Need for Conversational AI in Business

Customers today interact with a brand on multiple mediums, such as calls, text, email, chat, and social media. In such an omnichannel environment, companies need to listen to their customers’ voice and connect with them across all channels of communication, ensuring quick response and faster resolution. Conversational AI is proving to be a highly effective means to meet this indispensable need.

Conversational AI transforms the means of running businesses and delivers more personalized, intuitive experiences to customers while improving the quality of operations and workflows. Here are a few key advantages that it offers:

• Efficient functioning: On one hand, conversational AI provides instant response to customers’ queries, reducing wait time for them. On the other hand, it improves workflow functioning and management while reducing the error rate significantly.

• More revenues: Efficient operations lead to almost flawless outcomes and better value delivery to customers. This, coupled with superior customer experience delivery, results in increased customer loyalty, thus increased revenues.
• Cost-effectiveness: It reduces the cost of customer support significantly, eliminating the need to hire additional support staff, leading to a sizable cost saving. Additionally, it does not require a huge investment and can be implemented immediately across the organization.
• Data-driven decisions: AI helps retailers learn a lot about their customers based on the data related to transactions, interaction and feedback. Adding conversational analytics to it can further help understand customer behavior, preferences and challenges, and boost engagement.
• Scalability: Conversational AI enables enterprises to meet their future business needs by providing them with the required scalability. It ensures that the business is ready to respond to evolving needs with consistent efficiency.

Application of Conversational AI in Various Industries

Below are a few examples of how the application of conversational technology is going to make a big difference across a range of industries.

Financial services: Whether it is account opening, transactions, applying for a product or general inquiry, conversational bot support can easily handle these responsibilities by interacting with customers and following their instructions in their choice of language.

Healthcare: Conversational AI can be a valuable support to healthcare providers by facilitating faster response times. It offers quick appointment booking, easy registration, handy care instructions and ability to collect patient feedback to improve care delivery models.

E-commerce: Conversation AI enhances the digital shopping experience for users and open new opportunities for retailers. It boosts shopper engagement by offering relevant and personalized product search results, marketing and support.

Travel: Digital assistants can transform the experience of booking and travel. Bots can help users in travel planning, booking, feedback and issue resolution.

Restaurants: Using mobile applications enabled by conversational AI, users can place personalized orders remotely and get fast delivery, enjoying a pleasant experience. Besides, improving customer loyalty for restaurants, it will improve employee satisfaction.

Education: Academic institutions can leverage chatbot technology to help students get instant assistance and feedback on any subject across all levels of academics. This will not only help both teachers and students but also modernize the education system.

Media: Conversational AI can enable media companies with algorithms to provide users with quick and easy access to relevant, engaging content at any scale, boosting engagement with them.

Increasingly, organizations across the world are waking up to the promises of conversational analytics. The technology looks to transform traditional business models by improving customer engagement with enhanced communication and driving efficiencies across several aspects of a business. With its people-centric focus, conversational AI surely augments the experience for customers and employees.