What is the Key Differentiator of Conversational AI?

CIOs know that Digital Transformation goes beyond technological innovation and is more a structural transformation of an entire company, its positioning, organizational models and internal processes. In the end, however, a proper digital transformation will convert a business from doing digital to reaching maturity and being digital. The CIO must be able to justify why and how every technological piece contributes to a company’s objectives and show how this innovation provides a positive ROI.

• Conversational artificial intelligence enables a natural exchange — much like talking to a customer service rep — that helps time-strapped customers get the information they need quickly and with minimal frustration.
• “Conversation is the only interface everyone already knows how to use,” says Alex Halper, Conversational AI COO at Deloitte.
• Gartner has predicted that by 2025, 50% of knowledge workers will use a IVA – up from 2% in 2019.
• Not all businesses operate in the same way, and not all industries need to deploy the same digital technologies.
• Companies possess the ability to deliver personalized and automated experiences to their customers in real-time.
• Airline carriers, retailers, healthcare providers, and financial institutions are just a few examples of sectors that use conversational AI to help resolve consumer problems and automate customer support.

Companies have adapted their business priorities and invested in technology. 89% have adopted a digital-first business strategy that can lead to digital transformation or plan to do so, and 60% of those companies that have undergone a digital transformation have created new business models. In contrast to other industrial advances that are focused on production, many definitions of digital transformation highlight the importance of customers.

Break language barriers

CIOs know that IT-related problems can be costly to an organization’s reputation. They must subsequently carry out numerous assessments to manage risk across the whole enterprise. When possible, the CIO must focus on reducing regulatory compliance costs through automation and process upgrades and how to justify these decisions with positive return on investments.

By diving into this information, you have the option to better understand how your market responds to your product or service. A virtual agent can decipher and respond in different languages, removing the language barrier from your customer journey and expanding your potential demographics without a translator or international support teams. Virtual agents also are more efficient, cost-effective, and can be used in a multi-channel approach with a variety of platforms.

Step 4: Monitor and improve

The power of conversational AI platform enables businesses to be straightforward with the users, facilitating a direct pipeline to address issues and reach end goals. According to research published on HubSpot, 82% of consumers look for an immediate response from brands on marketing or sales questions. The basic mantra of customer engagement is to engage with the right audience at the right time, prompting them to make a favorable decision. Having said that, you must be available to the users at any given point throughout the customer’s lifecycle. Chatbots reduce customer service costs by limiting phone calls, duration of them, and reduction of hire labor. NLU makes computers smart enough to have conversations and develop AI programs that work as efficient customer service staff.

You can also use this data to further fine-tune your chatbot by changing its messages or adding new intents. This solution is becoming more and more sophisticated which means that, in the future, AI will be able to fully take over customer service conversations. Implementing AI technology in call centers or customer support departments can be very beneficial. This would free up business owners to deal with more complicated issues while the AI handles customer and user interactions.

Why is Conversational AI Great For Engaging Customers?

This also included the first e-mails to replace conventional letters, and operating systems like MS-DOS and Windows 1.0 and its future rival, Apple. In 1956, United Airlines used IBMs new 350 Disk Storage Unit on their extensive reservations systems, and processing 84,000 daily phone calls and storing flight reservations. It was in the early 1950s, however, when computers were first used for business purposes. General Electric’s Major Appliance Division plant installed the UNIVAC I computer to process payrolls and manufacturing control programs. Companies willing to boost their in-house digital talent will need to customize their learning programs.

It is these association with traditional technology that gives weight to the CDO position. With crisis like Covid-19 bringing difficulties to work from the office, digital technology and improved collaboration tools has facilitated remote-work. Additionally, enhancements in ERP and CRM allows employees to view processes and make better informed decisions, boosting morale and productivity. Digital technologies allow more information to be available to understand why techniques are effective. With this, companies can provide a better and more consistent experience that meets customer requirements. Speed, personalization, 24/7 availability and seamless omnichannel journeys are all factors that improve engagement and condition a customer’s loyalty.

Transforming Customer Communication and Outreach

Netflix does something similar with its personalized recommendation system to make sure the right titles get presented to each member at the right time. Their analysis of customer habits and the titles they have watched means that Netflix go as far as presenting different posters depending on the genres, actors and previous films Conversational AI Key Differentiator each user has seen in the past. A report from Deloitte found that 57% of CIOs ranked customers as the top business priority, and this statistic has been rising. Digital transformation must encompass the entire C-suite and be part of a holistic strategy. It needs to sink deep into a company and its employees to be a success.

The most successful digital transformation strategy examples are always customized to each company’s specific needs. With the entire C-suite agreeing on the terms, CIOs can secure funding, understanding that it isn’t a one-off procurement, but a new flow in investments that will affect the entire organization. It is important to have a budget as soon as possible as it will help structure the digital transformation strategy. By understanding where a company is now, CIOs can look to the future and set digital goals and achievements that will serve as benchmarks and milestones in the digital transformation journey. Chatbots are being used to enhance customer support, not only providing information and personalized advice, but carrying out tasks like renewing policies, handling refunds and changing credit card limits. Banks have realized that sooner than later, human assistance may be reduced to a minimum in banking.

Company

There are multiple channels, always-on and oriented on making communication easier, more accessible and customer-focused. ©Expedia’s launch in 2001 would change the way consumers travelled, and Skype’s release in 2003 set a new standard for voice calls that shook the telecommunications industry. The Banking industry also witnessed the first impact of a digital disruptor. With Barclay’s Bank using the first Automated Teller Machine in the late 1960s in the UK, a vast and risky $100m investment by Citibank to install ATMs all over New York City a decade later paid dividends. With the assurance that at least two would always be working 24/7 across the city at any given time, a huge blizzard in 1978, that dumped over 17 inches of snow over the city resulted in banks being closed for days.

Physical branches are closing, and robots are proving to the job faster, 24/7 and in some cases with advanced conversational AI, they can offer a superior user experience. There has also been an acceleration in digital transformation in healthcare. For example, some radiologists are using AI deep learning to make a better diagnosis of chest X-rays. Telemedicine, moreover, has seen a sharp rise as doctors tend to patients remotely. So, as the new normality commences, the transformative leaders in the sector will shape and drive the “new normal” for this industry, producing changes from back-office outsourcing to the delivery of customer service and interaction. Furthermore, the different factors that give enterprises a competitive edge have also been altered.

• When customer service is automated, the level of personalization must remain high.
• Electronic health records, genetic screenings, pharma IoT, wearable monitoring devices, and even robotic surgery are innovative technological advances in medicine.
• This has further increased competition between businesses to provide additional value to their services to remain ahead of the market.
• Machine learning has revolutionized many industries in recent years and has become an integral technology in day-to-day life.
• The introduction in 1972 of the first all-electronical digital watch by Pulsar, with a full digital display, was one of the first of new digital products that would cause disruption in the market.
• New digital technologies are more than capricious tweaks and process improvements.

Adopting the latest innovations without identifying business benefits will not only be costly; it can also be counterproductive. Having digitalization as a business priority is beneficial to enterprises regardless of the results arrive, as digital-first companies are 64% more likely to achieve their business goals than their peers. Over the years digital transformation has been widely addressed and studied. However, many executives are still struggling to find a go-to-reference to help them orientate new digital opportunities and transform their enterprises.

• You don’t want to be left behind, so start building your conversational AI roadmap today.
• The use of ATMs, however, grew 20% and Citibank’s reputation was bolstered by this event in what was an innovative example of digital transformation in banking.
• Chatbots have made it easy for patients to book appointments for regular checkups, tests or consultation.
• 90% of jobs are seen to require digital skills in the future, and 60% of executives believethat digital transformation is the key growth driver in 2022 .
• Businesses can leverage the potential of Conversational AI by automating customer-facing touchpoints across social media platforms like Facebook, Twitter, and their websites/apps.
• NLU is a component of many business applications such as chatbots, virtual assistants, and voice bots.

They want to be able to control device, cars, mobiles, and wearables to access and manage online services and connected technologies. People want to use natural everyday language when they talk to technology, and they expect to get intelligent responses. Streebo’s software platform allows you to build conversational AI solutions which interprets what users are communicating in any language through voice, touch or gestures to communicate. Conversational Ai platform gives you the ability to add a natural language conversational dimension to technology.

The Covid-19 pandemic has served as an accelerator to many digital transformation policies that were already underway. 78% of consumers use mobile devices to connect with brands for customer service. Additionally, with customer expectations rising, companies must be able to provide quality services that are 24/7, cost effective, with omnichannel capabilities and with data storage to provide personalized offers. People want an experience over a variety of channels that are seamlessly connected, so that if they leave one channel they can pick up where they left and continue their journey on another channel. Businesses must cope with a wide range of customer interaction touchpoints whilst focusing on the entire customer journey. Companies with the strongest omnichannel experiences see the benefits, as they retain 89% of their customers on average, compared to 33% retention for companies with weak omnichannel customer experience.

With digital customer experience agents, you can keep an eye on journey visualization, revenue growth, and customer retention. Companies are increasingly adopting conversational Artificial Intelligence to offer a better customer experience. In fact, it is predicted that the global AI market value is expected to reach $267 billion by 2027. Allow your customers to get in touch with your business whenever and however they want, by building intelligent assistant capabilities across various channels like mobile, web, messaging channels, smart speakers, Telephony, etc. It also improves efficiency and reduces operational costs by solving customer queries instantly.