Conversational AI: How Chatbots are Revolutionizing Businesses
People in the contemporary era, prefer using messaging for communication because it is fast, easy, and highly indistinguishable from an in-person conversation. Thus, with this article, I hope to take you through all you need to know about conversational AI.
What was once punch cards, has now turned into an AI-based assistant for making everyday tasks easy in all walks of life? Artificial Intelligence (AI) has access to so much more data and processing capability as compared to humans, making it a great alternative to hours and hours of manual labor in decision making, strategy development, and risk analysis for any business sector.
Conversational AI is a technology that empowers virtual assistants, chatbots, etc. that perform automated messaging, speech-powered implementations that enable conversations between a computer and human to seem human-like.
In the gone years, chatbots were the popular choice but with the advent of conversational AI, the market has changed drastically.
It identifies speech and text, understands the context of any given conversation, comprehends multiple languages, and gives out such responses that are highly indistinguishable from a human.
These work on a combination of various technologies like Automatic Speech Recognition (ASR), Advanced Dialog Development, Machine Learning (ML), and Natural Language Processing (NLP) to comprehend, respond to, and become efficient with every conversation.
So, how exactly is it a blessing upon mankind?
With Conversational AI, it is viable to communicate with a computer easily and get it to perform daily tasks or help you with making major decisions just by talking to the machine. Besides being easy to interact, it is so easy to access as it is present in an environment we spend most of the time, such as social media.
Conversational AI has access to so much data, it is incomprehensible by the human mind, thus, it helps provide efficient, quick, and accurate solutions to any question raised ranging from household queries to business strategies. As per a recent survey conducted, people preferred chatbots to get help with daily queries over reaching customer support through a call or in-person visit.
Use cases of conversational AI:
Due to its versatility in all areas of daily life, these can be implemented to perform efficiently in any given application. Following are a few examples of where it can be used:
- Customer service and retention:
Conversational AI can be used to provide support to customers by understanding their queries and responding with efficient solutions. Machine Learning technology can be used to alter customer service as per the customer’s needs and give a personalized result. It can not only access the data manually given by a user but can track their buying patterns, frequently visited pages on the internet to understand user behavior, and result in a happy customer which is one of the driving factors for any company. As per a recent survey conducted, people preferred chatbots to get help with daily queries over reaching customer support through a call or in-person visit which makes this a more beneficial technology.
- HR and recruitment:
The HR department, regularly, performs a lot of tasks that include recruitment, employee management, administration, etc. Thus, this sector can use conversational AI to talk to applicants, answer their basic queries, help them in their training phase by guiding them through the whole process of training. It can also be used for employee review process as up till now, people had to fill out forms manually, which reduced their productivity by 40%, and then the HR department had to spend the next few weeks or even months evaluating it, which proves to be tedious for everybody. Thus, using Conversational AI, the system can ask basic questions to the employee, and based on the large data collected from all employees give out a detailed report. This proves to be beneficial to the employees as well as the management.
- Budget and cost analysis:
Using the vast pool of knowledge and scalability of Conversational AI, businesses can use these to devise business strategies based on their current standing, the market demands, and future possibilities. Thus, many organizations are already using this for budget analysis, risk analysis, cost analysis, etc.
- Lead acquisition for sales:
Based on the buying patterns, frequency of visits, and user behavior, Conversational AI can make communication with potential buyers and at least keep them well informed with the services of the company and keep a regular check to ensure the lead is well handled concerning any queries they may have and then finally connect to a human to finalize the deal by appropriate scheduling and employee management.
Current Market Scenario
Companies are all about customer retention and making the user-experience good in all sectors. Thus, the more personalized treatment a user gets, the happier they’ll by, which is the focus of major companies.
They are marching towards making every session more user-inclined by giving results that align with the user’s preferences and behavior.
There is a great rise in Conversational AI-based marketing where the system is well programmed to capture potential buyers by evaluating the needs and wants of a person. The system then begins by familiarizing the buyer with the company and tries to keep them engaged with the company by presenting various marketing techniques.
Everyday retail customers also experienced the progress of Conversational AI when they needed help with finding the right product or getting a query resolved. However, one of the major issues that arise in developing a very efficient Conversational AI is insufficient technology and resources.
Thus, Teneo developers are giving evolving organizations access to information and technology which they can use to build the quality of these bots.
Well within laws regarding the release of medical information, Pillo Health uses a voice-enabled smart device to help answer medical queries, administer medication, schedule video conference meet-ups with health care professionals.
The automotive industry commenced the use of voice recognition to access personal information like the user’s navigation history, recent calls, etc.
Thus, it is safe to say that the market for Conversational AI is advancing with great speed for a variety of uses.
Where is the market heading?
The progressing fashion of customer association through social media platforms and rising use of AI in almost every sector, Conversational AI is expected to make it big in the market and be used by every other company.
When looked at from the service perspective, the consulting and training sector is expected to advance largely with the use of conversational AI.
Consulting services include using the help of highly qualified industry experts, domain experts, security experts to guide companies towards risk minimization, loss prevention, upgrading to the latest technology using AI solutions. Consulting aids the client in achieving strong business functioning, suggestions as to how they can adapt to the market trends to add more value to their product.
Looking at the type of Conversational AI platforms, the Intelligent Virtual Assistants (IVA) are expected to rise in the forecast period. This growth is driven by the rise in demand to provide customer-specific and personalized user experience thereby strengthening customer relations and retention. These systems use NLP, ML, ASR, and dialog management methodologies to provide highly altered results besides maintaining accuracy.
Highly expected Conversational AI use cases expected in the market include:
- To provide the boost needed to build intelligent interfaces that use the highly trending design techniques with biometric security, augmented reality, computer vision, and other such domains.
- Machine to Machine conversation is the future expectation using conversational AI. These will not only make for great user experience but chat with fellow bots to make user intervention for daily tasks to the minimum.
- Using conversational AI for marketing by using conversation UX to enhance the efficiency and user relevance a priority.
Although there are a great number of advantages that support the growth of cognitive AI in all domains, its ethical implication cannot be ignored that is based on a process of thought that conversational AI will be the last known invention to mankind.
So, given all the pros and cons, how do we prepare ourselves and advance technology so that man and machine can live harmoniously together such that the machine works with routine tasks that usually tend to bring humans down and the human brain can progress itself to higher forms of creativity in expression.