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AI

The best Guide to ChatBots: how and what are they?

best guide to chatbot

“Not sure if I am talking to a human or a very clever Chatbot!” 

 

A Chatbot; your “Virtual” chat partner is common these days and never fails to amaze. These can answer any of your queries and help you get out of struck scenarios. You can find one on websites, apps, or on your smart devices! Sometimes, they also recommend you “Wow” products, and services, just like you. But, what are these? And what are their “superpowers”? We bring you the ultimate guide to chatbots and everything you need to know!

 

Let’s know our Chatbot friends in detail! 

 

What are Chatbots? 

 

Conversational Agents, AI assistants, or virtual Assistants; No matter which name you call a Chatbot, it will remain a machine or software that can execute human-like conversations with real humans. These can answer, assist, navigate, and can also provide information. Chatbots can stimulate conversation in text messages or audio messages. 

 

Ever since 1950, when the first Chatbot came into the imagination of Alan Turing, these agents have been under a great deal of observation and admiration. Every day, Chatbots’ new advantages and applications raise make these agents unrivaled in business and service sectors. 

 

“If you picture the journey of Chatbots from the 1960s to now, you can see that what was once a fantasy of being able to communicate with a non-living virtual being is now a part of our everyday lives!”

                                                                                                                                  ~Rashid Khan

                                                                                                                                    Build Better Chatbots

 

The way with which chatbots have been developed through decades is unrivaled. But, what are these factors that make chatbots a go-to tool for businesses today? 

 

Ultimate Guide to Chatbots: Why does your business need it?

 

If you are into the business sector, you will embrace the value of customer experience, And, believe it or not, one of the significant benefits of incorporating Chatbots into your business is delivering a superior customer experience. 

 

Chatbots and Customer Experience

 

With their ability to communicate in different languages, 24*7 availability, and ease of delivering answers, Chatbots can significantly improve customer experience. Not only this, but their ability to stimulate human-like interaction also plays a significant role in their popularity. 

 

According to the 2020 State of Conversational Marketing survey, around 87.2% of users feel that their experience with Chatbots was positive or neutral. Thus, it makes these AI agents a worthy addition to the business model. 

 

Chatbots as your Piggy Bank

 

If hefty customer acquisition costs (CAC) and other business operation costs drain your profit margins, it’s time you integrate Chatbots as your “Piggy Bank”! 

 

Yes, Chatbots can significantly reduce business costs. These agents achieve this by bridging the gap between customers and your services, converting prospect leads into customers, and leaving no room for customers’ doubts. With such conviction, it is also predicted that by 2023, Chatbots will assist businesses in saving 2.5 billion per hour! 

 

Apart from Chatbots’ significant use case in elevating the quality of customer experience and reducing business costs, these also have benefits in marketing, sales, customer satisfaction, generating leads, and so forth! 

 

“We can engage users that previously would have bounced back from our website and turn some of them into paying customers. We can also respond to users through the Chatbot, which takes some of the workloads away from the sales team.” 

                                                                                                                                    ~Michael Kupfer

                                                                                                                                    Director of Marketing

                                                                                                                                Harvard Business Solutions

But, the extra essence of Chatbots lies in its working model! 

 

How do Chatbots Work? 

 

In simpler words, chatbots are highly optimized AI algorithms. To begin with, Chatbots are architectured with pre-programmed responses and an AI mechanism that decides how they will respond and answer user queries. However, to understand its working in detail, this guide to chatbots will help you understand how it works! 

 

There are primarily two types of Chatbots:

 

Rule-based Chatbots

Rule-based Chatbots, also known as Keyword, or command-based bots, work on the structure of predefined answers. These bots follow the sort of “script” fed to answer user queries. By identifying a particular keyword in the query, these agents search the fed library and provide users with an answer. Chatbot designers often design the library. 

 

Though these can provide the correct answer, Rule-based Chatbots don’t understand the context of the conversation and follow a “Script.” Furthermore, one of the highlights of rule-based Chatbots is learning from their experience. Yes, these virtual agents remember past query sessions and respond in a better way next time. These are helpful to businesses that want to automate the customer query process. 

 

AI-Chatbots

 

AI-Chatbots are “intelligent” bots programmed with advanced machine learning and AI algorithms. Based on the conversation’s relatability, context, and intent, these can run different operations. These can execute free conversations with users and deliver an advanced and better customer experience. 

 

Furthermore, these work on three robust pillars; Natural Language Processing (NLP), Sentiment Analysis, and Machine Learning! 

 

Conclusion

 

Chatbots can undoubtedly help optimize business service, user experience, and other critical business operations like customer acquisition. These can also streamline an organization’s sales and marketing funnel. Last but not least, Chatbots can also help keep employees in a better position to execute and implement new ideas. Believe it or not, incorporating Chatbot into your business will be the investment you would gain the most profits from! we hope this guide to chatbots made you think definitely trying one for your business!

 

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AI Conversational AI

Conversational AI for businesses: A Boon

conversational ai for businesses

Whether you are a business or a customer in this tech-savvy world, you would appreciate the importance of personalization, quick response, and real-time assistance. And that’s where businesses of every scale incline toward Conversational AI and its plethora of benefits. 

Conversational AI or Artificial Intelligence-driven technology or devices with which people can talk to, interact, and get answers in real-time is conversational AI. It greatly benefits as it can provide front advantages in business service but also helps in back-end operations like a business, product servicing, and function. Let’s dig more into conversational AI and its need for modern businesses! 

What is Conversational AI?

Conversational AI is an augmentation of human speech and text with the help of natural language conversation powered by machine learning algorithms writ. It can be facilitated through a device or virtual assistant with which a human can converse, interact or have a conversation. These can be any wearable device with conversational AI algorithms, virtual assistants like Chatbots implemented on websites, apps, mobile assistants, etc. These can engage with customers in real-time, provide quick answers, and convert prospect leads into customers.

But, the list of benefits doesn’t end here. Some of the other significant benefits of conversational AI are-

Gain insights into customer experience and serve them better! 

To serve your customers better, it is of utmost importance for a business to understand customers’ pain points. And to know this critical insight, virtual assistants or conversational AI can help capture data about when customers feel entertained and when and due to which factors they decide to buy the service or a product of business? 

Furthermore, as data has the power no service, product, or strategy can provide, leveraging that data in the right way can help increase business revenue severalfold. And also, turning this data into information can assist businesses in making services, products, and even customer experience advanced. 

“The goal is to turn data into information and information into insight!” 

                                                                                                                               ~Carly Fiorina

                                                                                                                                 Ex CEO of Hewlett-Packard

So, it becomes imperative for you to incorporate Conversational AI for businesses today and gain insights that can help and make your business advanced. 

Reduce business costs, and invest in technology! 

If you think you don’t have a budget to advance your business’s technology and that it lacks you from your competitors, then the reason might be that you are not using your budget right. For instance, investing in technology that can reduce costs is considered an intelligent decision, and, therefore, investing in Conversational AI shall be your choice.  

Further, the ROI that conversational AI like Chatbots and virtual assistants delivers is way more than the traditional customer interaction methods. In a survey by Accenture digital, it is found that 57% of businesses realized that Chatbot had enhanced ROI that too on minimal investment. 

Serve your customers 24*7 with precisely what they need! 

Having humans or customer support executives handle customer queries can limit the availability of customer support after business hours or in different languages. That’s where having conversational AI in your business can conquer these challenges. 

These virtual assistants or mobile assistants can serve your customer even out of business hours. It ensures that your customer never feels bewildered or unclear about your business. Furthermore, the personalization of conversational AI can establish a superior customer experience.  

Conversational AI: A winning strategy for your business 

No matter if you are a real estate, food business, or a business of some narrow niche, conversational AI can assist in gaining enhanced ROI, advancing customer experience, and acquiring critical business insights. All this can surface benefits that are yet to be explored and were otherwise could not have been!

So, leverage technology to advance your business’s technology and win your target customers. 

 

Aarsh, Co-Founder & COO, Gravitas AI

www.gravitas.ai

Categories
AI

ARTIFICIAL INTELLIGENCE IN AN ENTERPRISE: IS IT RIGHT FOR YOUR BUSINESS?

Artificial intelligence and automation are changing the business environment across industries, by delivering new opportunities through intelligent and automated products. Some companies are in high competition while others are struggling with their adoption of the technology.

The Board members and decision-makers are aware of all the benefits of Artificial Intelligence and automation, but the question still arises: ‘Is AI right for my business? How does it solve a problem which is related to my business? With the rise of this technology into business operations, it also brings some challenges and potential risks to the human workforce. This feature of AI will examine all these aspects and hope to give you an overall look at Artificial Intelligence into your business.

Artificial intelligence is clearly a growing force in the field of technology. AI is taking centre stage at conferences and showing a potential across a wide variety of industries, which includes retail and manufacturing too. New products are being featured with virtual assistants, while the chatbots are answering all the customer queries from your online office supplier’s site to your web hosting service provider’s support page. Meanwhile, huge companies such as Google, Microsoft, and Salesforce are integrating AI as an intelligence layer across their entire technology stack. Yes, AI is definitely going to high levels.

DEMYSTIFYING ARTIFICIAL INTELLIGENCE IN THE DIGITAL AGE

Artificial intelligence (AI) is rapidly emerging as the most important and transformative technology of our time. AI can help accomplish many business activities with higher accuracy and at a fraction of the time, it would take humans to do the same work.

AI also offers a substitution for human judgment because it is capable of forecasting which is based on patterns in data that are undetectable by humans. These features can change what businesses and the managers do but also how they do it in profound ways.

The effects of Artificial Intelligence will only be observed in the coming decade, as industries transform their core processes and business models to take advantage of its capabilities. Rather than missing the momentum, business leaders need to understand and act on these opportunities which AI offers to their industry. They need to consider what is possible now, what will be possible tomorrow, and what other industries are doing that could translate their business to give them a competitive advantage.

AI for Business is designed to give businesses and its managers an understanding of the growing deployment of AI in business, so they can witness what it can and cannot do for their organisation.

WHY ARTIFICIAL INTELLIGENCE IS IMPORTANT FOR YOUR BUSINESS?

The true promise of AI is to unleash the actionable insights that would be trapped in a huge amount of data. Much of that data is unstructured data. The data is usually generated by written reports and business documents, videos, photos, social media posts or even email messages.

Artificial intelligence technologies can automate important yet manual and time-consuming tasks, allowing employees to focus on higher-value work. AI will be used to extract new insights, transform the decision-making process and drive improved business outcomes out of it. A recent PwC report indicates that almost 72% of business decision-makers believe that AI provides a competitive edge to their business.

Artificial intelligence in businesses can be used to for-

  • Increasing competitive advantage and improve efficiency
  • Advances automated interactions with customers, partners and workers
  • Multiplying productivity gains by automating processes
  • Power smarter machinery, vehicles and structures
  • Enhancing customer intimacy and thereby increasing consumer demand
  • Improves analysis of videos and audios in real-time

FUTURE SCOPE OF ARTIFICIAL INTELLIGENCE

Artificial Intelligence is the booster of human intelligence by machines. In simpler words, it is the method by which a machine demonstrates certain aspects of human intelligence like learning, self- correction, reasoning, etc. Since its introduction, AI has demonstrated unprecedented growth. Going by the bounds of progress AI has been making, it is very clear that AI will be present in every sphere of our life. Listed below are the various ways in which AI can change in the future.

Breaking-through science– The scope of AI in science is the largest. The possibility of AI playing a bigger role in the field of science in the future, not just merely for augmentation. Automation using AI for drug discovery is a field that is rapidly growing, mainly because machines work much faster than humans. Taking all this into consideration, AI is sure to transform science as we know it.

Cybersecurity– The future application of AI in cybersecurity will ensure in eliminating the risk of hackers. The incidence of cybercrime is an issue that has been escalating for many years. Credit card frauds are one of the most recurring cybercrimes. Despite there being detection techniques, they still prove to be ineffective in eliminating these hackers. AI can bring a remarkable change to this issue.

Face recognition– The launch of iPhone X with face recognition features was a step towards the future of AI. In the near future, iPhone users might be able to unlock their phones by looking into the front camera. Authenticating their personal content is not the only use of facial recognition. Governments and security forces also use this feature to track down the criminals and identify citizens. In the future, facial recognition tech can go beyond physical structure to emotional analysis. For example, it might become possible to detect whether a person is stressed, angry or happy.

Data analysis– One of the best ways AI will benefit businesses is in the field of Data Analysis. AI would be able to perceive patterns in data that humans cannot do. This enables businesses to target the right customers for the right product. An example of this is the partnership between Fluid and IBM. Fluid, a digital retail company uses Watson which is an AI created by IBM for better product recommendations to its customers.

Transport– Self- driving cars are already popular in the market; however, a driver is required at the wheels for safety purposes. With Google, Uber and General Motors trying to take them at the top in this market, it will not be long before driverless vehicles come into reality.

CONCLUSION

Artificial intelligence has been helping out businesses in a good way. It has leveled down the need for manual work and human brainstorming. AI is the best technique a company adapts in order to run efficiently. Thus, AI is a need for almost all types of organisations in order to run smoothly.

SUMMARY

AI systems provide businesses with a wide range of benefits. It includes personalised marketing, inventory management, operational automation and recruitment.

Gravitas AI

www.gravitas.ai

Categories
AI

Integrating Artificial Intelligence in your business: A brief guide

Business leaders are keen to integrate an AI strategy to strengthen their sales. In every industry, competitive pressures are raging high today. A powerful strategy based on artificial intelligence can boost up your business growth. It is exciting to learn about the hype around artificial intelligence.

In a global survey involving over 3000 executives, industry analysts and managers and interviews with over 30 tech experts, 85% of business executives were found to vouch for AI. This population believed AI can bring a strategic advantage to their business.

Also, in the last couple of years, AI has gained a significant momentum in industries like healthcare, manufacturing, logistics, retail and transportation. In order to leverage productivity and performance, business firms are integrating AI into their operational mechanism.

Here is a comprehensive guide, which will help you implement AI successfully in your business.

Frame your business strategy

At the outset, business owners need to identify the problems that need to be addressed. Do not jump to the most complex AI implementation. Start with the basics, understanding the technology.

The McKinsey report on AI implementation in 2018 reveals that only in 16% of the cases, a brand new AI innovation is possible. In order to optimize the results, it is important to focus on your long-term strategic goals and implement the strategy accordingly.

Before you finally incorporate the strategy, focus on aspects like:

● Whether the AI strategy is right for your business

● Whether it will help you deliver smarter services and products

● Whether or not your business priorities have changed

Once you are clear on these points, think about the areas where you can use AI to strengthen your business.

Specific AI priorities

Next, it is necessary to focus on the strategic AI priorities. Forward-thinking business firms consider their top priorities and approach the problem accordingly. Depending on the nature of your business, you must think how AI can help you get across to your goals.

Here are certain examples that can give you a better idea:

● Automating the process of manufacturing

● Making the sales, HR, accounts and other functions intelligent

● Automating the mundane or repetitive tasks, so that you can save on manpower

● Coming up with smarter services and products

Today, a large number of companies are using AI-based analytics in their decision-making process. Regardless of what you are dealing with, you can use these valuable insights to make strategic decisions.

Framing your data strategy

You should know AI works on a lot of data. It is important for you to review the data strategy, so that you can incorporate the AI policy seamlessly. In this regard, you should focus on the following aspects:

● Where do you source the data from?

● Do you have adequate amounts of data?

● In order to get across to the AI priorities, do you have the right kind of data?

● Will you be using data collected from third parties or set up new methods to collect the same?

● What are your plans to collect data more strategically?

Once you can stream authentic data into your business, you can ensure a greater accuracy of the insights you gain through AI implementation.

Automate your marketing process

AI-based applications like chatbots can help you automate the marketing process. Most companies implementing AI have been successful in dealing with the routine tasks seamlessly, using the technology.

For instance, you can handle the customer service requests at the initial stages using chatbots backed by AI. It can also help you enhance the overall satisfaction level of the customers and recommend products for upselling.

Through machine learning, you can also benefit in the price-optimization process for all types of markets. Many data science platforms like RapidMiner have been developed, where you can gain information about supplies, competitors, consumer preferences and risk factors.

This information can help you frame your pricing model and target specific segments within the market automatically. Implementing the AI-oriented approach, you can get the profit margins optimized.

Legal and ethical aspects

In this context, you should also focus on the ethical and legal issues. Leading business firms use intelligent machines, which do not interfere with the privacy of people. Find out whether any legal implication exists regarding the usage of AI in the way you intend.

You might be requiring some sort of consent from the users, employees or customers. While you integrate the new technology, do not mess up with the legal and ethical aspects. Another important aspect to consider is whether or not the AI-generated data is free from discrimination and bias.

Bring in the experts

This is perhaps the most crucial stage in the AI implementation process. Leading AI companies are collaborating with business firms, guiding them through a seamless execution process.

When you are ready to implement AI from the technology and organizational standpoint, the most common policy is to set up small and achievable goals and not big and ambitious ones. When you seek a professional support, the experts can deliver invaluable support in the implementation process.

It is necessary to set up a pilot project, before going ahead with your complete strategy. On an average, companies spend 2 to 3 months testing their plans. When you are done with the pilot project, you can think about the more elaborate details for the long-term. Reputed AI experts work in a close collaboration with your in-house people to implement the project.

Enhance your technology, skills and capacity

Once you have implemented the pilot project, you can work on the shortcomings. Identify the skill and technology gap on your platform and acknowledge the same. Seek expert services to bridge this gap and enhance the overall technology infrastructure.

Machine learning, reinforcement learning and deep learning are some of the aspects you need to focus on. You may not have the right technology in place. In this case, have a consultation with the AI experts regarding the systems to realize your goals.

Large business firms have already changed their management policies to implement AI. Think of the teams and employees who will be influenced as a result of AI integration. Communicate with these people about the changes that are likely to occur before implementing the project.

Implementing AI may also have an impact on the company culture. It is wise to think about all these aspects in advance. This ensures you can seamlessly implement artificial intelligence in your business.

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