Artificial intelligence is making a bigger impact in the world of business than most people realize. Image, video, and text analysis have barely scratched the surface of the value of AI.
Due to latest advances in machine learning, and the emergence of powerful AI platforms, business leaders now have the ability to use AI to have natural conversations with their customers. Google, IBM, and Amazon have demonstrated that these customer-AI interactions are much more effective than having the customers speak with actual humans! These natural conversations can take place anywhere, at any time, and through a wide range of devices and platforms.
This technology is called conversational AI, and it’s based on natural language understanding (NLU). NLU allows machine learning algorithms to understand complex customer inquiries, understand their intention, understand the context of conversations, answer customers’ questions/concerns, and efficiently guide them towards a fast resolution of their issue.
Conversational AI is unlike the previous interactive voice response (IVR) technology that you have experienced: You call a customer service/support line, and an answering machine starts listing a menu of options. All they are doing is routing you to the appropriate customer support agent (human) to speak to. How many times have we hung up the phone in frustration? At best, we waited up to 20-30+ minutes and we are still on hold listening to annoying music and advertisements. And they still have not solved our problem.
According to a case study by IBM,
“52% of customers hung up on a call because they did not want to wait for a live agent.”
“A staggering 62% of customers will consider switching to a competitor after only 1-2 bad experiences.”
“More than 90% of customers share details about bad experiences with others.”
“25% would pay more for a better customer experience, regardless of product type.”
If your business handles inbound customer service/support calls, any lost call is potentially a lost customer. Not only that, any potential referrals and word-of-mouth from that customer are greatly diminished. The ability to provide the best customer service, support, and experience is paramount for your business.
This is where conversational AI comes into play.
Conversational AI is next-generation technology that leverages actual machine learning algorithms to have natural conversations with customers. If you call a customer support line with this new technology in place, an AI agent asks you immediately what is your question/issue and addresses your inquiry through conversation. The whole point is to solve your problem immediately, without delay, without having to wait to speak with an actual human agent, and have access to this support 24/7. Some customer service/support requests are more complex and specialized, and conversational AI only transfers the call or messaging to a human agent in these special cases.
Imagine how companies across the world could add drastically more value to their customers using this new technology, while simultaneously lowering their costs (time, money, churn, hiring/training, headaches, and more).
Here are some examples of some of the most powerful applications of conversational AI today and the near future:
Virtual Travel and Hospitality Concierge
Virtual Product Specialist
Virtual Personal Shopper
Virtual Bank Teller and Advisor
Virtual Account Representative
Virtual IT Helpdesk Support
Virtual HR Specialist
Virtual On-Boarding Advisor
Virtual Sales Assistant
On-The-Job Task and Process Guide
There are just a few of many use cases we are seeing emerge around the world. And it’s not just reserved for large enterprises. We have spoken with SMB business leaders who also stand to get high value from conversational AI automation.
Conversational AI allows for an unprecedented level of customer service, and it will change every aspect of when, where, and how you engage and communicate with your customers. The ability to hold seamless, painless, and personalized natural conversations with consumers across their favorite platforms is quickly becoming a game-changer for brands and businesses.
How could you leverage conversational AI to bring a new level of service to your customers while optimizing your operational efficiency?
If you need help to accelerate your company’s machine learning efforts, or if you need help getting started with enterprise AI adoption, send me a LinkedIn message or email me at firstname.lastname@example.org and I will be happy to help you.
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