For five minutes, just visualize the technology developments millions of years ago. To be honest, millions of years may have passed before your human ancestors invented the fire. Then another era may have passed before the wheel was invented. But it was the Industrial Revolution which paved the way for many technology innovations. It was two centuries afterward that the computers were found. And then started the beginning of technological innovation at a fast pace. In this article, let us see how are chatbots changing business sectors.
Since 2016 (called as the year of apps), technology innovations are happening every second. And the greatest advantage, every innovation is designed for the benefit of customer (you). In recent times, other than artificial intelligence, machine learning, cloud computing are chatbots which have made a grand entry into your human life. Even companies have opted for chatbot service because these software applications can give 24/7 support, and can use tools and applications in the same way as humans. Within two years, business experts expect a 150 percent increase in the usage of chatbots in every industry.
First, let us discuss what is a chatbot?
In short, a chatbot is best described as a computer program which can give apt responses to a question or engage in conversation with a human. There are many chatbots who can even respond to text messages.
Working of Chatbots
One of the many first examples of the chatbot was the program known as Eliza. The other chatbots gave the required information to the customers, such as weather reports. For example – SmarterChild. In recent times, designers have installed more technical features in chatbots to not only understand the questions of people but also provide an apt response. Software engineers can incorporate the chatbot application in your existing program or they can also make an individual standalone app such as Cortana or Siri.
Let us imagine, you are the owner of a home improvement company which offers laptop repair in the State capital of Maharashtra. To enlarge the customer base of your company, you have enrolled as a key vendor for a home appliance company which offers laptop repair service in Mumbai. For your laptop repair company in the city, you have installed Chabot in the customer care service. When a customer asks a query, the installed chatbot will search the database for keywords/phrases. Then it will respond by putting together a combination of words to change to sentences.
In your case, it is only a simple chatbot. It can answer only predefined questions and cannot answer complex ones. So, if the customer is too rude, then the call or chat may get routed to a human customer care executive.
Now let us focus on how are chatbots changing business sectors?
With artificial intelligence and machine learning making a grand entry to technology, the chatbot industry is growing by leaps and bounds. Now developers are making use of natural language processing coupled with AI to design chatbots. These software applications do not need the assistance of a human and can learn by themselves from every human interaction.
In recent times, developers have built chatbots for specific industries. Now, that applies to B2C and B2B companies. Chatbots have promoted to changes in business growth. How? Let us find out.
A. Call Centre Support
By interacting with a chatbot, you can change passwords, schedule an appointment, ask for the account balance. But kindly note, these actions can be done with text or voice messages. Also, you feel that the person at the other end is a human, whereas it is a chatbot.
So, chatbots can deliver relevant information in a fast way and enhance the experience of customers. The customers do not have to wait, placing the mobile in the ear for more than a minute. This aspect helps the company retain existing loyal customers and gain new ones.
Because of chatbots, customers can get an instant response regarding simple questions.
In customer care service, there are some questions which get asked again and again. Naturally, a human will go into depression by giving the same answers. But a chatbot can do the same manual task again and again because it has been designed.
While handling the complaint of a customer, the chatbot can also pitch with advertisements regarding a new product or service and generate sales for the company.
Chatbots have in fact reduced calls and email volume of companies.
B. Enterprise Support
Chatbots have stepped in to back end processes of a company. They are helping a new employee get onboard by making him/her do the formalities. Plus, they also help manage healthy customer relationships. It can help an executive notice specific customer frustration quickly and ask him/her to call or text the customer.
C. Personal Assistants
Have you heard of Siri, Alexa, or Google Home? Okay, we also forgot about Amazon Echo. All these apps make use of chatbots to order groceries or food online. They can also make the chatbot book an online flight ticket.
D. Chatbot Platforms
How is the chatbot industry going to develop in the future? In the present time, chatbots are evolving into messaging platforms. Take, for example, Facebook, Apple, and Google. These companies have changed their apps to chatbot platforms.
E. Education Sector
The activities of chatbots in the education sector are many. They can answer the queries of students and even give scores. And AI chatbots have even stepped into the virtual education sector. For example, you work as an operations supervisor for a company dealing with AC repair in Hyderabad. You are also a partner with start-ups dealing with AC repair and services in Hyderabad. Now, to move higher up the career ladder, you have enrolled in a virtual learning course.
You have to log in to a web portal every day and then hear the session conducted by instructors. If you have queries or doubts, you can ask in the forum. Every question will get the perfect answer. But do you know, the answer is given by a chatbot? Many international educational institutions are using chatbots to handle virtual learning courses.
So, mentioned in this article of how chatbots are changing business sectors, we have touched only four types. Do you want to stay updated? Visiting our website is free. You are always welcome.