The Future of Chatbots

In this article we’ll cover the future of chatbots, market maturity and the future of customer experience through digital transformation.

Maturing Chatbot Market

The chatbot market is rapidly maturing. It’s frequently no longer a series of individual projects, haphazardly put together, but a measured and controlled strategic approach that enable scalability across languages, channels and the enterprise itself.

In the coming years, it’s expected that customers will manage the majority of their relationship with an enterprise without interacting with a human and that millions of consumers will use voice-enabled conversational AI to purchase on digital commerce platforms.

While many enterprises are starting to widen the scope of their conversational AI strategy with chatbot applications, most of these bots are siloed and unable to share information.

In the coming months expect to see enterprises planning for an intranet of conversational AI applications that can work together seamlessly, sharing information. Intelligent routing will allow for the handover process between apps to occur in several different ways including the ability for a master application or super-bot to deliver it themselves and the ability to prioritize the order in which knowledge resources are delivered.

Digital business has moved from an experiment to mainstream.

Digital initiatives topped the list of priorities for CIOs in 2019, with 33% of businesses now in the scaling or refining stages of digital maturity — up from 17% in 2018.

As businesses look to scale, they focus on three areas to support customer engagement:

• Volume: ability to handle demand volatility and peak demand cost-effectively
• Scope: ability to reliably support a wide range of products and services
• Agility: ability to quickly respond to changes across channels when consumer tastes change

As enterprises continue to digitally mature, the conversational AI landscape continues to mature as well. In this video, we take a look at 5 major trends that are currently being seen in the market.

https://www.youtube.com/watch?v=-2gsbwOWBFs

Enhanced Chatbot Customer Experience

Chatbots have yet to reach their full potential, and will ultimately lead to higher customer engagement levels, where the importance in how businesses and consumers interact online becomes more important.

As chatbots develop and become more sophisticated, they will not only generate significant value in both consumer and enterprise settings but will help to transform various aspects of communication.

Future chatbots will become better equipped to handle proactive engagements, where they’re able to predict an incident and report a ticket – therefore resolving future issues before they arise, both reducing costs and optimizing support channels. They will be able to not only respond to answer your questions, but will be able to talk, think and develop emotional relationships with customers.

Chatbot NLP and ML will Become More Powerful

Chatbots will be able to understand and answer a higher average percentage of questions without human intervention, both more precisely and at speed, leading to higher average Happiness Index and Net Promoter Scores.

As the market matures, 40% of chatbot/virtual assistant applications launched in 2018 will have been abandoned by 2020. The platforms that remain will gain momentum and further develop second generation use cases, which will bring further awareness to the advanced ability some companies provide.

Providers will gravitate towards niche markets that provide the greatest cost savings, having the ability to more rapidly provide working solutions with pre-built industry knowledge packages, reducing time of deployment and enhancing personalization.

Chatbots will continue to be enhanced through machine learning data, where every industry will become more efficient in the collaboration between its chatbots and human employees.

A true conversational experience happens when a chatbot listens to inputs from a customer and understands them. Chatbots will become more intelligent and goal-oriented, where they will be able to learn about customers in real time as they communicate, which will provide a competitive advantage in delivering enhanced experiences.

The developments in natural language processing and machine learning will supply chatbots with sophisticated algorithms that will enable them to provide customers with more unique and personalized experiences, creating more authentic relationships with a given target audience.

Digital Transformation

Digital transformation refers to the process of integrating technology into business processes thereby changing customer experiences by providing more value and changing how companies operate – it’s the recreation of business in the digital age.

Digital transformation has been a topic of discussion for years for many enterprises, however 2020 is a crucial time for leaders to plan for and implement digital transformation strategies company-wide.

As AI technologies continue to grow in strength, so too does the attention that surrounds it. Today many companies are experimenting with AI and early results are promising.

According to Deloitte’s 2018 State of AI in the Enterprise survey, 82% of early adopters report a positive return on AI investments.

In 2020, AI will continue to be the most popular trend in delivering personalized experiences in real-time. Building AI at scale that can handle personalized experiences is one of the top priorities for companies across the world.

In order to keep up in a technologically evolving environment, businesses must adapt.

Visit artificial-solutions.com/chatbots to read the full Chatbots Guide for 2020