The pace of technology is moving at a rapid rate. Although it’s sometimes difficult to envision what the future may hold, one thing is clear: consumer and employee expectations will continue to rise. Customers will expect companies to not only deliver exactly what they want and when they want it, but they will bank on a business’s ability to anticipate their needs and desires. Employees will demand more tools to help them do their jobs better and level up their skills.
Conversational AI has the potential to completely change how an organization interacts with both its internal audiences such as employees as well as its external stakeholders including customers, suppliers, and business partners. Every department as well as any consumer, regardless of technology prowess, will be able to communicate through conversational AI with sophisticated IT solutions to find answers, become more efficient, or automate mundane work.
As a result, an ongoing stream of seamless interactions between everyone who is important to a particular business leads to higher overall engagement and commitment levels.
By simply adding conversational AI to improve customer experiences, companies have seen a 15 percent increase in revenue streams. According to Markets and Markets, the global AI is expected to grow from $13.2 billion in 2024 to $49.9 billion in 2030 at a compound annual growth rate of nearly 25 percent during that period.
In addition, conversational AI can also help make staff more efficient and effective in their day-to-day duties. In fact, 78 percent of HR executives believe that the employee experience will be critical to helping organizations reach their corporate goals.
What is conversational AI?
Conversational AI helps to facilitate human-like conversations between people and computers. Using advanced technologies such as natural language processing, conversational AI can be used on websites, as part of social media, or integrated into any other user interface.
This technology can facilitate accurate, intelligent discussions by understanding customer or employee intent as well as providing a detailed transcript of the interaction should the inquiry need to be escalated to a human being. In addition, conversational AI has the ability to easily translate customer or employee inquiries across multiple languages, helping businesses reach more easily into new markets.
Support meaningful interactions
Time is precious, and no one wants to waste it fighting with clunky technology that serves as more of a barrier than a help. Conversational AI, combined with back office automation solutions, can help create a frictionless experience for customers, employees or any stakeholder seeking information or support.
At its best, conversational AI can understand user intent, anticipate the best user journey moving forward, and exceed expectations. Moreover, this system should be able to “learn” with every interaction, improving its ability to deliver further personalization and better performance in the future.
Bottomline Benefits
Conversational AI promises benefits at many different levels.
First, it automates the most repetitive inquiries, which means lower costs, better customer service, and the elimination of the most boring aspects of any job or task.
Second, conversational AI helps build a repository of important customer or employee information, creating a foundation that will help an organization better understand its customers and staff, what they need, and how to serve them.
Third, this technology fosters real-time information and data sharing, allowing both customers and employees to make better decisions in every moment.
And, finally, it will close the gap between a business, its customers, and employees, helping to create closer, more intimate relationships that will ultimately lead to higher engagement, greater loyalty, increased revenue and long-term
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