Unlock Business Potential with AI Chatbots: Key Benefits You Can't Ignore
AI chatbots – do you need them? Think about this: How long would your customer wait to get the answer to a query? How long would it take them to click a button and get to the next website where their question is answered immediately? Seconds is what it takes to lose a customer in today’s digital age. If that’s not the outcome you want, then yes, you need AI chatbots.
What is AI Chatbot?
An artificial intelligence chatbot is a software application that uses AI to stimulate human dialogue with users. These bots combine Machine Learning with Natural Language Processing. They differ from traditional chatbots, and their responses are not pre-programmed. AI chatbots are flexible and can adapt to users’ input over time. They can also generate an algorithm that will cater to users' needs.
AI-powered chatbots are most popular in the customer service industry. They perform functions such as replying to FAQs, offering product recommendations, and performing basic transactions. They are also frequently used to collect survey responses in the research industry.
Rise in AI Chatbot Adoption Across Various Industries
For customers, chatbots translate into faster responses, better customer service, and easier sales flow. Industries can leverage this to their benefit. AI chatbots can help lower costs, increase conversion rates, and boost sales cycles. From the e-commerce and real estate industries to the medical industry. AI-powered chatbots have managed to assist and automate various tasks.
Some industries where the benefits of AI chatbots are evident:
This is just scratching the surface when it comes to the benefits of AI chatbots in different industries.
What Are The Pros And Cons Of Implementing Chatbots?
As with any emerging technology, AI chatbots have their own set of pros and cons. Yet, when the pros and cons are recognized, they can be used to improve chatbot functioning.
Here is a list of the pros and cons of implementing chatbots within your organizational framework:
Pros –
Provide Around-The-Clock Customer Service
This is perhaps the biggest pro of implementing chatbots. Your chatbots will be available to customers 24/7. They can answer any question your client may have with unparalleled speed. This results in boosted customer satisfaction. Another reason why the chatbot’s 24/7 availability is beneficial is because it frees up human agents. When your employees are not performing mundane tasks, they can concentrate on more vital activities. This will, in turn, boost the productivity of the organization.
Provider Personalized Customer Experience
Everyone’s communication style is as unique as their fingerprints. This makes it important to provide appropriate and empathetic responses to each query. For instance, chatbots enable users to interpret informal language and regional dialects. They can also augment discussions with plugins like photos, carousels, and documents. They can also analyze speech patterns and discern the intent behind interactions. This gives the customer a more personalized experience with the chatbot. Thus, leading to further engagement with the company as a whole.
Gather Customer Insights
The key to corporate success is customer satisfaction. AI chatbots can learn your customers' preferences and likings. Through their FAQs and requests, you can learn all you need to know about your customers. AI chatbots can also lend a helping hand with strategic decision-making that is set to provide personalized service with each interaction.
Cons –
Have Less Understanding Of Natural Language
Research and efforts are being made to improve chatbots' ability to use natural language while communicating. Despite these efforts, machines aren’t quite there yet. Shortcut keys are often used to speed up answers and boost efficiency. This comes with a backlash of misinterpreted language, misspellings, and unintentional language tones that could be rude. However, with effective advancements, this problem will cease to exist.
Need Regular Maintenance from Time to Time
Chatbots require regular modifications, optimization, and maintenance to keep their knowledge base fresh and appropriate. This can become an additional workload for company owners. Chatbots must also be updated with fresh and pertinent data to provide the best possible responses to customer concerns and requests.?
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What Are the Benefits of Using AI Chatbots?
There are countless advantages to adopting AI chatbots. From reducing costs to driving sales, they can offer efficiency in various areas of business management. Some of these benefits are:
Enhancing Customer Service
An artificially intelligent Chatbot's primary advantage is improving customer service. These bots are designed to answer questions from clients, fix issues, and provide personalized assistance. By automating repetitive and mundane processes, they can further improve customer service by freeing up service agents to focus on more complex duties. Thus, improving the overall customer experience.
Cost-Effective
AI-powered chatbots are a brilliant solution for scaling customer support operations without raising any alarms of overhead costs. Unlike employees, chatbots don’t require salaries, benefits, or breaks. An online AI chatbot can have unlimited interactions with multiple customers simultaneously, making it a cost-efficient solution if you have limited resources.
Driving Sales and Lead Generation
AI powered chatbots also play a vital role in driving sales and lead generation. They are a perfect little salesman who maneuvers the customer through the website. First, they engage website visitors in real-time conversations and provide product recommendations. Then, they answer pre-sales inquiries and guide customers through the purchasing process.
Accessible Across Various Channels
Artificial Intelligence chatbots can be integrated and accessed through multiple communication channels. These include websites, mobile apps, social media pages, and messaging apps. Customers can engage with your organization through their preferred channel, providing flexibility and convenience. This also adds to the element of personalization that comes with AI powered chatbots. Customers feel as though the chatbot is built for their convenience.
Case Studies and Examples of AI Chatbots in Business
Let’s look at a few examples of AI chatbots in business around us.
4X Increase in Sales with Personalized Beauty Assistant
In 2016, the multinational beauty retailer Sephora introduced “Sephora Virtual Artist." This is an AI chatbot on Facebook Messenger and Kik. The customized AI-powered chatbot offers personalized makeup recommendations and beauty tips.?
Additionally, users can digitally test the product before buying it. Over the last six years, the results have shown a 4x increase in online sales!
Financial Assistant Surpasses 2 Billion Client Interactions
The whole process of visiting the bank for anything can be immensely tedious. Hoping to change this, Bank of America inaugurated “Erica,” a customized AI-powered virtual financial assistant available through their mobile banking app. Erica can help with various tasks, from checking balances and paying bills to tracking spending. Erica has helped over 42 million clients get answers to their questions, with 98% of them answered within 44 seconds! That speaks volumes for what it has done for customer satisfaction and loyalty.
MUSA Increases Operational Efficiency and Employee Support
Fingent’s AI-powered virtual assistant MUSA has proved to be a boon in supporting employee queries. MUSA (Multi Utility Smart Assistant) is integrated with Fingent’s internal employee management system and draws information from there to effectively answer HR and IT queries from employees. This has resulted in better work productivity and translates to better outcomes for clients.?
Yes to AI Chatbots!
As Artificial intelligence advances, businesses discover that adopting AI chatbots is a strategic necessity. The benefits of AI chatbots are manifold, and they have proven their mettle in improving the experience of both businesses and customers. Contrary to myths that AI chatbots are expensive and difficult to maintain, you can make AI work for your business. Experts at Fingent specialize in creating custom AI chatbots for clients from all industries. We have the tools and the expertise to make AI chatbots a worthwhile asset for you.?
Let’s chat and make it happen.
This content is originally published in https://www.fingent.com/blog/benefits-of-implementing-ai-chatbots-for-your-business/