Chatbots Becoming an Integral Part of All Businesses

access_time January 12, 2019
by   TechmavenitAdmin
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When chatbots were initially introduced several years ago, users marveled at the advances in technology and the manner in which this artificial intelligence bot was able to perform functions as done by a human being. With the passage of time, more and more technology advancements were made in the field of artificial intelligence and machine learning, leading to the development of more sophisticated and complex bots able to perform more complex functions. A chatbot as we know is a computer program designed to simulate conversation with human users over the internet using machine learning to mimic human conversation and react to spoken or written prompts to deliver a service. Bots presently have made their presence felt across various sectors including banking and finance, healthcare, sales and marketing, insurance, service sectors etc. Let us now go through the reasons why chatbots occupy such a favored position and what makes it an integral part of enterprises cutting across various sectors. Chatbots offer more privacy and easy to interact with We are presently witnessing a downward trend in the demand for apps including even the social media apps, as people want their interactions to be more personal. Chatbots on the other hand, offer more privacy and are easier to interact with. While they may not entirely replace mobile applications, they do offer its users a very engaging, private and interactive experience. Use of conversational technology Chatbots are one of the many platforms of conversational technology. Surveys have revealed that customers would prefer to purchase from sellers who converse with them and help clear their doubts. In sectors such as e commerce, banking and healthcare, use of conversational technology through the use of chatbots, will help business gain competitive advantage over those that do not employ such technology. Customers prefer to transact business with someone with whom they can converse directly. Cost – effective & productivity increase Businesses derive large cost benefits through the use of chatbots. A recent study by Juniper Research has revealed that chatbots will save over $8 billion per annum by 2022. Chatbots are able to replace employees who are engaged in doing repetitive and mundane jobs and relocate them to jobs that involve more innovative, important tasks and thus improve work efficiency and bring about productivity increases for companies. Able to engage with larger number of customers Unlike the customer executives in an organization, chatbots being automated solutions, can handle multiple customers at the same time. Customer executives generally find it difficult to handle more than 2 to 3 customers as it necessitates the need to manage multiple chat windows simultaneously. The services of chatbots, besides, are available 24×7, which is not possible with customer executives who work as per fixed time schedules. Helping in the right product – choice For customers intending to make online purchases, deciding upon the right product from among a large number may pose a few problems. This happens when a new product is launched in the market or when the product is an expensive one. It is here that the presence of the chatbot will prove immensely beneficial. Customers can get clarifications on any product and chatbots will recommend products based on a customers’ likes and preferences after analyzing data available with it. With such product knowledge being conveyed, customers can the make an informed decision and choose the product suggested by the bot. With further technological development in the field of artificial intelligence and machine learning, more advanced bots will make their presence felt. Bots will become an indispensable part of every business in the immediate future.

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