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A Real Solution Translates into Real Results
Though first introduced in the 1960s, it was not really until 2010 that the concept of chatbots entered public consciousness, and then it was overhyped promises followed by disappointment and disillusionment.
However, the last decade has seen a veritable artificial intelligence revolution in the tech world, where developments in natural language processing and machine learning have raised chatbot comprehension and communication levels to unimagined heights. These advancements justify the term artificial intelligence, and the addition of sentiment analysis, whereby chatbots are able to recognize and classify language as positive, negative, or neutral, means that it is possible to create a chatbot that is both artificially and emotionally intelligent. Even the vivid imaginations of Jules Verne, H.G.Wells and Isaac Asimov could not envision the current capabilities of AI.
Companies understand the potential, want a competitive edge
Though still in a nascent phase, chatbot technology is already having a powerful impact on profit margins. Writing in Forbes magazine, Parmy Olson presents the results of Juniper Research, a British market intelligence company, which has found that “healthcare companies and banks who use chatbots to deal with customer queries can save around four minutes, or more than 50 cents per inquiry.” In today’s cutthroat business environment, this could be the difference between boom or bust.
Supporting this research is the experience of Helvetia, a Swiss insurance company which turned a pre-tax profit of $1 billion in 2017, Olson reports. The company attributes its tremendous success to the increased conversion rate it achieved through the deployment of bots, which chatted to customers via text messages.
Olson also cites Alex Weidauer, the founder of Rasa, an open-source conversational AI platform, who claims that “Ergo, a division of German insurance giant Munich Re,
has been using Rasa’s chatbot technology to automate around 30% of its customer service inquires and save money.”
A December 2017 article in The Economist demonstrates clearly the growth of artificial intelligence in only a few short years, reporting “The West’s largest tech firms, including Alphabet (Google’s parent), Amazon, Apple, Facebook, IBM and Microsoft are investing huge sums to develop their AI capabilities, as are their counterparts in China. Although it is difficult to separate tech firms’ investments in AI from other kinds, so far in 2017 companies globally have completed around $21.3bn in mergers and acquisitions related to AI, according to PitchBook, a data provider, or around 26 times more than in 2015.”
The question is not if AI becomes the ultimate driving force of customer service, but when?
The progress in artificial and emotional intelligence is not just a quest to push the boundaries of imagination and technology, it is an urgent attempt to meet the needs of modern society and excel in a world where competition is unrelenting.
According to Bain & Company, “Businesses that deliver better customer experiences obtain revenues between 4% and 8% above their market.” It is imperative to provide elevated, incomparable service, as this aspect, not price or even product, is becoming more and more the decisive factor for customers in choosing one business over another. Accenture points out that “$1.6 trillion is lost by companies in the United States due to customers switching as a result of poor customer service.” ThinkJar’s research indicates that “55% of customers are willing to spend more money with a company that guarantees them a satisfying experience.” The old adage of consumers voting with their wallets serves as sage advice when designing an online business strategy.
The Need for Speed
Our constantly evolving world means that an integral part of customer service is the speed of response time and immediate, expeditious support, especially among millennials. Indeed, Forrester reports “Generation Z wants customer experiences that integrate with technology, offering not only personalized attention but
interactions that are instantaneous and entertaining according to customer service statistics.” This point is reinforced by Salesforce’s analysis, which illustrates that “64% of customers want to shop with companies which can meet their needs in real-time.” For businesses that do not heed this advice, Salesforce also points out that “70% of customers report that technology makes it simple to take their business to a competitor if need be”.
For businesses seeking to rise above their competitors and offer their customers world-class, immediate solutions, Ailleron’s conversational AI chatbot offers a new way forward.
Your future digital triumphs begin today.
Sources:
[1] https://www.economist.com/business/2017/12/07/google-leads-in-the-race-to-dominate-artificial-intelligence
[2] https://www.forbes.com/sites/parmyolson/2018/07/27/google-microsoft-and-startups-are-going-to-war-on-chatbot-technology/#2d6eda861b67
[3] https://www.qminder.com/customer-service-statistics/
