Impact of Conversational AI on an Organization May 17, 2017 – Posted in: Technology
Today we use the speech-based assistants, apps for messaging and chatbots that enable automated communication. All these help in building a customized experience for every customer. According to Google, you can find that people use voice assistant for about 20% of Google searches. In a scenario, where people prioritize speed and convenience over price and brand loyalty, any Conversational AI Software Solutions ensure a smoother customer experience. It is effortless, intelligent and resembles human interaction. The conversational AI helps the users by understanding their requirements and delivering accordingly. It is integrated with the backend and the third party databases for a better and precise response.
Providing better service is important as 23% of the population represents premium customers in terms of profitability, growth in the relationship, share of wallet and revenue generation. Conversational AI plays a vital role in enhancing customer loyalty which is the most essential thing in this highly competitive scenario.
According to Gartner, AI will handle 15% or the customer service interaction by the year 2021, which is a whopping 400% rise from 2017. But the main success of the software solutions using the conversational AI lies in their ability to obtain the conversational data and interpret them so that the customers’ thought can be assessed. This is the main point that will transform the bottom line of a company.
Apart from limiting its benefits to customer service, other methods of engaging customers include the use of virtual sale assistant resembling humans, differentiating through the use of intelligent voice interfaces, and more that can significantly increase the competitive advantage. Studies have shown that increasing customer retention of a firm by 2% is equivalent to reducing the costs by 10%.
The use of conversational AI lets the customers ask about their exact requirements and that enables their needs to be catered to in the minimum possible time, providing them with the best customer experience with least resistance. This has gained importance, as this is no longer the era where firms provide services on their own terms. In such cases, the intelligence of the system lets you ask any phrase or frame the question in any manner and still get the right response in any channel. When there are complex tasks involving multiple steps, it is automated to ensure its quick completion.
A conversational platform enables deployment of an application in different languages besides reusing most of the original build. In the case of robotic process automation (RPA) also, it helps in integrating RPA and other AI assets to make provide zero intervention solution for the processes that have a high volume. There are GUI-driven designs of certain platforms, which in collaboration with the Subject Matter Experts helps in providing the conversational flows of best practices. Also, developing, maintaining and optimizing the graphical interface gets simpler. All these contribute to a better user experience that generates more revenues by driving organizational efficiency. This helps an organization in attaining its goals and emerge successful in the highly competitive market.