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Augmented intelligence has become a crucial factor for success in customer success and account management. In this blog, we focus on the different ways augmented intelligence can aid in this endeavor.
Many people are concerned about using artificial intelligence (AI) in both business and daily life. The main issue is that technology has clear advantages over people in many fields, which poses a danger to the current workforce. The truth is that the workforce we currently know will change, but not in the manner you might anticipate.
AI can improve customer success strategy rather than erasing the human component of it. In the upcoming decade, the human-machine collaboration will be crucial in deciding future economic success.
The standard definition of Augmented Intelligence explains it as a design pattern of a partnership between humans and artificial intelligence with humans at the center of decision-making. The most important thing about this partnership between humans and artificial intelligence is that the partnership is ‘human-centered.’ This partnership is meant to enhance cognitive performance, including learning, decision-making, and having new experiences.
Contrary to the view implanted by a few ‘sci-fi’ movies, Artificial Intelligence has been designed and is capable of enhancing human performance and experiences rather than replacing humans. Augmented Intelligence is a sub-division of AI machine learning. It functions to enhance human intelligence. It is neither meant to operate independently nor can it replace human intelligence.
Augmented Intelligence utilizes machine learning and deep learning to work out actionable data and provide humans with their results. The decision-making or the right to take action on the data remains in the hands of a human. Augmented Intelligence, in such cases, can be easily understood as a virtual assistant to humans.
The relevance of Augmented Intelligence in businesses is increasing every single day. It will not be an overstatement if we say augmented intelligence is the future for many things, including business enterprises. As discussed above, Augmented Intelligence is a partnership model that enhances decision-making. Business leaders utilizing Augmented Intelligence are already at a competitive advantage as this partnership enhances the prowess of the workforce in many areas.
Augmented Intelligence can enhance business performance in the following ways –
Augmented Intelligence is beneficial in customer success management as in other business sectors. It improves the decision-making process and significantly reduces time spent on the process. Some of the benefits Customer success can leverage through augmented intelligence are –
Account management is especially important for any SaaS (Software As A Service) business. And the good thing is that Augmented Intelligence can be used to manage your accounts better and provide your prospective clients the experience of having a ‘personal assistant’ with regard to your company and offered services. With AI, you can give each of your clients highly personalized recommendations based on their unique goals rather than disseminating general information that may or may not be useful for them.
While augmented intelligence brings a variety of benefits to account management, we can broadly divide them into three parts –
Now, let us provide a few case studies to show how Smartkarrot practically helps its clients with augmented intelligence.
Client’s Issue: One of the largest technology providers to global police, fire, and emergency departments with a revenue expansion issue. The company had a steady renewal rate of 89%, which is really good, but it was struggling to expand its revenue from its existing customer base.
Reasons behind the issue: There were a number of reasons that caused the above-mentioned issue for our customer. The key factors included –
Solution by SmartKarrot: After a thorough analysis of the aggregated data we created an automated expansion playbook by correlating multiple signals to identify focused customer segments easily.
Result: As a result of our intervention, our client is now in control of managing and achieving the expansion of their revenue.
Client’s issue: This customer approached SmartKarrot with their specific need to transform their customer onboarding and renewal process. This was one of the fastest-growing organizations providing innovative retail analytics and space planning technology.
The reason behind the issue: We noticed some extra challenges apart from their initial requirement. The major challenges we noticed here were –
Solution by SmartKarrot: We mapped multiple onboarding roles and stages with playbooks. A similar procedure was done for renewal processes.
Result: As expected by the clients, they are achieving faster onboarding, and their renewal rate is also growing. Now, they are turning their focus toward revenue expansion.
Augmented Intelligence is SmartKarrot’s approach to combining Analytics, workflow, and Automation and applying them to solve our clients’ most complex problems. For B2B businesses in any industry… with a special focus on solving Customer Success and Account Management problems.
For example, let us focus on the team responsible for handling “Revenue Expansion.”
Our Augmented Intelligence uses Analytics to go through financial and licensing data to generate upsell and cross-sell opportunities, Workflow to templatize the most appropriate playbooks to handle Expansion at scale, and Automation to trigger the process on time, every time. And that is only the tip of the iceberg of what Augmented Intelligence can do.
Augmented Intelligence is ushering in the New Age of Customer Success & Account Management, and we are using it to advance our capabilities.
Your company can enhance sales, cut costs, and obtain more actionable insights if it uses augmented intelligence to acquire insights into its business data for customer success and account management. Using these priceless insights, they can accelerate growth and remain ahead of disruption. 28
The correct data analytics approach for your company’s objectives can produce outcomes supporting your leadership position for decades. A strong analytics technique is necessary for comprehensive digital transformation.
Rakhin has over 10 years of experience driving business development and client services. In his prior roles, he stayed close to customers to understand their requirements and help them achieve their business goals. He is passionate about customer success.
Published December 06, 2022, Updated August 18, 2023
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