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Today’s customers and employees expect instant, real-time information, and a superior consumer experience. Outstanding customer service leaves your stakeholders feeling heard, seen, and appreciated. It has a tangible impact that can be measured in hard dollars and cents. Chatbots can make this possible — and so much more.
According to Forbes, over 60% of consumers are likely to use chatbots to interact with businesses today — especially consumers in the 18–34 age group. Good chatbots can solve customer issues faster and address questions more effectively. All while ensuring high consumer satisfaction. Short, quick responses — so familiar to consumers in the digital asynchronous world we live in.
A chatbot or conversational AI is often powered by Artificial Intelligence, Machine Learning, and Natural Language Processing (NLP) to carry on human-like conversations with extremely relevant responses in a natural language tone. Discussions between the user and a bot usually happen via a chat interface using auditory or textual methods.
The recent business applications for conversational and digital AI assistants are not just confined to providing services to users but also span the complete customer lifecycle. Chatbots are capable of almost every customer-related query, from engaging with a customer at the first point of interaction in the acquisition process, re-orders a product, up-gradation their subscription, checking their delivery status to lodging a complaint, or applying leaves. Many different departments in a business, from sales to operations, customer service, finance, and marketing, are finding their use cases for executing these AI-powered digital assistants to help them automate how they engage with users.
According to McKinsey, human customer support interactions will be reduced by 30% in the next two years. This essentially means that chatbots and voice bots have the potential to own up to 70% of these interactions in the future.
A voice bot (or voice assistant) is a conversational AI agent capable of communicating with a customer via voice alone. Voice bots can ingest, analyze, interpret, and respond to customer inquiries spoken to them in natural language (or NLP), with the end goal of either being able to answer a customer’s question in real-time or continue a verbal exchange with the customer to clarify the question at hand. If the voice bot is unable to answer a question for any reason, it can pass the inquiry on to a human agent for additional support
This is probably the biggest benefit that chatbots and voice bots bring to businesses: they help optimize resources and reduce expenses by reducing the overall customer service contact rate through the automation of simple customer service interactions that do not truly require human intervention. This, in turn, frees up customer service agents to dedicate their time and energy to deal with more complex issues or inquiries (which is what they should be doing anyway).
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