The future of chatbots: How conversational AI presents game-changing opportunities?

There is no doubt that virtual communication has become the norm in recent years, and bots are rapidly expanding their footprint in areas such as customer engagement. Artificial intelligence (AI) is assisting businesses in providing better customer service.

Today, the speed of response directly impacts revenue generation, and customers prefer to avoid being put on hold when they contact customer service or chat with customer service. They must reach representatives who can answer their concerns promptly and efficiently. Chatbots play an increasingly significant role in this area. This is because they can easily handle the standardised and routine questions that make up the majority of business queries –  how to renew a subscription or questions about product features and details and other such questions.

A conversational AI program also analyses backend conversation data to transform the quality of responses during voice, chat, or email conversations, in addition to speaking in a human-like voice.

Because AI is software, it won't get overwhelmed by the number of calls or get bored after hours of analysing the same data. Many industries, such as telecom, travel and aviation, e-commerce, and healthcare, are adopting conversational AI technology because of its nearly limitless applications.

First-generation chatbots need improvement

With chatbots' popularity and ubiquity, some shortcomings became apparent. They offered scripted and robotic user experiences at this stage because they lacked true artificial intelligence capabilities. Even though rule-based chatbots worked well for straightforward FAQ content, even at this stage a wide range of functionality was beginning to open up: Chatbots may be able to do a great deal more. In addition, early versions of the software required a long period of time – at least nine to twelve months – to deliver value.

Conversational AI platforms are replacing chatbots

For organisations that deal with consumers, transitioning from traditional bots to advanced conversational platforms is an important evolutionary step. Machine learning (ML) enables AI chatbots to understand customers' intent and context, providing a balanced human touch with automation. Traditional bots automate tasks to guide customers, while AI chatbots utilise ML to understand customer intent and context.

Statistical models of sentiment and predictive analysis will make these 'intelligent' chatbots indistinguishable from humans.

GPT 3 is here

Generative Pretrained Transformer, or GPT-3, is all the talk of the town now. It can generate text using data from the internet. The use of technology such as deep learning neural networks, multiple machine learning parameters, and conversational AI gives amazing output. This technology, when used in chatbots, can successfully hide the fact that the conversation is being conducted by a chatbot.

Enhanced Customer Experience with Conversational AI

The technology used by conversational AI chatbots has proved to be useful to both consumers and businesses. It makes sense for companies to invest in this technology, to ensure that they keep up with the competition while making their interfaces more customer-friendly, thus gaining customer loyalty.

Conversational AI chatbots offer the following benefits:

Faster responses to customers

To provide consumers with the answers they need, chatbots use preset content. Conversational AI generates faster responses by aggregating data from each user and enhancing its database of responses and questions. In an era of digital automation where consumers expect perfection, conversational AI chatbots enable businesses to achieve 100% customer satisfaction.

Enhancing the customer experience through increased personalisation

Simple, script-based chatbots that are currently available serve well for giving straightforward, common questions with obvious answers.

Nevertheless, they fall short when faced with more complex problems. By implementing more advanced and intuitive chatbot technologies, businesses can ensure useful interactions for their customers. When they use interfaces that have conversational AI, customers’ issues are resolved without their having to go through irrelevant processes.

Improved customer satisfaction through smarter chatbots

The ability to learn is the most important economic benefit of chatbots driven by conversational AI. To generate meaningful insights from customer interaction information, they archive and analyse it over time – an analysis of what works and what doesn’t will help in fine-tuning interactions with customers.

The usage of chatbots, virtual assistants, and robots is expected to increase in the near future.

According to Gartner, “by 2022, 70% of customer interactions will be handled by emerging technologies such as machine learning (ML), chatbots and mobile messaging”.

For a business or company to maintain a successful online presence, it must consider the importance of chatbots. Businesses may fall behind if they do not innovate in the digital age.

Voice artificial intelligence systems today are capable of performing the above functions, as well as many other functions and responsibilities. Soon, conversational artificial intelligence will be integrated into almost everything around us, enabling businesses to operate hands-free.

* For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.

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