Learn How Industries Are Benefiting from Conversational AI

People often think that conversational AI is just designing AI chatbots that are used to enhance customer experience. India is leading the way with its innovation and usage.?

Why is Conversational AI Important in Business?

While conversational AI chatbots are one of the best innovations of the 21st century, conversational AI has a much larger significance when it comes to doing business.

Instant Response Rate

Probably the biggest advantage of having a conversational chatbot or any other automated AI solution is the instant response rate. For customers of the business, quick response time is a sign of care. And this can mean increasing the probability of lead conversion by 7 times!

Inclination towards Chat

Consumer behavior trends suggest that customers prefer chatting to customer service rather than spending time over a call trying to explain a situation. No wonder almost all businesses across the world have an AI chatbot or are at least thinking of getting one.?

It is Conversational!

That is the whole purpose of leveraging Artificial Intelligence. Conversational AI chatbots are great engagement tools that can drive tenacity and in the long-run, business growth.?

Infinite Scalability Potential

AI chatbots, unlike manual chat services, can handle a huge volume of queries at a time. A simple spike in the volume of user queries could spell disaster for a group of human agents. For chatbots, however, it is just another day at work!

Conversational AI Examples

Did you know? As per recent studies, 50% of our work can be automated by 2055. Imagine the kind of scale businesses can achieve by leveraging artificial intelligence to streamline processes!?

So, how does conversational AI work in businesses? Here are a few conversational AI examples that are working in favor of companies and industries -

• Intelligent Scheduling: With the help of conversational AI, you can easily schedule appointments, which saves businesses time and money. Customer experience is also enhanced with the help of a seamless interaction through AI chatbots.
• Executing Basic Business Transactions: Looking for automation in answering queries or connecting customers with relevant business agents? Try using a conversational AI chatbot that is sure to guarantee a consistent satisfaction rate from customers.?
• Recommending Products and Services: This is a boon for any business. Automation in business can leverage technology to generate insights into customer interests, buying trends, and preferences. Based on this, recommendations can be made to customers on relevant products and services in your business.
• Offering Efficient Customer Services: Slash your response time to minutes with the help of conversational chatbots like the ones offered by SwiftChat. A good customer experience goes a long way in converting leads into loyal customers.?

Conversational AI in Industries

The Conversational AI industry has experienced massive growth over the last 2 years thanks to more and more industries opting for automation to scale their businesses.?

Conversational AI in Healthcare

The healthcare industry has welcomed Artificial Intelligence and automation with open arms. There is clear evidence to support that this can help reduce costs and enhance the patient experience. Conversational AI can help in the following aspects of the healthcare industry -

• Diagnosing medical conditions.
• Patient appointment scheduling.
• Cognitive Behavioral Therapy (CBT) uses National Language Programming.
• Continuous support and availability in therapy.
• Emotional counseling with the help of conversational AI chatbots.
• Virtual assistant for patients and caregivers.
• Data gathering and consolidation.

Conversational AI in the Internet of Things (IoT) Devices

Everyone is now familiar with Alexa and Siri - two great examples of conversational AI in IoT devices. The former uses speech recognition to decode data and interact with users. It is a revolutionary innovation designed to bridge the gap between human and non-human interfaces. A few examples include,

• Google Home or Amazon Alexa to control home appliances.
• Food delivery apps or apps to order groceries.
• Remote control of switching on (or off) home appliances from anywhere.?

Conversational AI in Retail

A rising trend in retail industries, conversational AI uses API integration to,

• Recommend products and services.
• Generate insights on consumer behavior.
• Scale conversations across different channels like emails to the web or social media.
• Improve customer engagement.
• Track inventory.

Conversational AI in Human Resources

From recruitments to performance management, conversational AI examples can be found in plenty in many HR processes. The most popular uses of a conversational chatbot in HR include,

• Recruitments and filtering CVs.?
• Onboarding of new employees, reducing the dependence on human interventions.
• Documenting all employee and policy-related data automatically.
• Monitoring of performance.
• Administrative monitoring of tasks like leave tracking, holidays, reimbursement filing, etc.

Conversational AI in Banking & Finance

For financial institutions to stay in the game, they must digitize customer experience through conversational AI. User cases in this industry include,?

• AI chatbots assist customers virtually.
• Prevention of scams and frauds by detecting keywords to raise an alarm.
• Consolidating transaction history to provide banks and customers with a summary.
• Detect behavioral anomalies which may be indicative of fraudulent activities.?

Artificial intelligence is continuing to revolutionize the way we interact with technology. And conversational AI is one of the most significant recent developments in this area. It enables machines to understand and respond to human language in a way that makes real conversations possible.?

Some may argue that conversational AI is still in its early stages, but it is creating a dent in many industries. In the future, conversational AI is likely to become even more widespread, transforming the way we interact with technology on a daily basis.