Why AI is the differentiator in today's experience market

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Experience is key. From what we buy to our workplace, everyone is looking for a more intuitive and personalized experience around everything we do. The best user experiences feel effortless, delivering instant recommendations that get us what we want without forcing us to spend valuable time delivering our preferences. Think of any lightweight, data-rich experience that gets you where you need to go, gives you something you didn't know you need, or connects you to the solution you've been looking for.

While everyone knows about the experiment, not everyone understands what works behind the scenes to make it possible: artificial intelligence (AI).

Artificial intelligence is the oxygen that brings these amazing user experiences to life.

Why do I say AI is oxygen? Because in all of these cases, the AI ​​is invisible - and that's how you know it works. AI takes data based on user preferences every day and transforms it into engaging experiences.

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All organizations exist in a market of experience. When it comes to talent, everyone is in competition to deliver an experience that attracts the best candidates and retains employees. Savvy businesses understand that the combination of AI and people is the winning combination to deliver amazing experiences.

People want personalization

In the past, we considered personalization a "nice to have" feature, something as simple as getting the customer's name in a marketing email. However, as the pandemic has accelerated digital transformation, user expectations have also increased.

In the face of increasingly digital interactions, users have encountered many obstacles: difficult-to-navigate sites, incomplete contact pages, and frustrating support processes. They told us loud and clear that instead of a clunky, one-size-fits-all experience, they expect relevant recommendations, personalized interactions, and tailored messaging that reflects what interests them or applies to them.

According to McKinsey's Next in Personalization 2021 report, 7 out of 10 consumers expect companies to deliver personalized interactions, with 76% expressing frustration when those interactions don't work. Companies that are successful in personalization have found that 3 out of 4 users make a purchase, the same proportion likely to repurchase products or services and recommend the company to others.

While personalization generates an average 10-15% increase in revenue, data-driven companies have seen revenue growth closer to 25%. These top performers shared several personalization-driven qualities, including agile operating models and AI-powered decision-making.

Talent acquisition is about providing relevant job recommendations and content based on a candidate's preferences and background, including skills and location. The faster employers can offer work opportunities that match each job seeker, the more likely they are to apply. For talent management, it allows employees to develop their skills and identify new opportunities and paths for internal mobility within their organization.

Data enables better experiences

Companies already have the key ingredient needed to create hyper-personalized experiences: data. They're just not using it to its full potential, according to the sixth annual Phenom