How to Reduce Risks, Lower Cost, and Build Customer Loyalty

There’s no doubting the fact that software has played a considerable role in bringing large scale changes across the service industry[a]. CI, or customer intelligence, has been at the heart of driving these changes.

There are many industries, for instance the insurance industry, that’s able to use customer data to provide personalized offerings to their customers[b] and, alongside this, software has also paved the way for automating various aspects of many industries thereby improving services and leading to a far more optimized delivery chain.

For those who are unfamiliar, customer intelligence is essentially the process of utilizing AI and machine learning methods for the purpose of collecting, analyzing and utilizing the data of customers in order to tailor your product experience according to their liking and preferences.

The practice of using CI is one that a vast array of businesse[c]s across the globe have adopted and it’s one that’s led to drastically improved performance for any enterprise that’s capitalized on its benefits.

First and foremost, by knowing your customer, you’re able to fine-tune your product offering exactly according to their likings and preferences which, in turn, reduces risk by a tremendous amount since the likelihood of your service or product being accepted will be tremendously higher.

Alongside simply providing a better experience and reducing risk, the effective use of customer intelligence enables a business to develop customer loyalty[d] as well.

As mentioned earlier, this is a practice through which businesses are able to develop exactly what a customer might be looking for which, in turn, helps improve loyalty by a tremendous amount as the customers will be far more inclined to return to a business that they know is able to live up to every single one of their needs and requirements.

[a]sentence seems incomplete. Would be good to add another sentence to explain further

[b]an example here would be good

[c]would be good to get some stats to support this

[d]sounds nice but would be good to add an example

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