Tapping into a data ‘gold mine’: How AI is transforming customer experience
By: Michael Gross, Managing Partner (Beringea U.S.) and Eyal Malinger, Partner (Beringea UK)
Recent additions to the Beringea portfolio are analyzing customer data and interactions to provide better experiences and deliver greater value
It’s hard to escape the recent focus on the worldwide proliferation of AI and, while headlines have been dominated by the rise of groundbreaking models such as Open AI’s ChatGPT and Google’s Bard, we’ve already begun to see innovative growth companies apply AI to transform the way businesses interact with consumers.
Two recent additions to the Beringea portfolio, Authenticx in the U.S. and Chattermill in the U.K., demonstrate the potential to revolutionize how customer insights are unlocked and improve the experience of millions of users. The surging adoption of AI is anticipated to boost market growth, and Authenticx and Chattermill are taking a lead in applying AI technology to markets with a massive need for analyzing and improving their customers’ experience: healthcare and ecommerce.
Enterprises today generate vast amounts of data when interacting with customers. However, while these organizations sit on a “data gold mine”, with unstructured data in companies making up c.85% of all data given by customers, it is rarely used as they have often lacked the tools to collate, analyze, and act upon this information. This is where innovative solutions in customer experience management, such as Authenticx and Chattermill, have begun to make their mark.
These solutions, through their ability to apply AI to analysis of customer experience and interactions, are able to help large organizations to tailor their product, marketing, and customer engagements. In turn, this reduces customer churn rates, grows brand presence and improves customer loyalty, driving customer operational efficiency, profits and growth. As a result, the global customer experience management market size is projected to grow from $11.3 billion in 2022 to $32.5 billion by 2029, exhibiting a CAGR of 16.2% during the forecast period.
Authenticx offers healthcare clients a multi-user, multi-tenant application that enables activities in three different business domains: compliance, quality, and marketing insights. Processing unstructured, conversational data from patients and users, Authenticx leverages AI to uncover real-time insights, foresight, and visualization of massive data sets to provide advanced decision-making capabilities.
The team at Beringea was impressed by how quickly Authenticx became the go-to solution for healthcare organizations seeking powerful insights from vast amounts of customer interaction data. By using artificial intelligence, machine learning, and natural language processing (NLP) technology, Authenticx can help healthcare organizations draw meaning from unstructured data to answer questions, provide quality service, or enhance customer support. It’s an exciting advancement for the healthcare industry as it strives to better serve its patient populations.
Chattermill meanwhile unifies and analyzes both unstructured (free text) and structured data from multiple customer touchpoints — this could be reviews, support tickets, conversations and social media. Chattermill also uses NLP technology and AI to contextualize the different data sources, allowing companies to understand the feedback, theme and sentiment behind the text and information that customers have responded with, providing actionable insights.
Chattermill has shown its ability to continue to scale, despite the tough macro-economic environment, winning flagship customers like Uber and Amazon. Earlier customer cohorts of Chattermill also remain exceptionally strong, and the company has shown a proven track record of being able to upsell to its clients off the back of the value shown by its platform.
As with any disruption, advancements in AI prove that the right entrepreneurs, with the right technology in the right market, can revolutionize even staid sectors like customer data aggregation. AI is expected to become an undeniable commercial force in the customer experience interface and Beringea will continue to examine AI use cases to find scalable applications like those being offered by Authenticx and Chattermill.
