If you think a machine that can compete in chess tournaments is a big innovation or autonomous cars are revolutionary, you are in for a pleasant treat. With the ongoing developments in Artificial Intelligence (AI), the world is about to witness the biggest revolution in technology, yet. Take for example, Artificial General Intelligence (AGI) developed by Google DeepMind, an effort to engineer intelligence that eventually matches that of humans.
Unlike earlier innovations, AGI is not programmed or built on fixed algorithms and neither does it need input data. Rather, it learns from experiences and evolves – just like human intelligence. For instance, Google DeepMind developed AlphaGo, which used machine learning to beat grandmaster Lee Se-do in March 2016, in an ancient Chinese board game called Go. Through exposure to different matches and a process of self-learning, AlphaGo develops self-algorithms to win over humans.
The application of AI is not limited to this. The technology is even helping the service industry improve customer experience. Swedbank, an international bank has integrated AI into its database to personalize every customer interaction and deliver better experience to them.
With AI shaping the future of customer experience, how can utilities leverage the emerging technology to deliver better value to customers?
Harness AI in Utilities Industry to Deliver Breakthrough Customer Experiences
Here are a four ways you can tap into the potential of AI to deliver superior customer experience:
- Minimize customer complaints – Today’s customers demand first call resolution. With exposure to relevant account data and incoming and outgoing call records related to the complaints, AI can be equipped to predict potential complaints through deep reinforcement learning (DRL). This will help agents proactively address issues and better tackle customer complaints, improving customer experience. AI in utilities industry can also add value by providing the best possible resolution to current issues with an eye on potential complaints and escalations – based on an analysis of historical data. This helps minimize calls too.
- Enhance online customer experience – Good customer experience hinges on the way companies interact with their customers. AI enables an advanced cognitive version of Interactive Voice Response (IVR). It can not only provide pre-determined information based on the input, but can also understand, interpret, process inputs, and answer customer queries intelligently – almost like a human agent.
- Create tailored tariff plans – I live alone, so during the weekdays my electric appliances are used only in night, or sometimes in the evening. This got me thinking if I could get a customized tariff plan, as per my consumption pattern. Using AI, you can study the consumption patterns of customers and predict usage in order to tailor a cost effective tariff plan best suited to their individual needs. And like me, most customers prefer products that are tailored to their requirements. So, a supplier who understands this and provides customized products, creates a competitive advantage and a loyal customer base.
Build the Utility of the Future
You need to explore ways to deploy AI for competitive advantage. It can help you make better and greener decisions about energy usage, streamline operations, and deliver energy in a much more cost effective way. Natural language generation (NLG) is already helping utility companies diagnose grid issues and deliver personalized usage reports for customers who use smart meters. The improved process efficiencies provided by AI, not only help accelerate identification of issues but also deliver quick alerts and actions for superior customer service.
Is your company well-positioned to take advantage of what AI has to offer?