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Customer Service Is The New Product

Customer Service Is The New Product
Customer Service Is The New Product

Customer Service and Support Experience is not a buzzword - it is the DNA of a company's success. With the trend in “outcome based pricing” and “Subscription based Selling”, service experience is right in the center of keeping and growing customers.

Customers walking into a copy shop and paying for just the copies getting printed was just a start instead of buying a copier. Today, medical device companies are looking to charge hospitals based on a number of surgeries being performed using their machine. A new electric car company just announced in August that they are thinking of selling their cars for a lower price and charging the buyers a per month battery fee.

Customer Service is New Product

Post sales service segment delivered 45% of companies’ gross profits on only 24% of their total revenues (Source: HBR) by the end of the first decade in this century, and since then subscription revenues have consistently grown nearly five times faster than S&P 500 Industry benchmarks over the last decade. The distinction between product and post-sales service sale is slowly blurring. To maximize revenue and profit, companies must focus on the customer experience and the experience they get from the customer support and success teams.

Customer Service Challenges

Reacting to customer service requests is a huge expense for organizations. Service centers spend significant time just categorizing the reported symptom into a problem, and schedule more than 70% of the customer support engineers reactively because of a reported problem. Because of the stringent SLA, organizations are forced to find sub-optimal solutions for immediate recovery and are forced to come back again at least 30% of the time to fix the same problem.

If the company has hard assets, the customer service organization stocks aftermarket parts inventory at multiple echelons just to support the response commitments to their end customers, but still ends up facing stock outs and costly, last-minute shipments more than 10% of the time. These challenges have gone up even more with the recent supply chain constraints. Furthermore, if field service is involved, technician dispatch is based on a hierarchical model and unfortunately results in either deploying expensive resources for simpler problems or implementing sub-optimal fixes to the equipment.

Ascendo Game Plan for Service Teams

Ascendo provides a predictive Artificial Intelligence based customer service solution to elevate the experience of customers and agents in every interaction. Ascendo applies advanced modeling in incoming customer questions and detects the context and intent behind the questions. Through that it uses semantic inference to find the symptom, root cause, problem and solution from across multiple solution articles. Ascendo also predicts customer sentiment and predicts customer-specific and broader problem trends to avoid future problems.

Ascendo connects with the company’s service CRM, installed base, and internal knowledge base to provide prescriptive recommendations within the existing service workflows. For companies that make hard assets, Ascendo has additional models to help with the logistics and field service teams. By looking at the problem and failure trend, Ascendo also helps provide predictive part demand recommendations for the logistics team. For companies that include hard assets in the field, Ascendo provides the game plan in terms of fix procedure and part recommendations before a technician visits the customer site.

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