ChatGPT is not even a year old and yet, it’s made more waves in the tech industry than some technologies have in a decade. This nascent but potent technology has rapidly stepped into the limelight, becoming a focal point of industry conversations due to its transformative potential. Gen AI, embodied by platforms like ChatGPT, is meticulously crafting digital experiences that are not only invisible but also deeply immersive.
Source: Forrester's Top 10 Emerging Technologies In 2023
At the Forrester "Technology & Innovation North America" 2023 conference in Austin from September 10-12, the buzz and significance surrounding Gen AI were unmistakable. Through engaging sessions and enlightening coffee table conversations with analysts, I had the unique opportunity to delve deeper into the potential of these emerging technologies. These interactions provided valuable insights into how Gen AI can be strategically leveraged to spur growth and drive innovation, especially in the critical realm of customer service.
Here are my four key takeaways from the conference.
1. Tech Maturity Reflects in Customer Experience
During the opening keynote, Matthew Guarini who leads Forrester's Technology Executive practice highlighted the indispensable role of technology in driving company growth and enhancing both customer experience (CX) and employee experience (EX). He succinctly outlined how technology isn’t just a part of the growth engine but indeed the very power fueling it.
Guarini shared an interesting observation that a company's tech maturity closely mirrors its customer maturity, indicating a direct correlation between technology use and customer experience. Technology is intricately linked with growth for businesses. It isn't merely supportive but is central to their missions and customer engagement strategies. The keynote effectively underscored the indispensable role of technology in driving growth, advocating for collaboration and a growth mindset as essential components for success in the technology realm. It set the tone for the theme of the conference- the idea of powering change to drive growth.
2. Business Alignment Unlocks Technology’s Power as a Growth Vector
In the keynote "Technology’s Vital Role in The Customer-Obsessed Growth Engine," Ted Schadler, Vice President & Principal Analyst at Forrester Research, further built upon the integral relationship between technology and growth, highlighting how technology scales, creates, and amplifies growth in various domains, with a special mention of the unprecedented impact Gen AI is expected to have in enhancing growth trajectories. The address set a robust foundation for attendees to understand and engage with the profound influence and potential of technology in driving growth.
Schadler identified technology as a powerful growth vector, emphasizing its triple role. Technology not only enables growth through secure, scalable operations but also creates growth by launching new products and entering new markets. Further, technology amplifies growth via continuous improvement driven by insights, automation, and cutting-edge algorithms, with Gen AI poised to substantially boost these enhancements. Interesting insights on Gen AI’s potential to elevate existing automation efficiency by 5% to 25%. For novel opportunities, Gen AI is poised to double or even triple efficiency levels, marking it as a game-changing factor in amplifying growth.
Schadler illuminated technology’s threefold role in promoting growth. First, technology acts as a potent vector for growth. Second, strong business alignment is essential, providing professionals access and permission to partake in pivotal growth discussions and initiatives. Lastly, with proper alignment, individuals are empowered to not only join but also lead the dialogue and actions central to growth.
3. Generative AI Delivers Tangible Enterprise Benefits with the Right Planning, People, and Gear in Place
Though AI is not a new concept, its significance has notably increased, becoming a top priority for enterprises. Businesses are actively integrating Gen AI, not merely as an experimental technology, but as a practical tool delivering tangible benefits.
In the keynote titled "Why Generative AI Matters For Enterprises," Rowan Curran, Senior Analyst- AI Apps, underscored the rising prominence of Generative AI within the enterprise landscape. Curran shared that a significant 61% of AI decision-makers in organizations perceive innovation as a primary advantage of adopting Gen AI. The technology is not being explored aimlessly, not as a solution in search of a problem. Instead, companies are strategically implementing it to address specific needs and challenges - such as enhancing customer support, accelerating developers' workflows, or producing a more nuanced understanding of unstructured data.
The enterprises that effectively leverage Gen AI are those that combine careful planning, the right personnel, and appropriate technology, all while fostering a culture of adaptability. This approach ensures that the incorporation of Gen AI into applications and processes is not only strategic but also fruitful, allowing companies to meet both current and future challenges head-on while delivering valuable experiences.
4. Generative AI Reshaping Customer Service with Invisible, Immersive Experiences
As experiences become more invisible and immersive, generative AI and LLMs will revolutionize customer service, reshape strategies, and usher in a new era of customer engagement. These technologies serve as catalysts, amplifying human potential and changing the landscape of contact centers, but not necessarily in anticipated ways.
As noted in the session titled "Is It The End Of The Contact Center (As We Know It)?", presented by Christina McAllister, the future will see a decline in engagement across all customer-facing channels, with brands proactively resolving issues and outbound digital interactions taking precedence. Customer-led engagement will be the norm, with fewer interactions but significant service moments dedicated to complex issues. McAllister emphasizes the importance of investing in customer service agents today, as human-led service remains a competitive differentiator. It’s essential for enterprises to harness emerging technologies to enhance the quality of rare customer moments. The focus is on fostering one-to-one human connections to future-proof and innovate within the evolving customer service domain.
Summary
Generative AI is not just the future. It is the present. The reason it is a pivotal topic of conversation within the technology industry and is capturing attention is not just because of its transformative potential. It is because it's here and is as real as it can get. It is delivering tangible benefits, driving short-term ROI in digital experiences, and reshaping customer service.
In our point of view, the key is in the “Integration”. It is not just about adopting, but adeptly integrating Gen AI into your strategic fabric. That is the only way it paves the way for a future where technology is not a mere enabler but a strategic partner driving value and innovation in every facet of customer engagement and experience.
At Reply we help you address the challenges of today and drive innovative experiences tomorrow. We support the seamless integration of Generative AI into your daily interactions and experiences through strategic alignment, thoughtful planning, and the right personnel to unlock its comprehensive potential. Let us know how we can help.
