Use Chatbots in 7 Unique ways to help your Business

Introduction

A chatbot is a computer program or application that simulates and processes human conversation (either through text or voice) as if they were communicating with a real human.

An AI chatbot is an artificial intelligence (AI) program that can simulate a conversation (or a text communication) with a human or user in a common language through any messaging systems, websites, mobile apps, or through the phone via Interactive voice responses (IVR).AI chatbots will automatically learn after an initial training period by a bot developer. On the contrary, rule-based chat-bots follows pre-designed rule also referred to as decision-tree bots.

Why are AI chatbots important?

A chatbot increases user/customer experience as it is available 24/7 on your website / Application. It saves a lot of time, effort, money, and gives better user satisfaction. It uses natural language processing (NLP) and machine learning to provide a near human-like conversational experience.

An AI chatbot application streamlines interaction between people and services by enhancing customer experience. They allow companies to easily resolve many types of customer queries and issues while reducing the need for human interaction. At the same time, they offer new opportunities for companies to improve customer interaction or engagement process and operational efficiency by reducing the typical cost of customer service.

Using chatbots, a business can scale, personalize, and be proactive all at the same time. For example, when depending on human power, a business can serve only a limited number of people at a time.

On the other hand, chatbots enable businesses to manage with an unlimited number of customers in a personal way and can be scaled up or down according to the business needs. By using chatbots, a business can provide humanlike, personalized, proactive service to an unlimited number of people at the same time.

Distributed through messaging / communication applications, chatbots enable a level of service and convenience that in many situations exceeds what humans can provide. For example, chatbots in the banking sector save an average of 3-4 minutes per inquiry compared to traditional phone calls or call centres. These capabilities can help businesses achieve greater efficiency and cost-effectiveness. It also gives the best experience to the customers.

Why Does Your Business Need AI Chatbots?

Chat-bots have improved significantly from answering simple/less number of questions to AI/NLP based intelligent chat-bots. Many businesses are getting great value out of them. Marriott 5-star hotel chain and Coca-Cola are among the best examples. A study conducted by a software giant says that nearly 80% of businesses are on the way to having a chatbot by 2020 and the business benefits of AI chatbots are unpredictable.

Ways Chatbots can be used in your business.

Automatically scale up your operations:

Human beings have their limitations; a customer service agent may be able to handle a maximum of three customers at a time, whereas an AI chatbot has no such limits. By implementing your workforce with chatbots, you can interact with more customers and will help you increase your customer base and even enter new markets.

Makes sure human resources are assigned to core tasks:

By deploying AI chatbots you can ensure your precious human resources to more important tasks. Chatbots allow human intervention when it becomes extremely necessary. Over time, the chatbot can become intelligent through ML (machine learning), and can hand off fewer queries to human resources.

Intelligent messaging delivers more value to customers

Your chatbot can be used to provide intelligent messages to your customers – combining with big data, machine learning and personalization. This is very useful in the financial sectors. Let’s suppose there is a credit card transaction in Amsterdam for a customer whose address is Delhi, India. The chatbot can pop up and ask – We noticed a big transaction made to your card this morning in Amsterdam. Is that you? If it’s not made by the user, they can instantly inform the card provider. Like this, the chatbot can inform the user about OD (overdraft) fee, or overdue payment etc. It makes it easier for them to make the payments as they are already on that site.

Assist users in for the right choice

Chatbots can easily guide the user and help them get the apt product or service. Selecting can become very difficult when the choices are very similar or large categories of products existing.

Leverage the benefits of interactive marketing

Chatbots represent an active user experience, unlike websites and applications, which are passive. You can also communicate your ads to a larger audience; in fact, a group of people simultaneously.

Increased personalization

Chatbots allow you to classify your audience and provide different persons with a personalized experience. Chatbots can recommend products to you based on your interest history. This is very useful when the product is something the customer would need to buy periodically.

Upselling

Chatbots can interact with customers and leverage the opportunity of upselling to them very effectively.

Future of AI Chatbots

Chatbots, like other AI mechanisms, will be used for improving human capabilities and free humans to be more creative, productive and innovative, spending more of their time on strategic rather than tactical activities.

In the near future, businesses, employees, and consumers are likely to get upgraded chatbot features such as faster recommendations or predictions, and easy access to high-definition video conferencing from within a conversation. Eventually, every person can have a totally functional personal assistant right in their hand, making our world a more efficient and connected place to live and work.

Source: NASSCOM