Technology is growing exponentially each day with rapidly growing AI industry. Number of Companies mentioning it to be a part of their work has skyrocketed in past 4 years. By 2020, we can expect 85% of all customer interactions being handled without a human agent.
Businesses nowadays spend almost up to $1.3 trillion on 265 billion customer service calls each year. These costs can be significantly reduced; for example, per-query human agent cost that might be $10 to $200 can be reduced to $1 of that of a virtual agent. Therefore, it is already seen that every third company has integrated customer support and voice over bots with their businesses and are experiencing great customer reach and feedback because of quick response time as a virtual assistant bring down the resolution time to 5 minutes as compared to 38 hours of human resolution time.
Machine learning, a sub field of computer science, has always existed from 1950s to today and the algorithms have not changed fundamentally either. Then why are the investments in AI rising now?
We humans, over the decades have become more data centric and collective of data. Such algorithms thrive on data and we now have computers, which can process huge amount of data in no time. If computers are elements and Internet is the catalyst, then this reaction has just started to accelerate. Machines now are not only limited to the fed input for giving the desired output. They learn. They learn from data. Hence, AI is as good as the content that goes through it and it gets more accurate with time and data. According to a Deloitte study, 56% of companies in the multimedia and technology industries are planning to invest in contact centers AI soon. They interviewed executives from over 450 cross-industry contact centers and 33% percent said they planned on investing in AI and robotic process automation (RPA) by 2019. The highest priority for these investments would be to improve cross-channel experiences.
Chatbots have been around for quite some time now and have become an integral part of our lives now. Many companies are using them as a powerful customer support tool. Now AI and NLP are powering such bots to be able to provide more human like responses with better understanding of the queries. AI powered bots are no longer dictionary dependent and can create a hierarchy of questions from a database of certain FAQs based on semantic relations. An in-depth learning algorithm makes a bot even more intelligent to a level it gets hard to differentiate between organic and bot's conversation. By 2022 Chatbots and NLP will save companies up to 8 billion dollars per year.
Everything a Bot can do starts from the bottom line, which says it should be able to easily process the natural language coming from the end user, extract relevant information from it and give back the desired answer. This AI powered innovation in a consumer-oriented way by letting chatbots deal with consumers 24/7 can help your business grow around the clock.
Chirpn thrives to become a leader of providing bots as a solution across domains like healthcare, education, manufacturing etc for sales transformation, knowing a customer better, provide desired customer and partner experience.
Chirpn powered Digital Realtorz solution offers conversational bots that can be used on realtor's Facebook page, Slack and website. We call it Rea, she interacts with potential buyers and provides them details of the properly. Rea can also setup showing appointments with realtor. Users can also ask Rea to save their preferences and keep them updated as matching houses are listed. Take a look at Rea's interaction with a potential buyer.
We've collated a guide for you outlining benefits of using chatbot. Click Below to the get the guide.
Chirpn has offices in Australia, India and USA. We can be reached at email@example.com for any queries, comments or feedback.
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