Conversational AI: how does it help in your business?

According to statistics, the global voice technology market is growing at 17.2% annually. And by 2022, it is expected that 20% of all interactions with customers will occur through a personal assistant or chatbot.

Conversational AI: how does it help in your business?

What is it?

It is a system that brings together three separate technologies: artificial intelligence, messaging applications, and voice recognition. These separate technologies have been around for decades, but their combination has completely changed the rules of the game.

The software that combines these functions might be called a “bot.” And bots that use text-based interfaces are commonly known as chatbots.

This technology learns from us while we learn from it. Deep learning allows these systems to enhance their conversational experience so that as they practice, their conversations become more rewarding and fulfilling.

To consider

Objectives and factors. Before investing in any technology, it’s important to assess your business goals. It is unwise to invest in new technology just because everyone else is using it. You need to carefully consider the use cases in which the conversational AI software will be deployed.

This technology is best used for simple and straightforward tasks such as answering frequently asked questions or making an appointment.

The following three factors will help you better understand whether a company should invest in technology:

  • User’s intention and mood
  • Previous interactions and history
  • User interests and demographics

Security and privacy. According to a report by the research institute Capgemini, about 50% of respondents are concerned about their security and privacy with voice assistants. Therefore, you must comply with the safety standards, offering your users a set of rules and recommendations for the processing of data and conversations in the application.

Conversational AI: how does it help in your business?

How to use it

The use of conversational AI allows conversations to be processed at scale, personalized and in real-time. Here are some proven high-performance use cases:

  • Lead Generation: Lead generation bots can convert ten times more than boring static forms. Users would rather interact with a bot than fill in blank fields on a form.
  • Customer Interaction: Customer service agents cannot be everywhere and always. Instead, bots can run circles that are not easy to scale and be all over the place 24/7.
  • Customer support: Asking questions and handling complaints as they become available. According to Gartner, in 2021, 25% of companies worldwide have a virtual assistant to resolve support issues.
  • Gaining Customer Feedback: Bots can receive valuable customer feedback after completing a valuable conversation. Thus, instead of filling out an inconvenient survey form, the buyer has the opportunity to leave his opinion about the brand, its products, or services within the framework of the conversation.

Customer experience and brand building

Implementing a bot allows you to build relationships with customers in a personalized and positive way. You collect a constantly updated and expanding set of data that will help you better understand your customers. In addition, response times are reduced and requests are more satisfied. Traditional methods do not provide this level of detail.

Therefore, implementing a chatbot to inform and help evaluate potential customers is a great idea. Conversion rates can even triple.

Conversational AI: how does it help in your business?

Renowned brand Tommy Hilfiger was one of the first to start customer relationships using conversational AI. They made the wise decision to make their New York Fashion Week collection available through their Facebook Messenger chatbot, and as a result, they generated 3.5x more revenue than other digital channels.

Autodesk needed better customer service, so they introduced a chatbot to handle basic queries that didn’t require human input. As a result, problem resolution time was reduced from one and a half days to just over five minutes, and the cost was reduced by 90%.

Amazon Alexa and Google Home have implemented Flower Gin, a voice assistant that allows customers to select and order flower bouquets directly from an online catalog. Developer company Grid Dynamics IT Solutions offers many different AI-based options for business and more.

Employee experience

AI also has very important and effective uses for employees. First of all, in the personnel department.

Recruiting bots can provide candidates with a personalized view of the company and make it easier to schedule accurate interviews.

Conversational interfaces can automate many internal communication processes and provide employees with efficient and convenient access to information that is usually searched for in various papers or in consultation with colleagues.

Finally, promising AI-based conversational training and survey processes are also increasingly being used.

Conversational AI: how does it help in your business?

Completion

AI-powered conversational interfaces are becoming more common, from travel agencies to banks. And the point is, conversational AI helps companies of all kinds achieve their business goals, so the benefits are not just for the client, but for your business as well.

Operating costs are falling and operations are becoming more scalable, giving you more room to grow your business.

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