Conversational AI: An Asset for Industry 4.0

Conversational AI: An Asset for Industry 4.0

Abstract

Conversational AI or the virtual chatbot can converse with people, more specifically with potential customers on commercial, and social platforms.

According to statistics, 64% of the population would prefer to have a text conversation rather than call in. While dealing with those many inquiries of so many people, conversational AI seems to be a lifesaver. This technology improves the efficiency of the team and provides faster customer care service to more customers.

Let’s see how it can be beneficial for your business.

Main Blog

The modus operandi of business at large has evolved over the years and as a result, the customer service and the IT department have been burdened with more workload, which led to erroneous output. Conversational AI helped them improve their productivity, and optimize their time and resources.

What is conversational AI?

Conversational AI has its roots entwined with artificial intelligence that can have a functional conversation with people through a chatbot. These chatbots are mostly used in online commercial platforms, websites and social media channels. It can effectively streamline replies and re-route customer inquiries.

How does conversational AI work?

Conversational AI predominantly functions in two folds – Machine Learning and Natural Language Processing.

Machine learning, where the technology acquires knowledge from its interactions, improves itself and implements the same in practical scenarios. As a result, it will perform better after the first six months and even better after a year down the line.

Natural Language is the process that assists AI to understand languages. Once it learns to recognize words and phrases, it can proceed further and start Natural Language Generation by itself. This is the process that is used in conversing with customers.

For example, if a customer sends you a text regarding an order shipment on any of the social media platforms, your AI bot will know how to respond. Because it has prior experience in answering similar questions and understands which phrases usually work best in response to shipping questions.

The relation between conversational AI and the chatbot

Machine learning assists chatbots in remembering previous interactions. Whereas, natural language processing lets chatbots apprehend a broader spectrum of input and determine the intent of the interactions. AI analysis also lets chatbots make recommendations based on the records and previous interactions.

The benefits of the conversational AI

Increased accessibility

You can’t be available to your customers around the clock seven days a week, but a conversational AI can. If a customer seeks help outside of regular business hours, a chatbot can help them with their issues. It will make your customers feel more cared for and increase your accessibility.

Save time

AI chatbots can resolve straightforward customer service issues and allow you and your team to take care of more complex ones. It also decreases wait times on both ends.

Help your customers make purchasing decisions

Conversational AI can offer a personalized experience for your customers. It can make product or add-on recommendations to customers that they might not have seen or considered.

Sell outside of business hours

One of the biggest upsides of an online business is the fact that sales can occur at any time. However, interference can occur when customers make queries related to products or shipping when there is no representative available.

AI chatbot or virtual assistant fixes this easily. Because it’s available at all hours, it can assist anybody while completing their checkout. In return, you close a sale faster than usual without the risk of losing any customers while they wait.

No language barriers

Most AI chatbots come with language translation software. It allows them to detect, interpret, and generate almost any language proficiently. As a result, no customer service conversation is held back by linguistic differences. It makes your business more welcoming and accessible to a larger scale of customers.

They know when to get customer service agents involved

AI chatbots are the most efficient ones in solving simple problems. However, they know their limits too. There might be a customer issue that is way more complicated for the bots to handle.

Conversational AI acts as an assistant to your customer service team — not a replacement. It is important to keep your agents on standby when a more complex inquiry comes in.

This technology will help you harness AI-based innovations to improve the overall efficiency and sustainability of your business, while you increase the speed of your digital transformation.