Example of Chatbot on mobile phone

Chatbots are revolutionizing customer service for many companies around the world. In simple terms, chat bots allow instant communication between your company and its customers. But that’s not all! Thanks to digital advances, chat bots can also use conversational artificial intelligence. Conversational AI in tandem with chatbots, elevate the customer service experience. Making it a huge win for companies.

Why Are Companies Using Chat Bots

By the end of 2023, chatbots will save companies around 1.3 billion USD annually. Chatbots are reported to help save .70 cents per interaction. Now think of the limitless number of customers this robot can serve at the same TIME versus humans. In the long-term, the expense of chatbots is much less vs. salaries for customer service representatives.

What Do Customers Think of Chat Bots?

Over 50% of customers expect a business to be available 24/7, which cannot be done without chatbots. It’s no wonder why companies are ramping up their use of chatbots, customers love them! With chat bots, there is less room for error along with more attention to detail vs humans. Both factors combined can streamline the entire customer service experience.

How are Chatbots Transforming Customer Service…

The use of chatbots range quite a bit and serve many purposes. Our earlier discussion highlighted the financial benefits of chatbots. But you may be wondering… how exactly do chat bots save companies so much money and make even more on top of it?

Chatbots Do All The Hard Work For You!

Why use chat bots

While a human being can only handle 3-4 conversations at a time, there are no limits for chatbots. Additionally, AI bots are able to handle mass customer interactions. chatbots. By 2022, chat bots are expected to handle 75-90% of the customer service requests.

Customer satisfaction levels are higher when frustrated customers are quickly helped. And at any time of the day as well. A study done by CMO Council has shown faster responses is very important in customer service. Would you want to buy something from a website if they left you waiting for an hour or more? Maybe even days at a time waiting for an email response? No! Of course not. Chatbots make the customer service experience seamless, leaving customers more likely to buy and come back!

Chatbots help save time by answering many preliminary questions as well. If the query eventually requires a live agent, the agent can go straight to problem solving. Live agents can then spend more time answering questions, allowing them to provide quality customer service. Quality service = happy customers!

What is Conversational AI and Why it is Necessary for Chatbots?

Early day chatbots were very primitive and robotic in its nature…after all it is a robot at the end of the day. Conversational AI has reimagined present day chatbots. Customers want quick 24/7 service that is also human like. Conversational AI makes this possible by helping chatbots emulate normal human responses. So when you are talking to a chat bot, it feels as if you are talking to a real person — making it appealing for customers!

AI also gives you the ability to personalize your chatbots.

You can design them to be more reassuring and knowledgeable or casual and fun depending on the type of company! Chatbots can then provide customers with personalized recommendations. This is possible because chat bots also analyze a customers preferences and interests. Receiving efficient, yet personalized help leaves an overall positive outlook on a company.

Chatbots Help Companies Analyze Data & Discover Their Customers Needs

Did you know that chatbots are 10 million times faster at analyzing data than a human brain? It’s no mystery that our brains are very efficient, but we cannot beat robots when it comes to certain things! While chatbots are answering questions and taking care of customer needs, they are also collecting mass amounts of data. AI processing in chatbots has made processing and interpreting data very easy.

Data collection is powerful because it helps companies get to know their customers better. Strategic decisions can then be made to address frequently asked questions, etc. These decisions ensure higher customer service satisfaction, leading to more sales and loyal customers!

When Should Your Company Use a Chatbot

The IGV Chatbot example from our Webstie
Example of the IGV -Chatbot Iggy Vision

Companies need to have the scale required for the level of engineering required to create chatbots. Chatbots need initial training data to help optimize them. But where does this training data come from? Previous contact centers with hundreds of agents create the transcripts necessary for training AI chatbots.

Dish Network’s chatbot handles about 4 million calls per year, which is only 40% of its volume. According to Forbes, if you are not currently receiving that type of flow — it may not be worth your effort to train a bot.

If you do have the capacity for chat bots, start with small pilot projects to train your bots. An example of a pilot project may to set up your bot to only answer a few type of questions. Assess what worked and didn’t work, then repeat the process with the new improvements made.

Conclusion

There is countless data supporting the use of chatbots for companies. From saving money and time, to also allowing specific data collection used to optimize business decisions — the benefits are limitless. Contact us to get started on your custom chat bot!

Written by: Rohab M

Additional Reading:

Artificial Intelligence (AI) – Hot Technology Trends 2022

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