The technology and adoption of automation have already dropped its’ footprint on brand value and accessibility increment.
AI carries capabilities of driving your brand value through helping customers and achieving their expectations. It keeps you connected with the customers and eases your analytical tasks to evaluate the providing performance. Via automation operations from customer care executive to order (products/services), management becomes effortless but more productive.
Smart bots for communications can help in performing various tasks that add value to the organization. For example, it channelizes the sales process and enhances team efficiency.
In current market various chatbots are available, but most businesses prefer adopting AI chatbot as it is progressively supportive and works differently than others. So, let’s get a depth idea about how a smart chatbot is beneficial for your business today.
Commonly for all businesses, chatbots can help in;
- Customer welcoming and acknowledgment
- Delivering data, products, or services based on inputs received
- Generating leads from gathered information
- Keeping visitors connected with customer representatives
What is an AI Chatbot?
AI Chatbots can make your existing functions more innovative and progressive. The NLP (Natural Language Processing) and ML (Machine Learning) algorithm make it sharper than usual chatbots.
With the machine learning capabilities, the intelligent chatbot can self-learn and adapt the solutions from registered queries. Sentiments and temperament of the user become the first detection in such an intelligent chatbot which utilizes it in reverting the visitor fluently and enthusiastically.
The AI chatbot makes the visitor understanding procedure quicker and relevantly effective. Capturing human behavior or feedback is an essential part of business growth as it carries the operations modification requirements data and client insights for further improvements.
As a result, the development team gets a better forecast of the ongoing process and makes necessary changes for better performance delivery and customer satisfaction increment.
Such intelligent chatbots play a vital role in the business hike and swift growth. Therefore, augmentation of user requirements is necessary for your business as it delivers end-user expectations.
How Smart-Tech Chatbot Works?
AI allows the chatbot to update elements through NLP and ML algorithms to offer a better service or solution to the visitor. Assuming the visitor’s requirements or queries to answer promptly is not at all a good idea as user queries get shifted with the time and growth of the technology or the industrial delivery.
The procedure of a rule-based chatbot is a bit monotonous and cumbersome against the growth speed of your peers. Knowing such a fact, the adoption of AI has become necessary for all businesses.
AI chatbots from the base level make the conversation richer for professional relation-building or maintenance. Once input has been given to the AI chatbot, it promptly analyzes the visitor’s challenge and reverts with the most relevant responses.
The AI chatbots have a huge database from which the algorithm gets a proper resolution of visitor queries. The developer teaches validating the questions to the algorithms at the initial stage.
If any error occurs, the developer corrects the response and teaches the bot with invalid response data. Likewise, the chatbot gets training from the developer and, as a result, starts working on visitor queries effectively from the very first day by giving correct solutions.
With time, such a chatbot uses deep learning capabilities and starts self-learning through the inputs given by the visitor and intelligently saves it for future use via the suitable network model processing.
Importance of Advanced Chatbot in Business Process
NLP and ML are the technologies behind AI chatbots that absorb visitor inputs, break down the data, search for the perfect match of the solution, and deliver and save it for future use. In simple terms, the combination of automation technologies helps your business better understand human requirements, intent, and sentiments.
To grow your business knowing the end-user requirements is a necessity. With it, you can stay actively available to your customers and give benefits like:
- Instant Response
- Consistency in Answers
- 24/7 Availability
- Instant Response
According to global research, many tech leaders believe that the narrower the functions for an AI chatbot, the likeliest responses are delivered. However, as a professional, a developer should also make sure that abusive comments made by visitors get a response in a professional way and handle defamatory.
Advantages of having an AI Chatbot in your business
The benefits of chat BOT are not confined to its availability. Apart from the 24/7 service, it offers you much more.
We conducted a separate survey from vendors and consultancy firms and made a note on chatbot benefits. Being a new user, you need to know some common FAQs of chatbots.
Benefits to customers
1. 24/7 availability
Regarding the studies, more than 50% of the customers look forward to 24/7 service. This builds us a consistent communication bridge between the
sellers and the customers. But the advantages depend on how effective the bot works. Inefficient bot working 24/7 will degrade the value to service.
So, the main objective should be to keep the bot active 24/7 trying to resolve the customer’s queries as much as possible. Often when the Bots remain inactive for technical or maintenance issues, the services get defamed.
2. Instant answers
A customers service agent can serve one customer at a time. If he/she is a chat executive, a maximum of two or three chats can be assigned to him.
Meanwhile, BOT is an automated cloud service that can answer thousands and lakhs of customers depending on its bandwidth. This is the reason a bot is comparatively more responsive than an executive sitting at the workstation and answering the customers.
3. Recorded answers
Any service around the globe does not hand over recorded conversation to the customers. Here the bot service comes up with a solution. The customers can record the conversation made with chatbot assistance.
4. Endless patience
Speaking to a customer service executive might lead to the loss of tolerance from both ends as the customers often jump up with repetitive queries or problems.
This problem will never occur while the customers speak to a chatbot since it would objectify the resolution in one go. Also, to keep the customer satisfaction high, the representative will keep on convincing the Customer.
5. Instant transaction
This refers to the instant answer to the open-ended question like querying the records, Getting the information of previous transactions, etc. This can efficiently be done by BOT comparatively faster than humans.
Being a digitalized platform, Bot can serve the best in automating the needs and requirements of the customers, like arranging the meetings, scheduling the appointment, etc.
As compared to humans the chatbots can often give you a more personalized experience as they can understand your problems and queries faster.
The science of machine learning has made these tools understand the preference of a particular person more precisely. More would be the understanding; Better would be the resolution. This feature has made chatbots a cherry on the cake for every customer service model.
Benefits to companies
Chatbots are cheaper than maintaining a customer service team. You need to hire, train, and pay an executive for answering chats, but a bot has to be programmed once and assigned to serve the customers. This made the companies look forward to maintaining functional bots rather than the customer service team.
Juniper Research claimed that the cost savings from using chatbots in the Banking Industry are estimated at $209 M in 2019, and it will reach $7.3 B globally by 2023.
2. Increased sales
A bot is one of the effective mediums to increase the sale of services or products. Firstly, it would work 24/7. Secondly, it works on the preferences and commands of the customers. These are some of the features which can contribute to better sales and customer satisfaction.
Often the customers are not willing to wait, which eventually results in the loss of sales. Bots promise to come up with instant service, and consequently, the sale graph rises. Business leaders claim that chatbots have increased sales by 67 percent on average.
3. Increased customer interaction
Since chatbots give instant service and stay activated 24/7, Customer interaction gets high with the implementation of bot services.
A case study indicates that Zurich Insurance UK recorded 765 customer interactions (which is recorded as a 20 percent increase) within 6 weeks with the chatbot Zara (Zurich Automated Response Agent). It evaluates the need and gives multiple options and emerges with a to-the-point resolution.
4. Reaching new customers
Applications like KIK or Facebook messenger enable you to make the communication model more transparent. Rather than reaching out to the services by email or call, you can directly connect to the relevant team by these applications.
As per the survey by TELUS, 38 percent of the customers give feedback on the social media platform. Facebook has more than 300K chatbots giving an entirely new experience to the customers.
5. Analyzing a deeper understanding of the customers
The technology has been designed in such a way that Bot tries to understand the perspective and preference of the customers from his past transaction.
It analyses the records of the customers and gives a deeper insight into their exact needs and deficiency. This increases the chance of selling the product and improves the frequency of reach to the targeted segment. This accomplishment organizes the business and gives it a planned framework.
How to select the right AI chatbot for your operations?
The AI chatbots nowadays are available in many variants but getting the best for your business is the biggest question for all. Here is a checklist to follow while selecting a chatbot,
- It should define the problems you are trying to resolve
- You should have a brief idea of whether you require a chatbot that can support multiple channels or one
- Train your chatbot for interaction initiation with visitor requirement analysis
- Check if the chatbot incorporates NLP and ML or not for prompt support and insight gathering
- Make sure your chatbot has industry experience initially
- Check for business needs, CRM integration, and developer capability
Future of your Business with AI Chatbot
Chatbots dramatically swift business processes and keeps the customers connected with you. The surge of on-demand responding is one of the customers’ demands, impacting the brand image significantly.
The future of the business lies between performance efficiency and customer needs. Any business’s performance depends on how you deliver your offerings, be it any product or service.
Automated chatbot benefits intuitively and responds with efficient solutions. The scalability of such technology is high and can be used for business performance analysis. Business performance analysis through customer requirements gathering is the best practice for any business, and chatbot plays the role of friction-free touchpoint.
For any industry, it is necessary first to get the areas of agitation and then design a chatbot to attain the desired business goal. With many benefits for business, missing the adoption of AI chatbots can be proved a big mistake as the trend is going wealthily with it.
To stay competitive in the market, having the right technologies with your business is the wisest decision, and delaying making it could result in a loss in growth and, profits.
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Austin.H. Joy is an IT Consultant at Bitscape, a Microsoft Gold Partner firm. An Azure Bot Service Provider, based in the USA and Canada. He had around 10 years of experience in the IT industry. He loves to travel to Nature places.