It goes without saying that the world is transitioning to a more digitally linked future, and AI will be at the forefront of this revolution. While this is fantastic news for the typical customer, organisations confront the difficulty of adjusting to this paradigm change and preparing for an AI-driven world. Consumers nowadays are so used to receiving relevant and customised communications that businesses must be prepared to deliver the appropriate message to the right client at the right time. These tailored experiences can be the difference between success and failure. You can choose to embrace the power of an AI-powered ERP like Microsoft Dynamics 365 ERP to grow more.
AI has become critical for organisations wanting to keep ahead of the competition in today’s fast-paced industry. AI-powered features of Business Central may help you enhance the end-to-end client experience, cut expenses, and increase financial performance. Dynamics 365 Business Central may assist you to run your business more effectively and expand it by automating tedious processes, analysing data, and providing personalised advice.
What is Meant by Customer Experience?
Customer experience (CX) is concerned with the interaction between a company and its customers. It covers all interactions, regardless of how brief or whether they do not end in a purchase. Every interaction between consumers and businesses improves (or destroys) the connection, whether it be a phone call to a customer service department, exposure to an advertisement, or something as simple as paying a bill. Most importantly, how customers perceive their experiences in general is significant.
What is a ‘Good’ Customer Experience?
The most crucial parts of a successful customer service experience, according to Statista, are having the issue fixed in a single conversation, having an educated customer service professional, and not having to repeat information if an unfamiliar representative is brought in. Furthermore, clients dislike having difficulty reaching a live representative while feeling unable to handle the issue on their own.
How is AI Redefining Customer Experience?
- Personalised and Proactive Targeting
Artificial intelligence enables you to anticipate client wants and provide appropriate options before the customers do. AI provides insights into each consumer and assists you in targeting them with offers that they are likely to be engaged in. This degree of personalisation not only increases loyalty through appropriate interactions but also increases sales & referrals.
- Customer Segmentation and Data Classification
The use of AI allows access to entire client characteristics such as demographic information, individual preferences, and purchasing history. Businesses may use this data to segment their clients based on personalities, provide personalised goods or services to their clients, and supplement this with cross-selling efforts. Without becoming a data scientist, you may use AI to categorise and address your consumers based on data.
- Enhance the customer experience by forecasting sales and inventory
Proper handling of inventory may be the difference between a successful firm and one that is unable to retain customers and stay viable in a highly aggressive business world. Inventory management is a trade-off between customer service and cost control. While having less inventory needs less working capital, having too little inventory could end in failed sales. Furthermore, you can also use Microsoft Dynamics 365 Sales to make life easier for you.
The sales and stock forecast addon feature predicts future sales based on previous data, allowing you to minimise stockouts. The plugin helps make refill requests to suppliers based on projected demand and inventory levels, saving you time, and improving the availability of goods to keep your clientele satisfied.
- Late Payment Predictions can help you anticipate business challenges
Successfully handling receivables is vital for the financial well-being of a business. By forecasting of invoices for sales will be paid on time, the ‘Late Payment Prediction’ addon may help you minimise outstanding receivables and refine your collections approach. For instance, if a payment is expected to be delayed, you could choose to modify the conditions of payment or the means of payment for the customer. By predicting payments that are late and making modifications, you may better manage and eventually eliminate overdue receivables.
- Cash Flow Analysis can help you make better decisions
With the ‘Cash Flow Analysis’ feature, Azure AI in Business Central assists you in creating a thorough cash flow projection, increasing decision-making and keeping you in charge of your cash flow. The cash flow of a corporation reflects its financial stability and informs if the company can satisfy its financial commitments on time. A future-oriented strategy solution is required to ensure your company’s viability. You may make proactive modifications to safeguard your company’s fiscal health using AI information, such as cutting loans when you have an excess of cash or borrowing to minimise a cash shortfall. Use Dynamics 365 Finance to streamline all your transactions and simplify complex finance operations.
- Data Analysis for Actionability
Using synthesised data to link the dots and create effectiveness for improved client relations is a typical problem for many businesses. Here, complex analytics approaches like topic and analysis of sentiment can assist in analysing the speech of consumers. These strategies aid in the generation of deeper, actionable insights that may be utilised in market targeting, acquiring and keeping clients, cross-selling, customer care, and other areas.
Take this for an example: evaluating chatbot data can assist in identifying consumer difficulties such as “failed money transfer.” A thorough investigation of this issue can give actionable information to several banking teams.
- Real-Time Discussions and Chatbots
Through intelligent chatbots, AI is allowing customers to communicate with businesses in real time. This allows organisations to give human-level interactions to their consumers sans needing to oversee actual individuals. Chat bots are going to become intuitive and comprehend the context of conversations like people, thanks to Natural Language Programming-enabled AI systems.
- Analytics Enabled by AI to Inform Customer Behaviour
The power of analytics and data to inform customer experience is unparalleled. Indeed, it is predicted that by the end of this year, over forty per cent of all data analytics will be related to some aspect of customer experience.
Data and analytics are already widely used to collect consumer data across departments such as networking management, e-commerce, customer support, marketing, and sales. According to the latest big data statistics, the statistical analytics software industry increased by fourteen per cent from 2018 to 2019, with a forecasted CAGR increase of 10.48% by the end of 2027, culminating in a total market value of $103 billion.
It is a given fact that AI has become the talk of the town in different parts of the world. Therefore, the time is ripe for you to embrace AI. Dynamics 365 enterprise solutions from the house of Microsoft are among the most innovative AI-power solutions that can be used to meet all your emerging business challenges and stay ahead. Its AI capabilities help you make smart predictions pertaining to inventory management and a whole lot more.
So, if you wish to witness the true power of AI. Switch to a Dynamics 365 enterprise solution right now.
It is time to witness a sea change with Microsoft Dynamics 365 ERP and CRM solutions. Go for it right away!
Sam Peterson is a Sales Manager for Australia’s leading Microsoft Dynamics 365 Partner, Dynamics Square. Dynamics Square is the leading Microsoft Dynamics 365 Partner in Australia. The company is offering services and providing top-notch technology solutions in some of the leading Australian cities, namely Sydney, Melbourne, Perth, and Brisbane. Get in Touch for Dynamics 365 Business Central.