The money in our wallets doesn’t go as far as it used to. Prices are increasing—the cost of low fat milk was around forty five per cent cheaper in December 2021 than today. Meanwhile, the phenomenon of ‘shrinkflation’, a form of hidden inflation, means we’re all paying more and getting less in return. Companies across the board, from small independent businesses right up to the biggest retailers in the country, are finding it hard too.

Understanding the latest advancements in artificial intelligence (AI) can seem overwhelming, but if it’s learning the basics that you’re interested in, you can boil many AI innovations down to two concepts: machine learning and deep learning. Examples of machine learning and deep learning are everywhere. It’s what makes self-driving cars a reality, how Netflix knows which show you’ll want to watch next and how Facebook recognises whose face is in a photo.

Despite the hype, AI isn’t here to replace your human agents. On the contrary, when human agents and AI join forces, they form a powerful CX team – one that builds on their strengths, while minimising their weaknesses. Your agents shouldn’t be bogged down by busy work. With AI in their corner, they can instead focus on the tasks that make a difference. Which results in a better experience for all involved.

In response to macroeconomic pressure, technology companies of all sizes have been tightening their belts and flattening their org structures. Meta CEO Mark Zuckerberg has called it the “year of efficiency”, while others are calling it the “end of the tech boom”. But despite budget challenges, tech companies have reason to hope.

The digital transformation in retail has fundamentally changed the way the entire industry operates. From supply chain management to predictive analytics, it has increased speed and efficiency across all areas of the retail business. In today’s hyper-competitive environment, agility is critical to attracting and keeping customers. Shoppers know they have choices and retailers who aim to keep their business from walking out the door need to put customers at the centre.

It’s fair to say the manufacturing industry is on the fast track to digital transformation. The pandemic exposed the fragility of our global supply chains, resulting in empty shelves and overstocked warehouses. Meanwhile, as the pandemic subsides, inflation is driving up the cost of goods and logistics, putting the squeeze on companies still recovering from the past few years. So it’s no surprise that manufacturers are looking for ways to cut costs whilst still maintaining quality.

Article originally published in the Altfi report, jointly sponsored by Zendesk. The landscape of customer service has never looked more different, shaped by shifting consumer behaviour and expectations that have rapidly changed over the past two years, driven in turn by the shocks and aftershocks of the pandemic, economic uncertainties, and ever evolving technology trends. Consumers’ voices are growing louder, and bolder, and what customers want is clear: immersive customer experiences.

Take a moment and think about your latest purchasing experiences. Can you recall buying a product impulsively because of excitement? Or can you remember leaving a store because of a bad experience? What was the main driver of your decisions? Harvard Business Study shows that ninety-five per cent of purchase decisions are emotional. The traditional Customer Experience (CX) metrics like NPS, CSAT, and CES only measure loyalty, service quality, and functionality.

Customer experience is now shaping the way companies across the world do business. We’ve seen companies thrive based on their ability to listen to their customers’ needs and keep up with the latest trends. The latest developments in artificial intelligence (AI) provide a bounty of opportunities and possibilities for businesses to rise to the challenge, and deliver seamless, personalised, and immersive experiences for their consumers.

With how fast industries move, technologies advance and current events shift, organisational change is now a normal part of doing business. But change is rarely easy. And the bigger and more complex a business is, the more challenging it is to implement change effectively. Yet the ability to incorporate necessary changes into how you do business plays a direct role in long-term success.