What Is Conversational AI: Examples & How to Leverage It

You can also use conversational AI platforms to automate customer service or sales tasks, reducing the need for human employees. It can be integrated with a bot or a physical device to provide a more natural way for customers to interact with companies. From real estate healthcare bots, these apps are being implemented in a variety of industries. Conversational bots can provide information about a product or service, schedule appointments, or book reservations. While virtual agents cannot fully replace human agents, they can support businesses in maintaining a good overall customer experience at scale. In fact, by 2028, the global digital chatbot market is expected to reach over 100 billion U.S. dollars.

AI is constantly evolving—so the flexibility to pivot and quickly adapt must be built into your plans. In our CX Trends Report, we found that 68 percent of business leaders already have plans to increase their investments in AI. For example, if you already have a messenger app on your site, you can build a chatbot that can integrate with it instead of developing a similar tool from scratch. Remember to think ahead and consider the scalability of your infrastructure as you develop your strategy. These five benefits top the list of what conversational AI can do for your business. Every transaction starts with a conversation—and today, those conversations take place through technology.

Methods to Blend AI and Human Agents in Your Contact Center

The voice assistant on your device is an example of a conversational AI platform used for personal purposes. At the same time, there are chatbots and company VAs that serve to smooth out the customer journey and facilitate business processes. Customers nowadays seek 24/7 support from companies, but maintaining a whole customer service department that operates around the clock is quite costly, especially for smaller businesses. While conversational AI can’t entirely substitute human agents, it can take care of most of the basic interactions, helping companies reduce the cost of hiring and training a large workforce.

With your MVP in place, you should be able to gauge how well your Conversational AI model is working, and what improvements need to be made. If you want to offer a greater level of personalization, you must integrate your bot to different databases. A good VA bot drives the conversation by intelligently leveraging AI and automation to suggest the next best course of action for users. Just like you would teach a new employee to communicate with clients in a certain way and tone, you need to do the same for your assistant.

Applications of Conversational AI

From mimicking human interactions to making the customer and employee journey hassle-free — it’s essential first to understand the nuances of conversational AI. A caller could call in with a simple question, like wanting to check their balance; the voice menu alone could help with that. But financial services is more than just banking—what if the caller has questions about specific investments, retirement planning, or insurance? The AI could understand their question, identify the agent with the best skills to help with that topic, and forward the call to that agent.

Communicate with your customers at all stages of the sales funnel and help them become more informed about your products and services. Interacting with a chatbot when this person is viewing your products and services on your website is an exceptional time to grab their attention. “By 2025, customer service organizations that embed AI in their multichannel customer engagement platform will elevate operational efficiency by 25%” (Gartner). As more and more users now expect, prefer, and demand conversational self-service experiences, it is crucial for businesses to leverage conversational AI to survive and thrive within the market. Chatbots will inevitably fall short of answering certain more complex tasks, or unexpected queries. Providing an alternative channel of communication, including a smooth handover to a human representative, will preempt user frustration.

This current model of the contact center does not use technology to its full potential, and instead results in robotic, disjointed experiences for customers. Although the technology may be advanced enough to have a conversational experience with a customer, it is only used to direct customers to a human agent. Therefore, even if the Conversational AI automation can handle enough traffic, the scalability is limited to the amount of human agents. In fact, in a Q Sprout pulse survey of 255 social marketers, 82% of marketers who have integrated AI and ML into their workflow have already achieved positive results.

• Conversational AI is used in numerous software, like chatbots, virtual agents, and voice-enabled devices like smart speakers.
• The key differentiator of conversational AI is the NLU and NLP model you use and how well the AI is trained to understand the intent and utterances for different use cases.
• Conversational AI is transforming the healthcare industry by improving patient care and streamlining administrative processes.
• In an organization, the knowledge base is unique to the company, and the business’ conversational AI software learns from each interaction and adds the new information collected to the knowledge base.
• This system can be used to handle customer support inquiries, answer questions, and carry out other tasks that would traditionally require human interaction.

Read more about https://www.metadialog.com/ here.