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Can Chatbots Add Benefit To The Business?

February, 2020
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Chatbots made it big across the global market with the power of artificial intelligence (AI). It gained momentum with the arrival of Facebook messenger. However, chatbots earned popularity due to the support it can provide and customer satisfaction it can guarantee with its performance. A chatbot powered by AI is an automated communication system that also acts as an assistant and can scale up the business, reduce the cost of operation, and enhance the overall capability of the process.

A chatbot induced through the company’s website can reach a broader customer base. According to industry experts, about 75 percent of internet users readily adopt chatbot facility. Apart from the Facebook messenger, which has over 1.2 billion monthly users, WhatsApp, Slack, and Skype have also become popular. This resulted in an increase in demand for virtual chatbots that can imitate human conversation. Starting from money transfer to fixing appointments or booking cab and flight, all can happen effortlessly using online chatbots. In fact, according to Gartner, about 85 percent of customer service interactions will be handled by a chatbot. Chatbots have become an important aspect of the business along with responding to customer queries; it also helps in collecting information on users to make an informed decision on business strategies.

Benefits it can bring

  1. The availability of chatbots 24/7 is the driving force behind its growing popularity. Live chat interactions enable customer satisfaction due to their reduced wait time and correct updated information.
  2. An AI-powered chatbot can handle multiple inquiries at the same time, which adds to its efficiency. According to research, humans can manage a maximum of four things at the same time while a chatbot can continuously handle innumerable queries flawlessly.
  3. Replacing the workforce by chatbots, enterprises are reducing the recurring cost. With just a one-time investment, organizations can reduce the cost of operation.
  4. A chatbot can heighten customer satisfaction through polite and professional conversation as programmed. Hence it serves as a comprehensive customer support for both travel and hospitality industry.
  5. It plays an important role in automation of simple and repetitive work. This way errors can be avoided for such mundane work. This not only increases productivity but also saves time.
  6. There has been an increasing trend of chatbots turning into personal assistants. Be it financial tips or advice on a planned trip, chatbots prove useful. It ensures undivided attention through personalized communication.

Conclusion

Chatbots can trigger a conversation and enhance the social experience of the user. With AI creating an impact upon the advancement of chatbots, it can improvise on its conversational skills and add value to the support function. Hence, chatbots can either be simple chatbot or smart/advanced chatbot. A simple chatbot is based on pre-defined conversation. While advanced chatbots can use neural networks to respond to complex queries. With more chatbots being adopted by different industry verticals, chatbots are becoming more advanced, and organizations are adopting it due to the benefit it ensures upon the business.

- Kathakali Basu
Content Writer
Infoholic Research