Technology can make or break a brand, use it wisely: Vishal Agarwal, CEO, Locobuzz Solutions

If the internet can help a brand boost its popularity, it can also diminish the same, if not used wisely. Starbucks can get 2.3 billion profit for a misplaced coffee cup which is not even Starbucks’ cup, similarly, a brand can also lose its value if the use of technology is not tapped.

Vishal Agarwal
Vishal Agarwal, CEO, Locobuzz Solutions

Customer expectations across industries are transforming rapidly. A few years ago, if you emailed a brand and received a revert from them after months, you were more than delighted to hear from them. But the scenario has changed completely now. Today, every customer wants real-time, personalised and effective engagement from the brand he is associated with, says Vishal Agarwal, Chief Executive Officer, Locobuzz Solutions.

Why AI and ML vital for Digital Customer Experience?

While addressing a presentation titled, “Application of ML and AI in Digital Customer Experience,” at Elets Gamechanger Summit, Goa, Agarwal explained how customer have refined their requirements and inclined towards services that are connected to them in real-time.

“Customers want, what we popularly refer to as Netflix engagement. They want to continue the conversation over Twitter, Facebook or LinkedIn exactly from the point they left last time. Exactly the way it happens when you watch a movie in your devices,” he added.

So, the big question is, how are you handling this? To be very honest, if you are a brand with significant interactions in the digital world, you would have to take care of an interesting challenge. There are a lot of ways to look at it. A lot of times you look at the internet and start believing in the happenings, which is not the case, in reality, he added.

If the internet can help a brand boost its popularity, it can also diminish the same, if not used wisely. And especially it becomes a huge challenge for large brands to use technology with utmost care. I am sure, you all must be aware of what happened to infibeam stock prices. Just because somebody was too creative with their Whatsapp and this is something that we see quite constantly, stated Agarwal.

Starbucks can get 2.3 billion profit for a misplaced coffee cup which is not even Starbucks’ cup, similarly, a brand can also lose its value if the use of technology is not tapped.

Talking about the problems associated with technology, he said, “It is literally impossible to solve this problem without the application of Artificial Intelligence and Machine Learning. Because you just cannot expect human beings to solve this problem as the scale keeps going up. There is absolutely no other way to resolve it in an effective manner.”

A lot of people ask me the difference between AI and ML. In simple words, ML is the ability to learn from data automatically and the other is the ability to make decisions, he sated.

Let’s understand AI and ML in simple terms

Machine Learning

  • Ability to learn from Data
  • Data to Knowledge
  • Sentiment Analysis is ML
  • Identifying Date, origin, destination is ML
  • Understanding English is ML

 Artificial Intelligence

  • Ability to make decisions
  • Human-like behaviour
  • Raising Alert is AI
  • Realising the intent to
  • book flights is AI
  • Writing an article is AI

Key Applications of AI in Customer Experience

  • Recommend Engine
  • Sentiment & Intent
  • Conversational Commerce
  • Image & Speech
  • Predictive Analytics
  • Targeting & Segmentation
  • Engagement & Alerts
  • Augmented Analytics

The major problem that appears in the BFSI sector is that the financial institutions are joining hands with different brands for the chatbot, social media and email marketing and due to lack of coordination here, a lot of discrepancies occurs. For example, if a customer is giving bad reviews to the credit card experience on Twitter, the email marketing team without having any clue of it is offering a new credit card to the same customer. This experience will annoy the customer a bit more, said Agarwal.

“A lot many times, we all have witnessed that despite a prior web-check you would receive a reminder from the airline on the day of your travel to complete your web-check in. A technical guy like me would understand that this is happening due to lack of coordination but a regular customer will get frustrated.

He might get confused and log in again to check whether he actually complete his formality. So, brands are spending money to annoy their customers,” he added.

This is the reason why it is important to think in a unified manner.

Evolving Digital Customer touchpoints & Expectations

Chatbots

Automated Customer Service, Leads and notifications

Loyalty

Recognise and monetise consumer social Engagement

Mobile, eMails, Forms

Run OmniChannel Marketing and LeadGen Campaigns

Commerce

Social Commerce – ability to collect payments

Smart CRM

Single view of the customer, Smart Contact Lists

Social

Single view of the customer, Smart Contact Lists

How can LocoBuzz help?

Complete Customer Experience Management (CXM) by converging AI, Analytics, BIG Data and Automation

Portfolio of Customer Experience Technology Products Helping companies increase Lifetime value of their customers

Customer Engagement
Real-Time Social Media driven Customer Service and consumer Insights

Command Center
Real-time data visualisation and engagement for Insights and intelligence

FB, Website & App BOTs
Enabling Conversational commerce, automated cross-selling, service

360° View
Converges Big Data, E-Mail, Social Media & CRM for marketing and CX

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