What is Conversational AI? Technology, Benefits and Use Cases

This is similarly true of any unexpected spikes in traffic due to system outages, for example – ramping up support staff quickly in these cases can be expensive (and possibly ineffective). With a virtual agent, it’s as easy as modifying its welcome message to acknowledge the situation and pointing customers towards the relevant information. REVE Chat is an omnichannel customer communication platform that offers AI-powered chatbot, live chat, video chat, co-browsing, etc. Being a customer service adherent, her goal is to show that organizations can use customer experience as a competitive advantage and win customer loyalty.

Retail Dive reports chatbots will represent $11 billion in cost savings  —  and save 2.5 billion hours  —  for the retail, banking, and healthcare sectors combined by 2023. Conversational AI enhances interactions with those organizations and their customers, benefiting the bottom line through retention and greater lifetime value. NLP, short for Natural Language Processing, is a technology that allows machines to comprehend human language. It can interpret text or voice data by utilizing rules and advanced technologies such as ML (machine learning) and deep learning. NLP transforms unstructured text into a format that computers can understand and teaches them how to process language data. However, some chatbots leverage Conversational AI to communicate with buyers and customers.

Product Recommendations & E-commerce

With enhanced self-service options and multichannel capabilities, customers’ inquiries can be resolved with little or no involvement of a human service agent. This reduces the workload on company employees, giving them more time to give extensive service to customers with more complex problems. Energy and utility companies use conversational AI software to track and analyze customer interactions and gain insights into their demographics, behaviors, needs, preferences, and pain points. They can also gain insights into the public’s view of their products and services and the areas that need immediate improvements. Traditional chatbots often function on predefined workflows, where they understand only text inputs and commands. Conversational AI, on the other hand, understands even voice inputs, in addition to text inputs.

These characters can interact with users in real-time and respond to their queries in natural language. Conversational AI chatbots are also ideal for some devices, such as virtual assistants and voice-enabled devices, where they can provide users with hands-free, only voice commands, a user can perform such tasks as set reminders, control smart home devices, conduct research, and even initiate online purchases, making daily life more convenient and efficient. In ecommerce, many online retailers are using chatbots to assist customers with their shopping experience.

Improve Understanding of Customers

As mentioned earlier, conversational AI uses NLP and NLU to understand the context and respond accordingly. In customer service, the ability to resolve requests at a high rate and satisfaction level is critical. To understand intent better, machine learning (ML) models are trained on actual conversations. Upwork’s mighty team of 300 support agents handles over 600,000 tickets each year.

The rise of chatbots powered by Conversational AI has allowed sales teams to improve their efficiency and provide better customer experiences. Conversational AI can help sales team’s close deals more efficiently and effectively by automating specific sales tasks and providing personalised support. Conversational AI, including AI chatbots, can potentially transform how businesses operate. Although the most common application of Conversational AI is in customer service.. Businesses that initially adopt conversational AI for customer support may soon realise its benefits for other departments, and scale and expand to implement the technology in other areas such as Human Resources and Sales. The conversational AI differentiator key lies in its human-like interaction, made possible by NLP and machine learning.

Conversational analytics combines NLP and machine learning techniques to gather and analyze conversational data. This can include user queries, system responses, timestamps, user demographics (if available), etc. Customers looking for instant gratification will find it with conversational AI. There’s no waiting on hold—instead, they get an instant connection to the information or resources they need. Additionally, machine learning and NLP enable conversational AI applications to use customer questions or statements to personalize interactions, enhance customer engagement, and increase customer satisfaction.

When it comes to customer-facing channels, marketers are no behind in their marketing game with an AI application, AI helps a brand to connect with customers and market their products & services well. It also helps understand their customer’s needs & wants based on their behavior with the application. AI Chatbots and Voicebots have the ability to offer personalized and custom experiences to a particular user based on their previous interactions. Every touchpoint or channel that you are using has the potential to have a positive impact on your consumers, hence you need to focus on every possible aspect of delivering satisfactory customer experiences. Most of us have been through the pain of having to fill out a long questionnaire. Compared to asking customers to take the time to fill out forms and risking them not completing the action, a chatbot experience collects data seamlessly during a natural conversation.

Conversational AI is a type of artificial intelligence that enables humans to interact with computer applications the way we would with other humans. For businesses – Conversational AI unlocks many opportunities for businesses – from developing personal and customer assistance to workplace assistants. In this article, we have discussed about what is a key differentiator of conversational AI? The key differentiator of Conversational AI is the implementation of Natural Language Understanding and other human-loke behaviours. It would be great if you could add intelligence to your chatbot to feel like a human. Aisera delivers an AI Service Management (AISM) solution that leverages advanced Conversational AI and automation to provide an end-to-end Conversational AI Platform.

To offer an omnichannel experience, you must track all channels where customer interactions occur. Integrating an AI-powered omnichannel chatbot can help connect all these channels. This will significantly enhance your brand presence on all digital media and enable large-scale data synchronization. As artificial intelligence advances, more and more companies are adopting AI-based technologies in their operations. Customer services and management is one area where AI adoption is increasing daily.

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• This would free up business owners to deal with more complicated issues while the AI handles customer and user interactions.
• This intuitive technology enhances customer experiences by letting intent drive the communication naturally.
• New customers can reach out to you via text, voice, and touch from any media they prefer.
• This means that specific user queries have fixed answers and the messages will often be looped.
• As, we have already read that conversation of AI means that ability of the machines to interact or communicate with the machines and humans in the same way as we are talking is known as conversational AI.