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Artificial Intelligence (AI) is one of the next big steps in technology to achieve operational optimization. It refers to the programming of machines to simulate human intelligence. These machines are programmed to think and mimic action as humans do.
One of the earliest known significant feats of AI can be traced back to 1997 when Deep Blue, a computer built by IBM, beat the then World Champion, Russian grandmaster Gary Kasparov in a chess game. AI has come a long way since then and has evolved to serve multiple functions. In this article, we will talk about what is conversational AI and the benefits that come from using it.
What is Conversational AI?
Technologies like chatbots or virtual agents that users can use to talk to are called conversational artificial intelligence (AI). A large volume of data, machine learning, and natural language processing is used by them to imitate human interactions, speech recognition and text inputs, and translation across various languages.
According to BlueWeave Consulting, the conversational AI market in 2021 was worth USD 6.9 billion and is estimated to grow at a compound annual growth rate (CAGR) of 23.4%, bringing in revenue of around USD 29.9 billion by the end of 2028, a testament to the fact that conversational AI will indeed play a vital role in all major industries in the coming years.
Benefits of Conversational AI
Conversational Ai is a cost-effective solution for many businesses and organizations. The following are examples of the benefits of using conversational AI.
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Cost Efficiency
Hiring employees to fill a customer service department can be very expensive, especially when answering questions outside of regular office hours. Conversational AI that provides customer assistance can save businesses costs in salaries and training. This is especially true for small to medium-sized companies. Chatbots and virtual assistants attract potential customers due to their 24-hour availability.
Human conversations may result in inconsistent responses to potential customers. Conversational AIs can change that by bringing consistency and comprehension across various cases for a business. This can lead to creating continuity with customer experience enabling human resources free to tackle complex programs.
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Increased Sales and Customer Engagement
As customers adopt mobile devices into their daily lives, it has become important for businesses to provide real-time information to their end-users. The greater accessibility of conversational AI tools over human workforces makes it easier for customers to frequently engage with brands. This has allowed customers to avoid long waits at call centers and improved their overall experience. This growth in customer satisfaction increases customer loyalty toward companies.
Conversational AI is also capable of providing chatbots with the ability to make personalized recommendations for end-users. This can help businesses to cross-sell products that customers may not have considered initially.
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Scalability
Adding infrastructure support to conversational AI is both cheaper and faster than the hiring and onboarding process, making it very scalable. This becomes a significant advantage when products expand to newer geographies or when there are unexpected short-term spikes in demand, like during holiday seasons.
Why Choose Intone for Your Conversational AI Needs?
BlueWeave reported that in 2021, North America dominated the conversational AI market. The growing focus on enhanced customer support services and leading service providers such as Microsoft, IBM, Oracle, Google, etc. crucially drove this market growth. It also predicted that the Asia-Pacific region is projected to witness the highest CAGR potentially becoming a huge market.
Nearly every industry in the future is going to adopt conversational AI integrally into its operations. Now that we have cleared your doubts about what is conversational AI, it only makes sense that you invest in the technology and stay ahead of the curve. Intone is a pioneer in providing conversational AI solutions. We offer,
- We provide our services for the insurance and healthcare sectors through Intone’s Insuretech and Intones HealthAI.
- InsureTech enables faster claim processing and easier policy cancellation.
- Ensure adherence to the latest compliance standards with RPA.
- Automate data collection from internal and external sites and enhance underwriting.
- Greater data security with a minimum of 256-bit encryption at transmission and rest.
- Improved accuracy of financial analysis and forecasts with financial process automation.
- Intones HealthAI powered by EnterpriseBot offers an increase of 30-40% in output and an overall scaleup in the hospital workforce and care delivery.
- Organizations have witnessed up to 50% reduction in operational costs upon deploying HealthAI.
- HealthAI comes with 90%+ EHR, ensuring accurate inpatient records and enabling you to predict and treat diseases better.
- HealthAI can easily be integrated into core platforms like Salesforce and EPIC
- HealthAI is also available across all channels – websites, in-app, SMS, iMessage, Whatsapp, Facebook, etc.
Check out how Intone can help you streamline your manual business process with Robotic Process Automation solutions.