👩‍💻 Gen AI Use Cases in Customer Relations

DTP #37: How Businesses Can Find and Prioritize AI Opportunities

Author

Mukundan Sivaraj
February 16, 2024

The “State of AI in Retail and CPG” survey shows that a significant majority (86%) of participants express a desire to leverage generative AI for improving customer interactions.  

Notable applications include: 

  • Personalized product recommendations through multimodal shopping advisors,  

  • Dynamic approaches to advertising, promotions, and pricing, efficient product tagging and cataloging, identification of akin and complementary products,  

  • And the implementation of automated customer service using brand avatars. 

A brief look at some of these applications below: 

💼 AI in Business 

How Businesses Can Find and Prioritize AI Opportunities 

Société Générale, the sixth-largest bank in Europe, is at the forefront of implementing generative AI as part of its digital transformation strategy. Chief Digital Strategy Officer Noémie Ellezam highlights the importance of a value-driven approach in exploring and prioritizing generative AI initiatives: 

Key Points: 

  • AI as a Digital Accelerator: Société Générale views AI, including generative AI, as a key accelerator of its digital strategy, with the potential for impact across all business areas. 

  • Challenges in Manifesting Business Outcomes: Despite the rapid maturation of generative AI, realizing business outcomes is slowed by challenges related to ideation, prioritization, organizational structure, employee skills, and risk management. 

Best Practices for Implementation: 

  • Experimentation for Identifying Use Cases: Société Générale has identified over 100 generative AI use cases within three months, covering areas such as virtual experts, content generation, client assistance, and code generation. 

  • Value-Driven Approach: The bank emphasizes the importance of a value-driven approach to prioritize and manage risks effectively. Governance mechanisms include regular communication on global value targets, feasibility studies, and a central portal for registering AI use cases. 

  • Global Competency Building: Generative AI's accessibility necessitates a global approach to skill development. While business units focus on framing use cases, a global center of excellence nurtures generative AI methodologies and technical competencies. 

  • Risk Mitigation and Culture: Poor data quality and rogue modeling pose significant AI-related risks. Société Générale emphasizes the need for intentional risk mitigation, fostering a culture of excellence, and ensuring that individuals understand the responsible use of AI for the firm's best interest. 

  • Quality Over Quantity: The bank emphasizes prioritizing fewer use cases with substantial value over a broad range of use cases, aligning them with the overall strategy. 

  • Global Skilling Approach: Generative AI's accessibility allows for a more global approach to skilling workers, focusing on framing use cases at business units and nurturing technical competencies through a global center of excellence. 

  • People, Culture, and Skills: To ensure successful generative AI implementation, Société Générale underscores the importance of having the right risk culture, clear communication, and a global perspective in handling people, culture, and skills associated with AI. 

Personalized Customer Interactions: 

Gen AI excels in analyzing vast amounts of customer data to provide highly personalized interactions. From tailoring product recommendations to delivering customized communication, businesses can leverage Gen AI to create a unique and engaging experience for each customer. 

24/7 Virtual Assistance: 

With Gen AI-powered virtual assistants, businesses can offer round-the-clock support to customers. These intelligent assistants handle routine queries, provide information, and guide users through processes, ensuring a seamless experience even outside traditional business hours. 

Enhanced Customer Engagement on Social Media: 

Gen AI is adept at monitoring and understanding social media trends and customer sentiments. Businesses can use this technology to enhance their social media presence, respond to customer inquiries in real-time, and address concerns promptly, contributing to improved customer satisfaction. 

Learn more: Gen AI for CX 

Intelligent Chatbots for Instant Support: 

Intelligent chatbots powered by Gen AI are revolutionizing customer service. These chatbots understand natural language, provide instant responses, and can handle a wide range of queries. This not only reduces response times but also ensures consistent and accurate information delivery. 

Predictive Analytics for Customer Needs: 

Gen AI's analytical capabilities enable businesses to predict customer needs and preferences. By analyzing past interactions and behaviors, companies can anticipate customer requirements, proactively offer relevant products or services, and enhance overall customer satisfaction. 

Automated Customer Feedback Analysis: 

Gathering customer feedback is crucial for improvement. Gen AI can automate the analysis of customer feedback, extracting valuable insights. This enables businesses to understand customer perceptions, identify areas for enhancement, and tailor their strategies accordingly. 

🌐 AI Weekly News Roundup 

AI is reshaping the advertising landscape, enabling hyper-personalized and cost-effective campaigns. Advertising giants like Publicis and WPP are integrating AI to create tailored ads efficiently. 

In 2023, over a third of EU businesses adopted AI, primarily driven by generative AI, aligning with the European Commission's 2030 Digital Decade goals. 

Businesses face a growing "AI Gap" between leaders and consumers, with 91% of business leaders positive about AI, while only half of consumers share the sentiment, as per LivePerson's State of Customer Conversations 2024 report. 

💻 Platform Highlight 

Redactable: AI-driven web application designed for redacting sensitive documents. Raised $5.5m in seed funding  

Rephrase: GenAI Text-to-Video platform, recently acquired by Adobe. 

Leonardo.AI: AI platform for creating multimedia collateral. Recently raised $31M in funding. 

💬 Social Highlight 

Does classical design of experiments still have a place in data science? - A Reddit thread 

“Recommendations on GenAI training data and copyright " – A tweet 

🤖 Prompt of the week 

Act as a software developer. Please compare the time complexity of the two algorithms below. [Insert two functions] 

See you next week, 

Mukundan 

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