I am excited to announce that once again, Coveo was named a leader in another independent research firm report – which I believe is a testament to the tremendous impact AI can have across every organization.
We are now in an “AI-take-all economy.” The market will divide between the companies that embrace AI, and the ones that have chosen to ignore it.
Why? AI enables hyper-personalization, meeting expectations for 1:1 digital experiences at the scale of millions. Effortless experiences that are both relevant and continuous. By combining the power of search to stitch data with the power of analytics and machine learning to learn from every interaction, AI can tailor every single experience throughout the customer journey – from purchase to service.
Every experience with the leading brands of the future will be relevant, powered by AI and data. Websites will understand and bring together a website visitor’s product usage data, sales interactions, service data and more, with a real-time analysis and comparison of that visitor’s behavior with millions of others. Online and in-store experiences will convert more customers at higher rates using AI, similar to Amazon.
Every interaction across marketing, sales and service can now be informed and driven by data. Customer service agents can now understand their customers by instantly accessing the content that matches their customers’ context, history and behavior, making every interaction with customers as effective as possible across the entire service journey, from within the product itself to self-service and contact centers.
This is what insight engines deliver: relevant and continuous digital experiences that convert, maximize customers’ lifetime value and empower employees with knowledge.
For business, AI is a massive economic opportunity, expected to contribute a $15.7 trillion increase to GDP worldwide. Organizations today can put their data to work and, using AI, predict in real-time what their customers and employees really want and need from their digital experiences, as well as what they need next. Every person brings their own context and intent. With AI, it’s possible to create experiences that fit their unique context and intent to meet and exceed their expectations.
What We Believe the 2019 Gartner Magic Quadrant for Insight Engines Means for Enterprises Today
We believe that the report is very clear: the time to invest in insight engines is now.
The world’s leading and most innovative organizations are using insight engines to run on data, not with data. There is too much data sitting untapped, too many insights in disconnected silos for organizations to wait to invest any longer.
In fact, most of your users expect you to use their data to tailor a more effective and personalized experience for them. A report from earlier this year confirms that a majority of consumers are willing to provide their information – if it’s being used to personalize their experience. When you invest in an insight engine, you can meet their expectations and see higher ROI from all of your platforms.
If you’re not using AI and insight engines, you’re behind. It’s too big of an opportunity to ignore – and those that use Coveo are leading the way. When our community gathered at Coveo Impact, it was inspiring to see the results that our customers have achieved with AI and how they’re planning to use Coveo as the foundation for their relevance.
Our customers shared powerful quotes and insights about how insight engines played a role in critical areas of their business, from saving millions by increasing case deflection to ushering in a new era of digital transformation. Their results include:
- A major software provider saved nearly $2 million per month in support costs after implementing Coveo.
- A financial services company generated more than $1.5 million by using their Coveo Usage Analytics to create a data-driven content strategy and internal search campaign.
To find out how your organization can win in the AI-Take-All economy with an insight engine, I recommend attending our next webinar for an inside look at insight engines led by Co-Founder, President and CTO of Coveo, Laurent Simoneau.
Gartner, Magic Quadrant for Insight Engines, Stephen Emmott, Saniye Alaybeyi, Anthony Mullen. 17 September 2019.
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