How Chatbots Speak to Thee: Let Us Count the Ways
Although many business processes can benefit from automation, the range of benefits that Conversational AI can bring to an organization is unique. At the end of the day, quality customer service is the key to retention. A satisfied prospect or client doesn’t feel the same need to look elsewhere. Communication and availability are the caveat to so much of this relationship. Virtual voice agents and chatbots, ironically, can bring this relationship to life. Benefits range from cost reduction and improved customer satisfaction to sales lead conversion increases as high as 500% to 700%.
Conversational AI can open up a wealth of game-changing opportunities in call centers, on corporate websites, and in social media presences.
New Vistas for the Call Center
Conversational AI can invigorate the call center by reducing costs and making the call center an intelligence gatherer and revenue generator rather than the cost center it has been in the past.
Unlike human agents, conversational AI agents are available 24x7 and never take time off. Customers receive immediate help rather than waiting for customer reps to be available. Conversational AI agents can supplement human agents or free them to perform higher-value tasks.
Training new human agents can be costly. Conversational AI agents can handle routine tasks such as providing product information, prices, and current specials, and can serve hundreds or thousands of customers at the same time with no wait time. For holidays, product launches, and promotions, companies can easily scale their conversational AI automation at little cost..
Because Conversational AI agents can be trained to speak any language, multi-language support can be made available round the clock, across all geographies and time zones, at scale, at far lower cost than would be required to employ geographically dispersed units of multilingual human agents.
Erasing the Bot Stigma
Through natural language understanding (NLU) and machine learning (ML), Conversational AI has become just that, a conversation. Businesses can say goodbye to the dial in menu and allow end users to simply speak. Key word recognition becomes as seamless as speaking to a live agent.
The bot can also allow for a more satisfying handoff to a human agent. Imagine the bot handing off your shared information to the agent to avoid the wasted time of repetition. Workflows can be created that allow for access to necessary files, documents and data, all provided to the live agent without losing a beat.
Conversational AI is not just a solution for the enterprise. Even smaller volume call centers can share in the benefits, creating a scalable solution for growth. In addition, putting a quality Conversational AI platform in place does not have to break the bank. Expenses too can scale with the effort.
As Juniper Research reported, chatbots will be responsible for saving businesses more than $8 billion annually by 2022, up from $20 million in 2017.
In the banking industry alone, Juniper Research found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023.
As Forbes reported, surveys showed that business leaders saved an average of $300,000 from their chatbots, with the greatest impact occurring across support and sales teams.
Intelligence Boosts Revenues
Besides speeding up response times and increasing customer satisfaction, businesses reported that chatbots increased sales by an average of 67%.
Conversational AI agents have the ability to gather customer intelligence, personalize customer information, and apply the personalized information in customer engagements.
Intelligence gathered via chatbot engagement with customers can help businesses better understand and meet their customers’ needs, as well as reveal new product and revenue opportunities.
Conversational AI also gives businesses the opportunity to create new revenue streams by deploying customer service bots within social media messaging applications.
Customer Experience Is Key
As PwC reports, “Give customers a great experience, and they’ll buy more, be more loyal, and share their experience with friends.”
Conversational AI is a way to provide experiences that will attract and retain customers. Chatbots can provide consistently helpful information, recommendations, and advice, and can be programmed with engaging personalities that make interacting with the chatbot enjoyable for customers.
Customers increasingly are performing searches themselves, and many customers prefer self-service to phone calls and emails. AI chatbots can be engaged immediately through text messaging or speech.
Studies show that it is cheaper and more profitable to retain customers than to find and convert new customers. By increasing customer satisfaction, conversational AI can reduce churn rates and increase profitability through ongoing customer engagement, loyalty, and sales.
Why Roth Automation for Conversational AI?
Roth Automation is partnering with Cognigy to build call center solutions based on Cognigy’s world-class conversational AI platform. Cognigy solutions help businesses leverage the power of conversational AI for customer service automation that can cut contact center costs by 50% and more. With decades of automation experience, Roth Automation’s consultants and engineers will work with you to identify the best opportunities and deploy the most effective conversational AI solutions. To learn how your business can reap the benefits of conversational AI, and speak to one of our experts, click below.