This is How AI and Bots are Changing Industries | UT TN NH

This is How AI and Bots are Changing Industries

Updated: May 9, 2019

Do you know how AI and Bots are going to transform the industry you work in over the next 5 years? Answering that question is a useful mental exercise…


Because the more prepared you are for this change, the more valuable you will be as a leader at your company.


If this is interesting to you, check out my previous post for 4 tips on becoming that leader.

Here are some ways that bots are changing the way companies interact with their customers in some big industries today.


If these examples aren’t your industry, the lessons still apply. Look for the patterns and you’ll be able to identify some changes coming your way as well.


If we know anything about the future, we know that this is only the beginning.


Financial Services and Using AI and Bots

Financial services companies are looking for ways to retain an increasingly slippery customer base.


As options for financial services grow, and the younger generation seeks ever greater convenience and freedom…


Many of these financial institutions are facing an imperative to increase their service offerings and to engage with customers more deeply.


This is where AI and bots enter the picture in this industry.


Predicting and pre-empting transactions that cost customers money is one of the primary ways financial services institutions are planning on using, or are already using, bots and AI.


Another way bots are being used in this industry is to help the institution's customers/members make better financial decisions.


Some banks have deployed bots to advise customers about the choices that will lead to the best financial future.


AI and bots are allowing finserv institutions to offer these valuable personalized services at scale - and none of it is happening inside the bank.



Retail AI and Bots

Clothing retailer H&M has launched a bot on Kik, a messaging app popular among younger crowds.


The bot is an intelligent wardrobe consultant. A customer can message the bot a piece of clothing they like in a store, and the bot will help the customer build an attractive outfit around that piece of clothing.


This type of customer engagement was the love song of analysts back in 2010 - 2011 in the heyday of Web 2.0, but it never came to fruition.


Now we're seeing it actually happen.


This type of engagement may revitalize brick and mortar retail by mapping virtual experiences onto the real world.


It could also enhance online shopping experiences by supplementing or replacing traditional search capabilities, to help customers find the items most relevant to them.


Hospitality Industry and AI/Bots

The hospitality industry is being disrupted by Airbnb and AI. But outside of this revolution, the main value proposition of the industry hasn't changed for a long time.


Customers travel to a new place, rent a room to stay in, and purchase other services such as food, entertainment, and a pass to other amenities like a gym or a spa.


Marriott hotels' Aloft brand has been using a chatbot to help guests access these services since 2014.


Using the chatbot, "guests may text to request services, information about the hotel, listen to the brand’s #AloftLive playlist and connect with the front desk team during their stay, even when the guest is not on-property."


The theme here is consistent with the changes in many industries - bots are allowing the companies that deploy them to offer more services to their customers, without increasing the cost to serve.

Personalized service at scale is a massive value proposition for any company - and AI-powered bots are the horse many companies are betting on to make it possible.


Your Industry and AI?

Whether you're in one of these industries or not, the patterns you see here - personalized experiences at scale, deeper engagement, more services - are probably relevant to your industry also.


And your industry needs leaders who understand these technologies.


The more prepared you are to be a wise voice in the AI/Bot conversations at your company and industry, the more valuable you will be in leading this massive tech change.


Those who can smell the hype, debunk the fear, and cut to real business value will be increasingly value as these technologies proliferate.


JourneyTEAM is holding a series of webinars designed to help you become that leader.


Come spend some time learning with us.


REGISTER FOR THE WEBINAR NOW!

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