries to address this gap by proposing a conceptual model for understanding how the Artificial Intelligence tools are can help in enhancing customer experience. The narrative literature review approach has been adopted for conceptualization of the model. The study provides implications to practitioners for designing and developing AI tools such that they enhance customer experience, to managers for designing the information technology strategy of their companies, to academicians as it helps explore new technologies in the marketing domain and to the society as it will help improve customer experience thereby leading to customer satisfaction.

scholarly journals Wireless monitoring and artificial intelligence: A bright future in cardiothoracic surgery

2020 ◽  
Vol 160 (3) ◽  
pp. 809-812
Author(s):  
David Kalfa ◽  
Sunil Agrawal ◽  
Nimrod Goldshtrom ◽  
Damien LaPar ◽  
Emile Bacha
Keyword(s):  
Artificial Intelligence ◽  
Cardiothoracic Surgery ◽  
Wireless Monitoring ◽  
Bright Future
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