24 Jan 2022

How can tech enhance member experience?

At the January edition of our Future Fast Forward workstream, brought to you in partnership with Liquona and Equantiis, Equantiis Chairman Paul Forrest highlighted some potential applications of technologies from AI to RPA, and outlined the questions your organisation should ponder before embarking on an implementation programme.

The opportunities offered by technologies such as Artificial Intelligence and Blockchain are already being successfully embraced by organisations in a wide variety of sectors. Online education platform Coursera uses AI to tailor and create predictive learning journeys for its members based on their individual interests and pace of learning, which has enabled the company to grow its subscriber base to over 50 million users around the world.

In Germany, pharmaceuticals companies and the medical profession are using Blockchain to improve the traceability of medicines and medical devices, and to track, for example, when batteries in pacemakers need to be changed. The predictive data enables practitioners to anticipate that, potentially preventing a medical emergency.

Similarly, Blockchain was the foundational technology for a UK-based project on traceability in the meat supply chain, but Visualisation and the Internet of Things also played their part. The project was designed to create immutable records that could be linked to the animal husbandry techniques on farms, and trace the product all the way to the consumer’s plate. It provided visualisations that allowed users to see the impact of factors such as changing animal feed or reducing the number of animals that might go to a salesroom. It also allowed users to explore how changes in the methods used by the processors might lead to enhanced profitability for the farm and ultimately, improve the quality of the end product. These outcomes enabled brand-building around the products and their authenticity. The project involved more than 25,000 producers and 4,000 processors and cost less than £1.5 million to implement. Within six months, it delivered £45 million worth of net gain to the farming community alone.

While the application of Machine Learning in business is still in its infancy, we think that within five years, Machine Learning will be able to tune AI algorithms almost immediately, out-of-the-box. We are already seeing it used in the Insurance sector, where, on the basis of ten questions, an out-of-the-box AI tool can predict whether an individual is likely to commit insurance fraud, to 95% accuracy. Within a few weeks, the tool tunes itself to 98% accuracy.

Plan with purpose

In membership organisations, the pandemic accelerated the adoption of Intelligent Automation, with many projects focusing on providing a better member experience.

When considering how your organisation might make use of technologies such as Blockchain, the Internet of Things, Artificial Intelligence, Augmented Reality, Virtual Reality, and Robotic Process Automation, don’t get hung up on one particular concept. Rather than prioritising the choice of technology, approach it from an end-case perspective.

Start by asking questions such as:

-What do members really need or want to see happen?

-What do we want to do to improve member experience, or activate greater engagement with the membership community?

-What do we want to do to move ourselves forward and retain relevancy in the 21st century?

For example, you might want to provide your members with a more engaging experience when they interact with a chatbot. Building AI into a chatbot can make the experience feel less frustrating as users start to get meaningful responses rather than ‘stock answers.’

In short, the key message of the session is this:

Start by selecting the end case, firmly focused on the benefit you are looking to extract from the project, not the technology itself. Then work backwards from the end case to identify the appropriate technology to help you achieve it.  

 

Join us at our next session in the Future Fast Forward workstream on Thursday 10th February: “Keeping on the Right Path - Maximising the potential of your data”, when we’ll be exploring how to lay the foundations for business intelligence and data driven decisions. This workstream is brought to you in partnership with Liquona and Equantiis.