Category: Digitization & IT Services

How Can Pairing AI Enhance Customer Communication?

Posted on by GAE Consultancy

“The client always comes first” is an age-old business axiom, but it’s more applicable today than ever. Businesses that know their clients well enough and adapt to their demands and lifestyles accordingly are the ones that succeed these days. With artificial intelligence (AI) progressing at such a rapid pace, there are several ways for businesses to leverage it to learn more about their consumers and deliver the assistance they require.
 

When used effectively, AI can improve the customer experience in practically every aspect, from data collection to speech recognition and message response times.
 

Artificial intelligence (AI) may be used to understand patterns of client behavior (such as credit card purchase cycles, retail spending, or travel) and then anticipate behavior appropriately. When the consumer contacts the business, these patterns can be leveraged to present the most likely service alternatives or information depending on the time and date of past activity. 

 

Organizations may benefit from AI by using natural language understanding (NLU). They can comprehend the interaction between the customer care person and the consumer by employing real-time analysis of customer service calls, chats, and emails. AI can help to improve the customer experience by identifying the customer’s degree of aggravation, the need for escalation, and the requirement for faster problem resolution.
 

The huge amounts of public data created every second throughout the world enable AI-enabled predictive forecasting of trends, sentiment, and important events of interest. This opens up strong new opportunities for anticipating and addressing challenges in multiple marketplaces, as well as proactively minimizing dangerous digital risks to your organization, brand, or customers—a important but often overlooked aspect of CX.
 

The optimal use of AI is to enhance human engagement and reduce friction in the consumer experience, rather than to replace human interaction. For example, if there are technical questions, such as password resets, that may be directed through AI solutions, it is an excellent use of the resource. However, businesses must exercise caution to avoid disappointing customers by losing the personal touch.
 

Customer wait times may now be measured using artificial intelligence. This is especially crucial in the service business, such as restaurants, where time spent waiting in line (or driving through) has a significant influence on income. Historically, it has been difficult to track poor service on a large scale. With computer vision AI, you can collect actionable information from each encounter and utilize that transparency to improve your customer experience.
 

Speech analytics is one of the most intriguing applications of AI in customer service. It’s a hotly contested market, with big cloud providers (Microsoft, AWS, and Google) investing. Speech analytics provides management with information on which calls are more effective, which customer service representatives are the best, and what training and operational adjustments might improve customer service. 

 

Personalization in communications may be achieved through the use of artificial intelligence (AI). AI-generated content may be used to communicate with customers by businesses. Do you want help from Homer Simpson’s voice? It can be done in a fraction of a second by artificial intelligence. For firms competing in a creative niche, it may be a winning strategy. Another example is to customize purchasing by utilizing the characteristics, likenesses, or interests of the clients. 

 

AI-generated insights may assist businesses in determining the fundamental causes of problems, which can aid in decision making and the implementation of actual measures such as customer attrition. AI may also assist you in tapping into your consumers’ emotional and cognitive responses in real-time to improve assessment programs.
 

Artificial intelligence can be connected with CRM systems to effortlessly automate operations, saving valuable minutes from each customer care session. When combined with chatbots and speech-to-text capabilities, AI allows search capability that directs agents to the information needed to handle client concerns, increasing the customer experience and first contact resolution for voice engagements. 

 

Many businesses have discovered that using bots to manage a high number of consumer questions might be a cost-effective solution. While it may take some time to put them up efficiently, test, and learn accuracy, begin the process if you’re finding your staff is bogged down and behind in responding to enquiries. The appropriate usage of bots can potentially result in considerable cost reductions over time. 

 

Given the huge volume and rapidity with which most contact centers operate, nuanced matching at lightning speed may appear implausible. However, artificial intelligence (AI) is making this feasible. This artificial intelligence (AI) system, known as Behavioral Pairing, learns from data on customer and agent interactions to match each caller with the agent most suited to assist them with whatever they’ve called for.
 

AI Behavioral Pairing is more than just ensuring that the most difficult clients or enquiries are sent to your top-rated workers. Rather, it is about discovering methods to match clients with the correct person in order to facilitate a successful connection that unlocks value for everyone.
 

Consumers have changed, and they now demand more from the firms with whom they choose to connect online. As a business owner and digital transformation specialist, my perspective on consumers and marketers has altered. Customers expect greater involvement and personalization, but can businesses provide it without compromising time and money? Yes. How? – Artificial Intelligence (AI) is defined as the “Machines displaying intelligence” 

 

The easiest approach to understand how AI works is to look at any form of technology or system that knows its surroundings and takes action to increase its chances of succeeding and accomplishing a goal. Different forms of Artificial Intelligence include self-driving cars, robotics, and various types of machine learning, such as facial recognition and human voice programs. There is now a plethora of cutting-edge technologies aimed at providing a better experience for your consumers, combining the finest of artificial intelligence with personalization. 

 

Consumers’ expectations about how they interact with companies are always changing. Customers today expect that every communication be personalized to their specific requirements and preferences. These technologies allow brands to meet and even surpass these ever-increasing expectations. 

 

AI and sophisticated machine learning were unsurprisingly ranked first on the list of the top ten strategic technological topics for 2017. These systems can sift through, analyze, and reply to massive amounts of data at a rate unrivalled by any number of humans. These technologies have the potential to assist both businesses and the customers they serve as they evolve. They provide a chance for businesses to radically rethink how they construct context around each individual in order to provide a better experience and a more loyal consumer. 

 

How will you use new technical advances to propel your company forward in the coming year and beyond? 

 

How can brands maintain the momentum of the digital marketplace?

Posted on by GAE Consultancy

Companies that don’t take marketplaces seriously risk falling into the same trap as companies who rejected e-commerce as a passing fad. 

Digital commerce flourished in 2020, which should come as no surprise to anybody who has seen groceries arriving on their neighbors’ doorsteps or who has crumpled many cardboard boxes in their own recycle bins. 

In the early days of the pandemic, customers under stay-at-home orders embraced new modes of buying, prompting a quick transition to internet commerce. Nonetheless, even when pandemic limitations were lifted, the momentum in e-commerce remained strong, with many consumers evidently not just coping with but also leaning toward online buying. Overall, e-commerce sales increased by 44 percent in 2020, the highest single-year growth rate in two decades. 

Digital marketplaces—where numerous businesses list and sell their products and services—saw even more remarkable growth, with gross merchandise value increasing 81 percent year over year, in the midst of this unusual boom in an unusual year. To put it another way, digital marketplaces nearly doubled the rate of ordinary e-commerce. 

Make an effort to make your brand more personable. Create a lasting impression. People and purpose, not a logo or an advertisement, define a brand. Make the CEO the company’s face; share their narrative and connect with prospects and consumers. Employees who are creating new items or conversing with clients should be highlighted. It’s all about people making connections. Showcase your employees’ abilities to set your organization apart. 

The days of one-and-done advertising are long gone; today, genuine, often renewed content is essential. We consume material at a quicker rate than ever before, resulting in increased content turnover rates. As marketers, we must consistently create on-brand, original, and compelling content in order to address this requirement. 

 

What factors contributed to the success of markets in 2020?
 

What is it about marketplaces that attracts people? Many buyers were already accustomed and at ease with existing marketplaces managed by the biggest companies in e-commerce, which offered a vast range of products across many categories. In 2020, however, a new type of marketplace emerged: agile businesses that swiftly innovated by developing their own digital markets. 

Brands of all sizes may use this new type of marketplace to sell not just their own products and services, but also a curated selection of third-party items and services that complement their own. Every sale is subject to a commission, and third parties are usually responsible for their own fulfilment logistics. 

 

Several elements have contributed to the marketplace’s success: 

People were pushed into new modes of working, studying, eating, exercising, and many other activities as a result of pandemic closures. The behavioral stretch was more about investigating and playing with purchasing rather than simply discovering digital channels because most consumers were already familiar with buying online. Virtual solutions of all kinds were welcomed. Especially if it made their life a bit simpler and more streamlined after their unexpected shift. Marketplaces responded by growing their vendor networks by 46 percent on average. 

Businesses that formerly relied on local foot traffic had to change their strategies as customers found new methods to get what they wanted (say, toilet paper, bread flour, and recreational gear). As a method of survival, some started advertising their wares on marketplaces, and were shocked to see their businesses expand even faster than they had previously. For example, a tiny flour mill that relied on sales to regional supermarkets might suddenly access the nation’s growing numbers of sourdough bakers, who were shopping for flour everywhere, including web marketplaces. Marketplaces provide the best of both worlds: the trustworthiness of a huge brand combined with the intimacy and engagement of a smaller brand. 

 

Can the market growth shown in 2020 be continued in the future? 

The answer is yes, although at a slower speed. We notice parallels between today’s digital markets and the earliest e-commerce websites, which were launched some 20 years ago. Businesses that don’t take marketplaces seriously risk falling into the same trap as companies who rejected e-commerce as a passing phase. 

Here are the questions that organizations must consider in order to capture the momentum of digital marketplaces—or, for those that are currently on the marketplace crest, to continue their growth: 

 

  1. Make a new market place. 

From a technological standpoint, it has never been easier to create a marketplace. However, they are also their own companies, therefore before diving into a technological platform, you must first address key issues such as:  

  1. What considerations would you use to select goods and services that are appropriate for your brand?  
  1. What types of new services would you like to try out?  
  1. What procedures will you need to put in place before you start contacting potential third-party vendors?  
  1. Will a marketplace have an impact on your existing relationships, such as with vendors?  
  1. How will you utilize the information gathered from the new marketplace to impact the rest of your business? 

 

  1. Other marketplaces where you may sell.

Selling in other marketplaces may be a good place to start for some firms, particularly smaller ones. Brand and reputational issues are critical with this strategy. Your brand may suffer damage to the reputation if you fail to live up to the promise you make on a marketplace. When compared to your own site, which items do you wish to sell on marketplaces? Will the marketplace also sell the items of competitors? What plan do you have in place to safeguard your pricing point? Do you have enough inventory to meet demand from a marketplace with tens of millions, if not hundreds of millions, of customers?
 

  1. Keep your market momentum going.

Congratulations if you already have a marketplace up and operating. But don’t make the mistake of thinking of your market as a one-and-done, immovable endeavor. The flexibility and agility of markets is a significant advantage. For example, your marketplace is an excellent area to experiment with offering new product or service categories. Examine your traffic, search, and sales statistics to determine what customers want and whether they can find it with you. Do any of your third-party vendors fall short of your sales or service goals? Now is the moment to get rid of them. How can you, on the other hand, strengthen your bonds with your most dependable third-party vendors? 

 

In 2020, marketplaces proved to be locations where buyers could discover what they wanted—which is increasingly the possibility to buy various things on dependable sites with regularly refreshed choices. In this new era of e-commerce, forward-thinking businesses must ask themselves the proper questions in order to develop a marketplace strategy that attracts and maintains loyal consumers while also driving income. 

How Can Your Business Benefit From Blockchain Technology

Posted on by GAE Consultancy

Blockchain has emerged as a revolutionary technology in the past decade, continuing the hype in the present times. People have a misconception that blockchain technology is only applicable for the crypto transactions like Bitcoin. The success of cryptocurrencies like Bitcoin is indeed due to the decentralized distributed ledger systems of blockchain technology, but it can be implemented in every industry to facilitate convenient business operations and transactions. Most popular companies, government agencies, healthcare and financial institutions are adopting blockchain for its favourable business characteristics. If you are still dubious about how blockchain can be useful for your business, here are a few reasons to adopt blockchain technology and enhance your business.

 

WHAT IS BLOCKCHAIN?

Blockchain is a decentralized, distributed ledger of transactions that records every transaction into a block, and each block is well-knitted to its preceding and succeeding blocks forming a peer-to-peer network across systems. The entire network is decentralized ie., no single party has complete control over the network, the information gets shared on every node of the network.

 

Blockchain technology is highly sought for of its lucrative characteristics:

 

  1. Transparency: The information is stored on every node of the network, facilitating transparency and real-time access to the data so that you can easily trace back the transactions.

 

  1. Secure Transactions:The entire network is decentralized, and the blocks are interconnected and encrypted with powerful hash functions. To make a change in a particular block, you have to access all the blocks on the network. If someone tries to tamper with the information, they have to make changes in the entire network on all the nodes, making it a highly safe network.

 

BENEFITS OF BLOCKCHAIN FOR YOUR BUSINESS

 

  1. SMART CONTRACTS

A smart contract is a digital self-executing and self-enforcing protocol based on certain agreed-upon terms and conditions. These contracts work by the principle of simple “if/when…then” code, executing the necessary actions in chronological order when the necessary pre-determined conditions are met.

 

Smart contracts are used in various sectors these days, including the trade-in digital financial assets where the ownership gets transferred legally, in supply chain management and logistics processes, hotel and travel bookings, etc.

 

One of the simple real-time use cases of smart contracts is their use in insurance companies. It has forever been quite difficult for an insurance claim to be processed and settled. The claim gets validate after days and months of hardships and verifications. However, when smart contracts are used, the entire process gets simplified as the automatic triggering of a claim occurs when a pre-determined event occurs. It ensures quicker release of insurance money, and as the records are populated with the necessary information, it is easier to determine the exact compensation.

 

  1. REDUCED BUSINESS COSTS & NO MIDDLEMEN

A smart contract eliminates the need for an attorney or a legal organization to govern the contract, thus eliminating the third-party costs. Also, the transactions are made directly between two parties, and hence there is no need for a banking institution or the extra charges levied by them. The costs that get saved can be channelized into better investments for the business.

 

The use of smart contracts and blockchain can simplify the mortgage process. To execute a mortgage agreement, various details, including the mortgagee’s income, expenses, credit score have to be assessed that get performed by a third party, acting as a middleman between the mortgagee and the lender. It makes the entire process lengthy, tedious and cost-incurring. With blockchain, the lender and mortgagee can directly file the deal and facilitate the transactions reducing significant costs and time.

 

  1. TRACEBACK EVERY TRANSACTION

With blockchain systems, you can trace back every transaction and find the origin of every product. Every product goes through various development stages, packing and marketing phases before it gets sold to the end consumer by the retailer.

 

Assume you’re a leading mobile phone brand, and at some point in time, you receive complaints from consumers of poor quality phones or phones that are damaged. To maintain the reputation of your brand, you must find out where the issue originated and rectify the source to avoid such issues further. Manually, this could be a tedious process to track where the fault occurred, but if a blockchain-based system gets integrated, you can easily track the condition of the mobile phone parts at every step of the delivery. It gives you a clear picture of where the issue began and say, it is the fault of a battery manufacturing company, you can directly deal with them instead of disturbing others in the process.

 

Thus supply chain management is one of the most beneficial applications of blockchain to monitor the quality of products at every stage of production and post-production. It finds a good application in tracing the source of the contaminant responsible for the food-borne illness, too.

 

  1. SAFER TRANSACTIONS 

Every transaction made on the blockchain system gets recorded on all the nodes, ensuring transparency of the transactions. The payments made on blockchain are irreversible and establish direct contact between the business and its consumer.

 

As online shopping has become mainstream these days due to the covid-19 pandemic, online frauds have also increased to a greater extent. One of the recent frauds that came out in the context of e-commerce is the chargeback fraud. The consumer purchases the product but cancels the payment with the credit card company against chargeback complaints that further incur a loss on the merchant for paying the charges while losing their merchandise.

 

Mostly, the bank takes the side of the consumers because the merchant fails to prove the purchase with a lack of evidence. However, if these transactions get recorded on the blockchain, with a quick traceback the purchase can be proven, preventing the chargeback frauds.

 

  1. SECURE BUSINESS ENVIRONMENT

Data breaches, hacking of the systems, tampering with the business records have been quite popular security threats to businesses of all sizes. It is easy to tamper with the records on a single computer or even on ten computers in the office network but can you imagine tampering with records on thousands of blocks on a blockchain? That’s something impossible!

 

To tamper a record on a particular block, a hacker must access every block on the chain encrypted with cryptographic hashing. Thus blockchain systems are highly secure, and hacking is never a threat to these systems.

 

Blockchain systems are robust and highly secure that simplifies and streamlines business processes, making things convenient for both the business and the consumers. Cryptocurrency and blockchain are not a fad but a permanent solution for the present and future of businesses. Blockchain applications are beneficial for businesses of all sizes and in all sectors. If you are looking to leverage blockchain systems and their applications for your business, reach out to GAE Co., the best consulting firm in Dubai. We provide highly reliable IT services, digital transformation of business and blockchain services to businesses all across the world.

Importance Of Digitization Of Business In 2021

Posted on by GAE Consultancy

The transition of business processes to digital had already begun a few years back, however, the pace of digitization in the past two years have been indomitable. When businesses could not operate offline due to the pandemic and lockdowns, they were quick enough to adopt the online space for continued business operations. These days if a business does not adopt the digital transformation, it puts its survival at stake. Find out the reasons why digitization has become crucial for business in this digital era.

  1. Increased visibility
  2. Data-driven insights
  3. Enhanced customer experience
  4. Automation of business operations
  5. Secure & sustainable business environment

 

WHAT IS THE DIGITALIZATION OF BUSINESS?

Digitization is transforming the business data from analog to digital for better processing and retrieval of data. Digital transformation of a business refers to implementing digital tools and technologies in every area of business to digitize your business operations and bring data-driven solutions that yield better results.

 

BENEFITS OF DIGITAL TRANSFORMATION OF BUSINESS

 

1.      INCREASED VISIBILITY

Covid era has brought a significant change in consumer trends and habits as people have made a paradigm shift towards online shopping rather than visiting physical stores. When your consumers are online, your business must be online, otherwise, you miss out on the crucial opportunities.

 

To begin with, build a website for your business, perform the best SEO practices, optimize your Google My Business profile to boost your ranking on the organic search results. The higher you rank on Google, the higher will your visibility be and the higher your leads.

Build an online store and have a mobile app for your business that shortens the gap between you and your consumers. Leverage the digital marketing channels and social media to get in front of your prospects and boost the conversion rates.

 

2.      DATA-DRIVEN INSIGHTS

One of the significant advantages of digital technology in business is access to analytics and data. Data drives improvisations in the business and boosts sales. Data and analytics give you an insight into what your consumer wants and where does your business or its services lag in impressing the consumers. Using digital tools helps you analyze the data better and proceed with data-driven solutions rather than assumptions based solutions.

 

With technological advancement, Artificial Intelligence has been playing a major role in helping companies manage huge volumes of data and derive automated results from them. Integrate AI into your business operations to stay on top of consumer needs.

 

3.      ENHANCED CUSTOMER EXPERIENCE

Once you assess the data and find out your consumer requirements, you can benefit from this data by making favourable improvisations in your product/service tailor-made to match consumer preferences. When consumers get what they desire, they love the experience and return it to you in future, too.

 

These days there are so many digital marketing tools like cookies that help you understand your ideal consumer and the consumer behaviour. Leverage these tools to give the best that your customers want. When the consumer is satisfied, they market your business to their family and friends circle, generating word-of-mouth marketing for your business.

 

4.      AUTOMATION OF BUSINESS OPERATIONS

Many repetitive and tedious business processes can be automated with the latest technological innovations that spare time for the human resources of the company to focus on the core objectives, increasing productivity. Automation reduces errors, vacates time for human resources to perform value-added tasks and increases the chances for scaling up the business outputs.

 

APIs are one of the essential tools that made business automation convenient in recent times. If you need particular functionality, include the API on your digital landscape and get the task done. APIs have made it easier for collaboration between two services and businesses.

 

5.      SECURE AND SUSTAINABLE BUSINESS ENVIRONMENT

Business comes with many risks attached to it. Digital technologies these days make your business network robust and risk-free, enabling secure consumer transactions or safer handling of data. Though there are risks in digital but with an expert team of professionals, you can avoid these potential risks to your business.

 

The application of blockchain in businesses ensure safer transactions via containerized smart contracts. Digitalization opens up the window for your business to upscale and adapts to the ever-changing trends of the market, paving way for a sustainable business environment.

 

Digital transformation of business is the need of the hour, and if you are early to do it, you grab a competitive edge over the crowd of competition. Whichever stage of business you are in or however big or small your organization might be, reach out to GAE Co. for a comprehensive digital transformation of your business. We provide customized business solutions that promote your business on the ladder of growth.

Top Reasons Why You Should Outsource It Services

Posted on by GAE Consultancy

Think of any business today, and one common requirement would be IT support. In this digital era, you cannot imagine any business that has not been a part of the digital revolution and reaped its benefits. Right from business communication to data collection, data storage and executing data-driven solutions for escalating the business growth, Information Technology has played a vital role in every department. Technology paves way for innovation, and innovation is the prime driver of business success in today’s digital world.

 

When IT is such a crucial component of every business, it is necessary to integrate it into your business operations. What if you do not have sufficient resources for IT support? That should not stop you as you can outsource the IT services of your business to another specialized organization which will bring you better results while saving your time and efforts. Here are a few reasons to consider outsourcing IT services for your business.

 

  1. Unmatched expertise 
  2. Future-ready technological solutions
  3. Saves time & costs
  4. Vacates time to focus on the core competence of your business
  5. Unparalleled security

 

1.      UNMATCHED EXPERTISE

Whatever field your business deals in, an IT support is necessary. Hiring an in-house IT expert could be a humongous task, especially if you are not a techie person or your business is not in the IT sector. You cannot hire someone randomly who is certified in an IT course. Experience is what matters the most.

 

Outsourcing the IT services to a specialized IT support organization means getting the service of highly skilled and experienced professionals who can solve your issues quickly. They will implement the best IT solutions to increase productivity and enhance your business outcomes.

 

2.      FUTURE-READY TECHNOLOGICAL SOLUTIONS

The landscape of Information Technology is rapidly changing, and to make the best out of it, you must upskill and upgrade to the latest technologies in the market. Training the in-house IT professionals with the latest technologies could be an added burden, and you might not have sufficient resources to train them. However, outsourcing to an IT organization will remove the burden.

 

The IT experts are highly skilled and trained in the latest technologies to provide the best solutions to the clients. They are not the learners but the practitioners of the technology and adaptors of the futuristic technological updates. These forward-going IT experts will equip your business with future-ready solutions that make your business apart from the crowd, gaining an exclusive edge over the competition.

 

3.      OUTSOURCING SAVES YOU TIME & COSTS

Hiring an in-house IT team could be a time-consuming task and a burden if you do not belong to the IT sector. Also, the salaries of IT professionals get higher as their expertise scales up. Some businesses may not require day-to-day IT support, and in such cases hiring an IT employee could be a waste of resources and costs.

 

A better alternate approach is to outsource your IT support to an external organization that bring their expertise to your business operations at reasonable costs, saving you both time and money. Outsourcing converts the fixed IT costs to a variable one that effortlessly aligns with your budget as you pay them only when you need their service. Also, additional employee costs like appraisals, bonuses, healthcare policies, etc. are not required when you outsource rather than hire in-house professionals.

 

4.      VACATES TIME TO FOCUS ON THE CORE COMPETENCE OF YOUR BUSINESS

When the IT services of your organization are taken care of by the in-house employees, they lack time to focus on their core services and the human resource of your organization get wasted rather than focusing on the core competence of your business. This, in turn, reduces productivity and impacts your business outputs and revenue, too.

For instance, if your manager gets busy solving a software issue, his duties get halted, and his/her team also lags. Alternatively, when you outsource IT support, the human resources of your organization are vacated to focus on the end goals of your business, generating better output.

 

5.      UNPARALLELED SECURITY

Security breaches, hacking of databases, DOS attacks, breaches of customer details, etc., are a few among the several security issues businesses could face in this digital world. As crucial technology is to enhance business operations, they can be risky too if not handled cautiously. A beginner or an intermediate IT employee cannot ensure a higher degree of security to your business operations as a team of IT experts could do. Whether it’s sensitive consumer information or business data, the outsourced organization will add an extra layer of security to every business operation. Safe transactions build trust among the consumers for your business, building credibility for your business.

 

Outsourcing of IT services leaves you enough time, money and resources to channelize your efforts in expanding the business and strengthening your core business operations. No more loss of business revenue extended downtime, or reduced productivity when you can benefit from outsourcing. Outsourcing is not a passing trend but a reliable solution to drive business growth, and hence most of the small, large and medium-sized businesses have already adopted it.

 

If you are looking forward to outsourcing any of the business operations and upscale your business, connect with the GAE Co., the best consulting firm in Dubai. We have helped several clients across the globe with the digital transformation of their businesses.

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