Let’s start with the basics. What is Conversational AI? Conversational AI is a set of technologies that enables machines to interact with humans in natural language. Intelligent virtual assistants are the media for these interactions, these can be either voice or chat conversations. We encounter numerous use cases of conversational AI in our routine activities.
Here’s an example - James, an average individual, starts his day by asking Alexa (his voice assistant) how the weather is. His personal IVA updates him about the day and meetings. He chats with his banking virtual assistant to book an appointment; instantly downloads payroll documents by interacting with HR assistants; on his way out, seeks google assistant's help to find the address of the nearest bank; and much more. The list goes on - there are infinite use cases of conversational AI in day-to-day life. All these are making our lives easy and convenient.
"More than 50% of enterprises will spend more per year on bots and chatbot creation than on traditional mobile app development." - Gartner.
How AI is shaping the future?
The ability of technology to understand the human language is setting it apart. Machine Learning and Natural Language Processing act as a backbone for successful implementation. It includes recognizing the language, identifying the intent and extracting the entities accurately. The beauty of this technology is that it allows you to interact in any language and on any channel of communication-voice, chat and digital; provided you use the right tools and techniques while building virtual assistants.
On the other hand, businesses are also betting on this technology to stay close to their customers and assist them rightly and quickly. As we see, businesses are struggling to engage their customers, one bad experience is costing them a lot as the customer is moving to the competitor. There are many reasons for this, including high call volumes to the support team, limited channels for customers to communicate, poor service from the customer reps due to lack of knowledge and the list goes on. Baring all these, it is critical for brands to deliver a superior customer experience.
With intelligent virtual assistants, businesses can deliver anywhere, anytime service to customers within a fraction of the cost of the physical employee. They are intelligent and can learn from the interactions, are available 24x7, and communicate in multiple languages and channels.
Unlock Unlimited Possibilities
Industries like banking, healthcare, insurance, travel, hospitality, retail and eCommerce are actively deploying virtual assistants for customer-facing use cases. They are optimizing customer as well as employee experiences by intelligently automating all the business interactions. Every function in the organization - IT, HR, finance, sales, marketing and procurement, use the technology to automate mundane tasks. It also frees the employees from repetitive tasks, thus, allowing them to concentrate on other high-value tasks.
Considering implementing this next-gen technology in your workspace?
To help you gain a thorough understanding of this technology - the whys and hows behind it - we’ve come up with a complete white paper. This content piece would help you understand this technology better - what are the different concepts, best practices and how to choose proper tools.
So, wait no more, enjoy the read!
Kore.ai is a conversational AI solutions company that helps businesses to optimize customer and employee experiences. More than 200 global 2000 companies trust Kore.ai's expertise to automate conversations and deliver extraordinary outcomes for over 100 million users worldwide. Kore.ai Experience Optimization Platform was named a Leader in Gartner Magic Quadrant 2022 for Enterprise Conversational AI Platforms.