The Rise of Conversation AI in business

Artificial Intelligence (AI) is the new wave of technological innovations that are shaping the future. In the wake of Covid-19, organizations, both big and small, have been pushed to re-imagine contactless experiences for their customers. While businesses were trying to go contactless to innovate earlier on, this change is currently taking place due to a clear necessity. But what is Conversational AI?

What is conversational artificial intelligence?
Conversational AI is a set of technologies that enable computers to understand, process, and respond to voice or text inputs in natural ways, and is typically used in conjunction with bots or intelligent virtual agents (IVAs). Done well, it helps people interact with complex systems in faster and easier ways and helps businesses deliver personalized engagements and support at scale.
Conversational AI makes use of a combination of natural language processing (NLP), machine learning (ML), speech recognition, natural language understanding (NLU), and other language technologies to process and contextualize the spoken or written word as well as figure out the best way to handle and respond to user input.

Conversational technology can use real-time data analysis to create contextual conversations leveraging previous interactions much the way humans do normally. This allows for individualized engagement by a machine using big data stored in the cloud. From providing rudimentary support to advising on more complex matters, conversational AIs will be able to replicate much of what a human customer service agent does … only faster and more accurately.

With all of the benefits that conversational AI brings to businesses, conversational AI will change customer service in a variety of ways. Businesses will be able to serve customers faster. Businesses can also shift and develop frontline staff to creative and strategic roles, such as managing and developing the chatbots. This strategic move can enhance customer service and help enterprises leverage their employees’ knowledge and skills to profit from the company’s digital investments. Chatbots can access customer data via the cloud and use big data to quickly and accurately review the customer’s transactional or communication history. This allows the chatbot to create an enhanced experience for the customer since it would be knowledgeable of the situation. Customer service representatives who may not be as quick as a chatbot to analyze this data may actually hamper the customer’s experience by causing them to wait even longer than they already have so that the agent can review the account. The customer’s time is important. Therefore, it is wise to incorporate technology that will help save you time, such as a chatbot.

Using a combination of artificial intelligence, natural language processing (NLP), and data—conversational AI automates human communication between a user and a machine. This helps create personalized customer experiences with messaging apps, speech-based assistants, and chatbots, at scale. With conversational AI, you can acquire and convert leads, deliver a highly personalized customer experience, and boost employee engagement.
What Are the Business Benefits of Conversational AI?
1. Reduce costs: Improves service resolution, deflection, and containment. Increases operational efficiency by improving agent utilization.
2. Minimize churn: Provides instant and accurate support. Frees up reps to solve complex problems or handle irate customers, improving the overall service quality.
3. Increase revenue: Drives engagement and loyalty through personalized experiences and proactive engagement. Frees up reps to sell more products and services.
4. Improve productivity: Performs supporting functions, automates processes, and streamlines manual tasks. Frees employees to participate in more high-value work.
5. Generate insights: Captures new conversational data that can be used to uncover the ‘voice of the customer’ and measure employee engagement.
6. Scale infinitely: Scales up or down depending on demand and is available across business units and geographies for both customers and employees in parallel.

Insight International presents Conversational AI services for your clients and customers. We at Insight International have experience in developing both intelligence-based (AI-enabled) and rule-based services. For more information, visit our website www.insightinc.co.uk or contact us at +44(0)-7587901161 +44(0)2074171712

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