g-f(2)2309 Leveraging GenAI: Revolutionizing Customer Feedback Management

 

genioux Fact post by Fernando Machuca and Copilot

Introduction: 

The Harvard Business Review article “GenAI Can Help Companies Do More with Customer Feedback” explores the potential of Generative AI (GenAI) in enhancing customer feedback management. It discusses the challenges and opportunities that companies face while implementing AI technologies, particularly in “voice of the customer” applications.

genioux GK Nugget: 

"GenAI can revolutionize customer feedback management by enhancing transcription, summarization, and sentiment analysis." — Fernando Machuca and Copilot, April 30, 2024

genioux Foundational Fact: 

Generative AI (GenAI) has the potential to significantly enhance the management of customer feedback. It is particularly effective in “voice of the customer” applications, which involve parsing, interpreting, and responding to customer input from various channels. These applications are easier to implement and measure improvements in economic value, as improving customer satisfaction often has a financial payoff.

The 10 Most Relevant genioux Facts:

1. GenAI can enhance customer feedback management.
2. “Voice of the customer” applications are ideal for deploying new AI technologies.
3. These applications involve parsing, interpreting, and responding to customer input.
4. They are easier to implement than employee productivity use cases.
5. Improving customer satisfaction often has a financial payoff.
6. GenAI is well suited to tasks such as transcription, summarization, and sentiment analysis.
7. Many companies are caught in a perpetual experimentation loop with AI.
8. Upskilling workers, changing processes, and integrating technology pose challenges.
9. Despite these challenges, many companies are experimenting with GenAI.
10. GenAI is being used for both internal employee productivity objectives and customer interaction.

Conclusion: 

In conclusion, Generative AI holds immense potential in transforming the way companies handle customer feedback. Despite the challenges in implementation, the benefits it offers in enhancing customer satisfaction and economic value make it a promising technology for businesses to explore and adopt. The key lies in effectively navigating the challenges and leveraging the opportunities that GenAI presents.

REFERENCES

The g-f GK Context

Thomas H. Davenport, Jim Sterne, and  Michael E. Thompson, GenAI Can Help Companies Do More with Customer Feedback, Harvard Business Review, April 29, 2024.

ABOUT THE AUTHORS

Thomas H. Davenport is the President’s Distinguished Professor of Information Technology and Management at Babson College, a visiting scholar at the MIT Initiative on the Digital Economy, and a senior adviser to Deloitte’s AI practice. He is a coauthor of All-in on AI: How Smart Companies Win Big with Artificial Intelligence (Harvard Business Review Press, 2023).

Jim Sterne founded the Marketing Analytics Summit in 2002 and co-founded the Digital Analytics Association in 2004. His twelfth book is Artificial Intelligence for Marketing: Practical Applications was published in 2017. His most popular workshops these days are Creating a Generative AI Adoption Roadmap and Generative AI: Creativity Powertool.

Michael E. Thompson, Ph.D. is CEO of First Analytics, a professional services firm that specializes in designing and implementing advanced analytics solutions in multiple industries.

Classical Summary:

The Harvard Business Review article "GenAI Can Help Companies Do More with Customer Feedback" discusses the potential of Generative AI (GenAI) in enhancing customer feedback management¹.

Companies often struggle to find the right place to deploy new AI technologies. The article suggests that these companies should consider "voice of the customer" applications, which involve parsing, interpreting, and responding to customer input from various channels¹. These applications are typically easier to implement than employee productivity use cases because they don't require as much behavior change¹.

Moreover, they are easier to measure improvements in economic value because improving customer satisfaction often has a financial payoff¹. GenAI is well suited to tasks such as transcription, summarization, sentiment analysis, and other key parts of listening and responding to customers¹.

However, many companies are caught in a perpetual experimentation loop due to difficulties with upskilling workers, changing processes, and integrating technology¹. Despite these challenges, many companies are experimenting with GenAI for both internal employee productivity objectives and customer interaction¹.

Source: Conversation with Bing, 4/30/2024

(1) GenAI Can Help Companies Do More with Customer Feedback. https://hbr.org/2024/04/genai-can-help-companies-do-more-with-customer-feedback.

(2) GenAI Can Help Companies Do More with Customer Feedback. https://store.hbr.org/product/genai-can-help-companies-do-more-with-customer-feedback/H087FN.

(3) Publication of HBR Article on Generative AI and Customer Feedback. https://firstanalytics.com/publication-of-hbr-article-on-generative-ai-and-customer-feedback/.

(4) linkedin.com. https://www.linkedin.com/company/harvard-business-review.

Thomas H. Davenport

Thomas H. Davenport, born on October 17, 1954, is a renowned American academic and author specializing in analytics, business process innovation, knowledge management, and artificial intelligence¹. 

He currently holds the position of the President’s Distinguished Professor of Information Technology and Management at Babson College¹. He is also a visiting scholar at the MIT Initiative on the Digital Economy¹ and a senior adviser to Deloitte’s AI practice¹.

Davenport has made significant contributions to the field of business analytics and big data. He has written, coauthored, or edited twenty books, including the first books on analytical competition, business process reengineering, and achieving value from enterprise systems¹. His bestseller, "Working Knowledge" (with Larry Prusak), focuses on knowledge management¹.

In addition to his books, Davenport has written more than one hundred articles for prestigious publications such as Harvard Business Review, MIT Sloan Management Review, California Management Review, the Financial Times, and many others¹. He has also been a columnist for The Wall Street Journal, CIO, InformationWeek, and Forbes magazines¹.

Davenport's work has been recognized globally. In 2003, he was named one of the world’s 'Top 25 Consultants' by Consulting magazine¹. In 2005, he was named one of the world’s top three analysts of business and technology by readers of Optimize magazine¹. In 2012, he was named one of the world's "Top 50 Business School Professors" by Poets and Quants and Fortune Magazine¹.

His education includes a BA in Sociology from Trinity University in 1976, a Master's degree in Sociology from Harvard in 1979, and a Ph.D. in Sociology from Harvard in 1980¹.

Source: Conversation with Bing, 4/30/2024

(1) Thomas H. Davenport - Wikipedia. https://en.wikipedia.org/wiki/Thomas_H._Davenport.

(2) Home - Tom Davenport. https://www.tomdavenport.com/.

(3) Competição Analítica: Vencendo Através da Nova Ciência - Thomas H .... https://books.google.com/books/about/Competi%C3%A7%C3%A3o_Anal%C3%ADtica.html?id=hhHWDwAAQBAJ.

(4) Analytics 3.0 - Harvard Business Review. https://hbr.org/2013/12/analytics-30.

Jim Sterne

Jim Sterne is a highly respected figure in the field of digital marketing and analytics with a career spanning over 35 years¹. He has dedicated his career to demystifying the online world, making him a pioneer in the industry¹.

Sterne's career began with selling and marketing technical products, and he quickly moved into the realm of Internet marketing in the early 1990s¹. He launched the world's first "Marketing on the Internet" seminar series in 1994, introducing the United States to the possibilities of using the Internet for advertising, marketing, sales, and customer service¹.

In 2002, Sterne founded the Marketing Analytics Summit, originally known as the eMetrics Summit¹. This event focused on digital analytics and ran until 2017, with 86 Summits conducted worldwide¹. The audience then created the Digital Analytics Association, where Sterne served as Board Chair for seventeen years¹. In 2018, the eMetrics Summit became the Marketing Analytics Summit¹.

Sterne is also an accomplished author, having written numerous books on various aspects of Internet marketing, including "Web Metrics; Proven Methods for Measuring Web Site Success," "101 Things You Should Know About Marketing Optimization Analysis," "Social Media Metrics," and "The Devil’s Data Dictionary." His latest book is "Artificial Intelligence for Marketing: Practical Applications"¹⁵.

In addition to his writing, Sterne is a sought-after speaker and consultant, sharing his expertise and insights at conferences around the world and lecturing at institutions such as Stanford, Oxford, and MIT¹. His presentations are known for being thoughtful, informative, high energy, and tailored to the needs of his audience².

Throughout his career, Sterne's contributions to the field have been widely recognized. He has been named one of the world's 'Top 25 Consultants' by Consulting magazine and one of the world's top three analysts of business and technology by readers of Optimize magazine¹. His work continues to shape the landscape of digital marketing and analytics.

Source: Conversation with Bing, 5/1/2024

(1) About Jim Sterne, Keynoter, Author, Digital Visionary - Jim Sterne .... https://www.targeting.com/about-jim-sterne-keynoter-author-digital-visionary.

(2) Artificial Intelligence for Marketing: Practical Applications | Wiley. https://www.wiley.com/en-us/Artificial+Intelligence+for+Marketing%3A+Practical+Applications-p-9781119406334.

(3) Target Marketing of Santa Barbara - Jim Sterne, Keynoter, Author .... https://www.targeting.com/.

(4) Jim Sterne Bio | Premiere Speakers Bureau. https://premierespeakers.com/jim-sterne/bio.

(5) Jim Sterne | Technology Speaker | Executive Speakers Bureau. https://www.executivespeakers.com/speaker/jim-sterne.

Michael E. Thompson

Dr. Michael E. Thompson is the CEO of First Analytics, a professional services firm that specializes in designing and implementing advanced analytics solutions across multiple industries¹²³⁴.

Dr. Thompson is a Founding Partner and serves as Chief Executive Officer, Chief Analytics Officer, Board Member, and Managing Director at First Analytics². He identifies and implements analytic initiatives to achieve better results, bringing analytical insight and practical experience to the process².

Before founding First Analytics, Dr. Thompson was a Partner with Ernst & Young management consulting, where he saved hundreds of millions of dollars for clients in the U.S. and Europe through programs using advanced analytic methods². He has also served as Senior Advisor, Private Sector, and Senior Management Scientist at the RAND Corporation².

Dr. Thompson received a B.A. degree from Cornell University and a Ph.D. from RAND Graduate School⁴. His work continues to shape the landscape of digital marketing and analytics. His leadership at First Analytics has been instrumental in helping companies become better competitors using advanced analytics³.

Source: Conversation with Bing, 4/30/2024

(1) GenAI Can Help Companies Do More with Customer Feedback. https://hbr.org/2024/04/genai-can-help-companies-do-more-with-customer-feedback?ab=HP-hero-latest-text-1.

(2) Michael Thompson Ph.D Profile: Contact Information & Network - PitchBook. https://pitchbook.com/profiles/person/49684-33P.

(3) Michael Thompson - CEO at First Analytics | The Org. https://theorg.com/org/first-analytics/org-chart/michael-thompson.

(4) Michael Thompson Email & Phone Number | Chief Executive Officer at .... https://www.zoominfo.com/p/Michael-Thompson/7394758368.

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REFERENCES

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2309, Fernando Machuca and Copilot, April 30, 2024, Genioux.com Corporation.

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