Generative AI, like ChatGPT, Bard, Midjourney, etc., is on an unparalleled trajectory, especially considering the fact that it’s hard to unlock its full potential and business implications. In this context, we aim to present the fundamental elements of how we may apply generative AI as an enterprise, based on hundreds of partnership discussions with clients and tech suppliers in the past 180 days.
In a truly remarkable feat, the public release of ChatGPT attracted a staggering 100 million users within a mere two months. This achievement not only democratized the accessibility of AI but also secured its place as the fastest-growing app in history. Like with other leaps in technology, CEOs are grappling with the question of whether this technology is merely a passing trend or a truly transformative opportunity.
The differentiating factor of generative AI lies in its inherent user-friendliness. It transcends the need for users to possess an in-depth understanding of machine learning; practically anyone capable of asking questions can harness its power. Similar to groundbreaking innovations such as personal computers or iPhones, a single generative AI platform has the potential to give rise to numerous applications, catering to diverse audiences across various backgrounds, ages, and locations with internet access. Apart from that, it carries many benefits for businesses and consumers alike.
Both the market and consumers have undergone a rapid mindset shift in accepting new technologies. According to the Zendesk CX trends report from 2023, consumers who frequently interact with customer support, now find AI/bots helpful for simple issues, with 77% expressing their satisfaction. Additionally, 73% of consumers expect further interactions with AI to enhance the quality of service they receive. On the other hand, 72% of business executives have expressed their intent to invest in AI within the next 12 months, with 67% of these leaders planning to increase their investment by 25% or more.
The starting point naturally depends on your organization's existing capabilities, resources, skills, and technological maturity. However, there is a general consensus that generative AI will be a game changer for the customer experience and customer service industry. The crucial aspect is taking that first step and diving into the realm of generative AI.
Everyone has a plan, until they get hit! Whatever plans you had in the beginning of 2023, it's time to revisit them. In simple terms, relying solely on strategy will hinder your progress. It is essential to focus on both ends of the rope. The question then becomes, what can be considered tactical initiatives versus strategic ones, from a business value and tech maturity standpoint.
We typically encounter three types of brand persona: those focused on growth, those focused on cost-cutting, and everything in between. However, the majority of brands prioritize ROI, particularly those focused on cost-cutting.
When applying next-generation AI, ROI should be viewed as a tactical consideration rather than a strategic one. This approach allows for greater speed, agility, and the mitigation of potential losses. For instance, if you deploy a voice translation service that yields immediate ROI after four weeks, does it truly matter if you need to pivot in 12 months? Most likely not. In the meantime, you would have gained invaluable lessons and saved significant costs.
Our experience in deploying numerous AI solutions revolves around identifying solutions that offer speed, quality, and require minimal integration while providing instant ROI. Moreover, these solutions possess an X-factor: scalability. With this guiding principle, you can begin transitioning items from your existing strategic plan into the tactical realm. Now, it's only a matter of finding the right partner!
Uncertainty is an undeniable reality, but it is something that the right partner can minimize and possibly erase altogether. Tech on its own is great, it offers possibilities, opens doors and creates opportunities where there were none, but it can easily overcomplicate things and produce negative outcomes if implemented incorrectly. That’s why the true potential in tech is in knowing how to use it, and that’s what we do best. Transcom’s strengths are in providing the people who have experience and expertise with the tech to create the brilliance of our clients.
Tomas joined Transcom in May 2018, as Head of CX and Digital Commerce. Tomas's career included working at many of the leading brands in the tech sphere, starting with Nokia, going on to Symbio, and Viaplay before finding a place at Transcom.