How Artificial Intelligence is making chatbots better for business

A graphical representation for chatbots

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Suraj Pandey

Guest Post

July 31, 2018

No matter what business you run, you would probably want the consideration and efficiency of a personal assistant without the hassle of having an employee. Here is where chatbots matter.

Chatbots have become the important part of the digital workplace and businesses that want to sustain longer, will ultimately use them. What has empowered chatbots? What changes can you expect when you use chatbots in your daily operations?

Chatbots offer an array of potential benefits to employers, companies, and buyers. SMBs enjoy high-cost savings and superior scale as chatbots automate tasks traditionally performed by humans and enable them to stay competitive in the industry. Employees take advantage of chatbots, as they handle mind-numbing, repetitive work that usually lowers their productivity when working. Simply, they have made people People smarter, better, faster. Professionals who juggle around a lot of thought, creativity and ingenuity are able to perform better with the help of chatbots.

Factors Influencing the Rise of Chatbots

  • Messaging apps are growing faster than ever before. According to the GlobalWebIndex Statistics, about 75% of all the internet users are on messengers.
  • With the advancement of artificial intelligence technologies, chatbots have got a new level. With the help of natural language processing, AI can generate 90% accurate results.
  • Data science and analytics have boosted the development of sensors and wearables, which further lead to the personalization of the virtual communication, helping businesses make the most of predictive assistance.
  • The chatbot functionality even enables payment integration to third parties via APIs.

Why chatbots are a better tool for businesses today.

Chatbots Provide a Quick Response to Users

You probably lose your client if your employees take several business days to resolve a simple issue. You put the project at risk when you don’t even send a reply, not even an automated no-reply email to your client.

Nothing but discouraging your customer to stop the project!

Amit Sood, Head of Product at customer service developer Simplr, says, today, businesses cannot sustain with an employee updating a social media page, or answering phone calls. They need an automated solution that can interact with customers 24/7.

AI-driven chatbots help customers answer queries instantly. As they handle challenges on their own, you no longer need to bother about answering customers’ queries.

You are likely to sustain a customer as chatbots will automate your tasks like sending a welcome message to a visitor as soon as they land your website’s homepage.

Moreover, a bot can refer the customer to the FAQ page where they can know about your services more while getting answers to most of their questions.

Financial advisors to banks

Bots also play a role of a personal financial assistant by recommending you on where to invest your money, what types of assets you should buy and how to manage your CAPEX or OPEX. You are able to save your time and efforts when chatbots de-jargonise complex finance terminology into simple lingo.

Bots for Doing Your KYC:

Being a customer, you probably don’t want to go through mandatory online processes that consume your a lot of time to fill in details. AI chatbots inputs details at every stage of the process through a mobile phone with the help of natural language processing.

Bots that Assist in Fraud Detection:

Now, you can send push notifications to your customers actively. The chances of frauds automatically become less as your customers will be notified for transactions in real time.

Chatbots allow companies to work smarter

Organizations across the world have noticed a major impact of chatbots on expanded efficiency. Earlier, companies spend a lot of time to finding and training customer service agents to perform their day to day operations.

A study by Simplr reveals that customer service employees can expect an estimated turnover rate of around 30 to 45 percent annually, as chatbots have come into play.

With the advent of chatbots, these companies can focus on resources towards other important tasks.

Humanless experience

According to Gartner predicts, by 2020, customers will manage 85 percent of their relationships with enterprises without the intervention of humans. Some may think that this is possible in the B2C market, for example, Amazon, which harnesses the power of self-service.

The B2B market is different from the B2C market, as companies offer solutions, which incorporate many products that must interoperate as per their technicalities.

Experts predict that a humanless experience is not possible in B2B sales because the products’ complexity being sold along with dynamic policies of the B2B market.

Wrapping up:

Automation technologies puts a major impact on the important parts of our lives, be it the development of automated workspaces to upgrading smartphone functionalities. Every new innovation takes us a step closer to the digital future. Chatbots experts say that chatbot technology is still in its budding state. But it may replace humans with its growing pace. Alexa, siri, and cortana are the result of innovative minds who own great coding skills. If you want to know more about chatbots, you can take training like Android development training and make a lucrative career switch.

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