How Conversational AI Generates New Business Avenues for Companies and ISVs
As businesses are increasing, serving customer queries is no longer limited to direct and personal employee interactions but has instead shifted to digital channels through interactive displays and service chatbots.
With improved customer interaction, a product or business obtains the reputation of responsive marketing when no question is left hanging. But as call centers are overwhelmed with rising call volumes, they are unable to cope with the demands for service without over-exertion. It becomes almost impossible to meet every customer request, particularly with the onset of on-call deliveries and customized products and services.
The key differentiator for conversational AI was that it could handle the front-line of customer queries by managing the low-stakes market for the masses. As most inquiries were simple enough to be managed by bots rather than take up time from a human handler who can manage more complicated queries, conversational AI and chatbots began to take command.
Today, chatbots can manage more than just customer service. By throwing AI into the mix, the conversational AI bots could take up consumer orders, book services, take interviews, support healthcare, and control almost all routine office tasks. They have also assumed home assistant roles–like with Google Assistant and Amazon’s Alexa decorating home spaces acting as regular companions.
However, as chatbots and Virtual Agents (VAs) were not giving the warmth of human communication, they failed to impress consumers.
It’s becoming more clear as we progress in the digital age that service requests require to be met with empathetic and more practical encounters. Rather than an experience where the consumer attempts to figure out the thought behind a client-facing tech, the experience should guarantee that the tech can understand the consumer. But with the advancements in artificial intelligence (AI), automation, and Natural Language Processing (NLP) that can head chatbot creativity, it is likely to get conversations that match human interactiveness.
Reaping the benefits of conversational AI
AI-powered business chatbot solutions perform intelligent tasks through popular machine learning techniques and complicated NLP. It can affect companies and their customer outcomes in ways never seen before. Listed below are some of the methods in which conversational AI can influence and help present and future businesses.
Cost-efficient digital experience
Digital experiences normally come at huge prices. Yet companies consider the long-term impacts of digital transformation through enhanced customer experiences.
Instead of employing additional staff to manage rising call volumes and spending on the extra infrastructural requirements that support their needs, chatbots are a primary investment that can decrease future spending.
Deploying conversational AI solutions can also help in gathering information faster, with more accuracy and performance. This leads organizations to forego old and inefficient practices of obtaining customer feedback manually.
When business services get a facelift with conversational solutions, it gives the whole organization an improved outlook. It conveys a strong message among the audience that the company is ready to adapt to newer effective technologies and regulate itself strategically with the market. This improves the brand messaging as a whole by raising up trust among partners and consumers in various segments. Incidentally, the company also stands out among the competitors.
Chatbots gather information and queries from prospects and existing consumers to help companies understand how to position themselves for all incoming service requests. Instead of multiple manual interactions to collect relevant information from an interested party, the chatbots could simply follow through with an interaction until they are ready for direct interaction with an employee.
Sometimes, leads could be excluded early on in the interaction, making it useless for either side to interact further. The bots can methodically and surely give out information about the products and services, responding to simple queries without wasting time.
Consumers are looking to be served faster and more efficiently than ever before. You don’t need to wait to get your order status for hours on end but can easily chat with the bot. The bot can sort through information from the database within milliseconds and respond to the query.
This is exactly what consumers desire in today’s fast-paced culture. This is useful for new customers that need more information about the service to see whether you satisfy their needs. When it comes to clarifying the doubts of an existing consumer, chatbots can quickly serve without any delays. This redirects much of the chat volume and gives it worthwhile when a consumer needs more complex assistance from a human representative.
NPS or the Net Promoter Score is a broadly accepted metric for deciding how likely a customer will be to recommend a service to others. The consumers who recommend the services are known as promoters of the service. Using chatbots for customer service results in higher NPS as they can speed up answers. NPS surveys ask consumers about their experience with the digital platform, and the results add to the NPS score.
In a survey on millennial interaction with consumer services, 30% of responders3 said that they would prefer communicating through chat and that they would reach the company more if chat was an option.
AI-powered, enterprise chatbot solutions improve both the employee experience as well as increase company productivity.
Since AI is proficient in faster information processing, the overall productivity rises by allowing staff to concentrate on more significant tasks. Collecting and relaying information becomes simple as the chatbots are programmed to do so accurately. This results in lowered emotional stress among employees when handing consumers day in and day out.
Integrating AI chatbots with your business
Communications are increasingly resembling those with employees-in-person with new conversational AI, boosting customer satisfaction and attracting more promoters for the services. In order to stand out in the peer service market, companies need to integrate intelligent consumer engagement technology into their service platforms.
Engaging consumers in intuitive and easy communication will promote more engagements commencing to better cross-selling and up-selling opportunities. As customers are less hesitant to communicate with a digital entity, they are inspired to collect more information, in turn offering further insight into general consumer needs.
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