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Ready, Set, Go! The Race is on to Capitalize on Generative AI in the Contact Center

Publisher Frost & Sullivan
Published Nov 08, 2023
SKU # MC18309509

Description

Ready, Set, Go! The Race is on to Capitalize on Generative AI in the Contact Center


Generative AI s Impact on CX Includes Increased Competitive Intensity and Transformational Growth

Generative AI (GenAI) has garnered huge interest and holds great promise for optimizing business operations by automating routine tasks, streamlining workflows, and providing intelligent insights that improve efficiency, quality, and performance.

Ongoing innovation in artificial intelligence (AI) has introduced GenAI with far-reaching implications across all businesses and industries. GenAI relies on machine learning foundational models to generate new data, including text, images, audio, video, and even programming code. By learning patterns from existing datasets, these models have showcased remarkable natural language understanding (NLU) capability, adding a “humanization” element to AI.

Specific to customer experience (CX) and contact centers, the impact of GenAI is growing quickly. Its transformative nature can be expressed as next-generation AI for the contact center, building upon first-generation AI applications, including intelligent virtual agents, personalization, and advanced analytics. The incremental value derived from GenAI for CX and contact centers is substantial. GenAI is a relatively new technology and is evolving rapidly. The contact center ecosystem is actively injecting it into technology stacks, with a relative GenAI “arms race” well underway.

As GenAI begins to take hold in the CX industry, this Frost & Sullivan study dives deep into its contact center applications and the growth opportunities the technology enables today.

Table of Contents

Strategic Imperatives
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
Impact of the Top 3 Strategic Imperatives on Generative AI (GenAI) for Customer Experience (CX)
Growth Opportunities Fuel the Growth Pipeline Engine™
CX Context for Generative AI Background
GenAI Background
Traditional AI vs. GenAI for CX
GenAI for CX
Growth Environment: GenAI Foundation
Foundation of GenAI
Foundational Model Options for GenAI
Foundational Model Use Options: Prompt Tuning
Foundational Model Use Options: Fine-tuning
Foundational Model Use Options: Custom Models
Foundational Model Option Factors
Ethical AI Principles Emerging as a Core Aspect of AI Technology Implementation
Growth Environment: Key GenAI Applications for CX
GenAI CX Application Evolution
CX/Contact Center GenAI-infused Applications
Evolution of GenAI for CX: What’s Next?
The Growing GenAI for CX Ecosystem
Growth Opportunity Analysis
Growth Drivers
Growth Restraints
Growth Opportunity Universe
Growth Opportunity 1: Advanced Analytics
Growth Opportunity 2: KM Performance
Growth Opportunity 3: Language Translation at Scale
List of Exhibits
Legal Disclaimer

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