What If Trees Could Walk?
Darwin’s theory of survival of the fittest has never been more evident than in the monumental change facing businesses today. On paper it should be some of stalwarts of industry that are able to take advantage of the AI revolution, but in reality the victors will be those enterprises that are able to exploit their most valuable asset—data.
Traditional enterprises are very much like deep rooted trees. The older they are, the more firmly they are planted into their surroundings. But what if trees could simply pick up their roots and move from one place to the next? These ground-breakers would be at a distinct advantage.
It makes sense to guide a business to where conditions for growth and expansion are more favourable, and yet many enterprises remain stock-still, even when faced with adverse conditions. They see competitors break through into new markets, but consider them as flukes or anomalies. In reality, success that seems to be conjured out of thin air is actually closer to pure science, and based on data driven decision making.
For these enterprises, data provides a map. A path to lead the business into the future. Unlike the other 90% of businesses that make changes based on a hunch, they know that decisions based on data are twice as likely to succeed. Look around at the technology giants for the proof. Apple knows which apps people use the most and includes them in the next generation of devices, Google develops and tweaks its search algorithms based on users’ actions, and nobody understands your shopping cart better than Amazon.
Data de-risks their decisions and identifies their focus areas. But what if you are not a technology giant, but a bank or airline for instance?
A lot has been spoken about the value of big data. Unfortunately for many organizations when they come to analyze the vast amounts of information they have gathered it’s nothing more than transactional data. This information is perhaps helpful for optimizing production levels or analyzing costs, but it is of no real use in providing guidance to the future of the business. For that, enterprises need conversational data.
When people speak in a natural, conversational manner they reveal a vast amount of detail about what they are truly thinking; their likes, dislikes, sentiment, what they’re looking for, what they really want. Armed with this level of information organisations can gain unprecedented levels of insight into the voice of their customer.
But there is another problem. While the internet, and more recently mobile computing, has conditioned consumers to expect everything on demand, enterprises have instead exploited it for operational efficiency. This has led to a massive disconnect, where businesses no longer talk or listen to their customers. The only chance they have is when someone contacts a call centre, but that is hardly representative of a customer base. Organizations don’t know that someone would purchase, if only it was available in red, or that if flights were offered from a different London airport, bookings would increase by 30%.
To reconnect and discover this kind of information, enterprises need to reach out to consumers with applications that engage them. This means that these applications must exceed customer expectations and are contemporaneous with the pervasive technological environment. It is the only way to acquire the data you need to succeed. Without the voice of the customer, data in the first person singular, you have no map.
Think of it as the 4 “As”. Acquire, Aggregate, Analyze and Act. It might sound simple enough, but too many businesses fail at the first A—the foundation of your map. They don’t get the information they need because they are not building the engaging applications that reach out across the divide they have created between them and their customers.
Siri created a lot of consumer expectation and Amazon Echo is already raising the bar higher. Today, consumers expect technology to listen and understand them – in short, to deliver an exceptional customer experience. And for businesses to engage effectively with their customers, they need to exceed these expectations. However, to date organizations have struggled to meet these demands, believing the challenge is beyond their means, resources and timescales. Whilst this perception may be true if they were trying to build a system designed to carry out heavyweight tasks such as curing cancer, with the right natural language platform such as Teneo, it is possible to rapidly build highly sophisticated conversational interfaces, bots and assistants that can understand and answer complex customer queries.
Indeed, at Artificial Solutions we believe in giving you the tools to deliver the complete lifecycle of natural language interaction, so that you can devise your own “4A” map. You control and own the conversation, over any channel, and in any language you like. Our technology is easy enough to use to enable you to be fast and productive and we don’t experiment on your customers to deliver the right answer, because we provide you with all the training data you’ll ever need.
Whether you call it the fourth industrial revolution or a seismic shift in world economic order, the wind of change is blowing through the forest of enterprises. Technology advances in mobile computing and perpetual connectivity are facilitating the disruption. Giants of industry are already falling to the wayside, while nimbler competitors uproot their business and forge new paths. They do so with confidence because they have the ability to analyse the first person singular data—the most important data you’ll ever need to acquire.