The success of a business heavily depends on its customer relationship strategy. If an enterprise needs to be successful in 2021, it will make zero compromises on the client experience. No lower than ultra-high level is acceptable. Moreover, the evident change preceded by dynamic technologies also influences customer loyalty.
Businesses must adapt to the trends of AI, natural language processing, intelligent chatbot, and Machine learning. The customer care department also needs intelligent automation, as other departments do. Businesses now have realized this and started incorporating intelligent automation in their daily operations.
Before diving into the details of how Artificial Intelligence services can add value to chatbot services, let us take a look at the history of chatbots.
Shockingly the history dates back to the 1960s. MIT professor Joseph Weizenbaum invented the first-ever chatbot and named it ELIZA. It could answer some simple tree decision questions. It recognized the keywords or phrases from inputs and reproduced a response using those keywords from pre-programmed responses. Here is one example.
Query: My mother cooks the best food.
Reply: Tell me more about your family.
It recognized the word mother and replied with something relevant to the family.
In 1995, Richard Wallace created a chatbot and named it ALICE. To allow a more sophisticated conversation, it used Natural Language Processing services. The technology was deployed in automated telephone systems that used simple decision trees in the 1980s and 1990s.
Over time, technology exploded across business and social channels. The recent developments allow a more scripted, controlled approach to sit atop the general conversational artificial intelligence. The exponential growth of tools to design, build, and deploy chatbot services took place in the last few years.
Chatbots are there to stay
OneReach, a market research firm, appointed a review in 2014. It investigated the behaviors of US buyers regarding the utilization of text messages in client assistance applications.
Here is an important finding.
If a company offers text messages as a customer service channel, 64% of the customers with text capability have one of the following positive reactions.
- According to 41%, the company understands the importance of time.
- According to 40%, the company is progressive.
- 28% will be more likely to recommend the company to others.
- 23% will stay loyal to such companies.
- 21% think that the company would be far better than those companies who do not offer this.
Chatbots have been there for more than a couple of years now, but they are here not only to stay but progress. The domination of the mobile messenger and a dramatic increase in chatbot improvement costs proves that the technology is on the rise. The backing for chatbots by Microsoft, Facebook, and the other pioneers further elaborate the fact.
The Contemporary Trends within the Industry
Leveraging Artificial Intelligence, we can resolve some of the issues with the regular client care framework that we follow today.
Commonly, a human delegate noting a client call does not know how to respond to that particular inquiry made. They have to either postpone the client or put on hold. It adds to the organizational expenses by occupying additional time. Even though they discover the answer later and provide it to the client.
Before addressing the query, the call is transferred a few times. Despite being crucial in some particular scenarios, its effects are not practical.
Many times the calls are on a considerable delay/wait time for clients. The set number of client assistance administrators in B2C organizations like telecommunication is the reason.
Customer Care Industry and Chatbots
There are high chances that the chatbot market size will jump from $2.6 billion in 2019 to $9.4 billion by 2024, at a compound yearly growth rate (CAGR) of 29.7%. With an exponential maturation of chatbot assistance, the customer care industry is now capable of catering to customer needs more than ever.
Organizations are always keen on the new ways of improving their CRM and keeping abreast of new technologies. Today, many of them are looking to automate their client care framework with the assistance of Artificial Intelligence. AI chatbot is one of those splendid examples.
In 2014, Salesforce propelled an SMS chatbot that extended to become Facebook Messenger. Live Agent Chat also is a product of this association. It completes human connections by helping carry out human interactions.
45% of end clients see chatbots as a crucial communication method that is required to address the questions that are concerned with client care. So indicates the Grand View Research.
Let us further explore how Chatbots, which are the masterpieces of Artificial Intelligence, are modifying the shape of the client care industry.
Upgraded Accessibility of Big Data
To gather valuable data about clients and perform its thorough analysis to make it useful for the company is the rudimentary thing any entrepreneur should heed. Otherwise, the venture is unable to augment the profits of business organizations with the help of Big Data and AI. Artificial Intelligence services draw useful insights that can generate a lot of meaningful information. They produce easy and user-friendly reports that the staff can grasp with the help of this information.
Apart from that basics, business owners can educate their target audience about the subject of their product. Based on data collected, the designing and marketing staff approached a new procedure or strategy that should plausibly multiply the revenue of the firm.
Revolutional Resolving of the Customer Queries
The client does not care whether a human or bot settles the query that bugs their minds. All they want is an instant resolution of their problem. There is a high ratio of inquiries that needs zero human involvement. The chatbots can tackle them and save human efforts and time for good reason.
48% of the individuals do not care about who they are interacting with unless the issue is understood. So claims the study of BI Intelligence.
Although when the chatbots fail to perceive the essence of the query, it changes its way. In the light of data gathered from the client, it selects a human agent or representative of the organization. Hereafter, that agent takes over and addresses the concern of the client.
Better Customer Relationship Management (CRM)
The days are over when people needed to trust that the call would be sent through a chain of customer care representatives before the successful resolution of the query. Robotic Process Automation (RPA) has changed the management of client connections in many ways within an organization. The changes seem to be vigorous.
Thanks to AI chatbots, now conveying the customized services to any location seamlessly is possible. The CRM information provides the basis for the procedure. With the help of Artificial Intelligence Chatbot, organizations spare a call to customer care representatives and address client queries on the official website.
EVA, the HDFC Bank Artificial Intelligence chatbot, is one of the examples of such magnificent chatbots. An official company report hints that it has effectively tended to 2.7 million client inquiries on a site in just six months.
The advanced chatbots can impersonate humans and even comprehend human dialects with the help of Natural Language Processing. The preferred means of communication are portable envoys. Some of the examples are Mobile Messengers, Facebook Messenger, WhatsApp, etc.
Whatsapp now enjoys more than one billion dynamic clients every month. Facebook and WeChat have 900 million and around 700 million clients.
The Website Chatbot
Wonders of chatbots do not end at the messaging channels. If we transfer this profound conversational interface to the web or mobile apps, it will be the best extension of native chatbots.
The utilization of website chatbots will come with several benefits. First and foremost, its intuitive survey experience brings comprehensive and reliable information.
Secondly, the website anonymizes communication. It reduces the contact from the client’s end, and his/her identity stays disclosed. The case with the regular informing channels is different.
The third benefit is the professional assembling of all client information, which provides a customized client experience and better settings.
Importance in Customer Care Systems
Not all of the CRM frameworks are easy to understand. If the UX configuration has a poor design, it yields low performance. Unprofessional frameworks do not provide professional client assistance. Instead, they leave representatives sitting around idly despite trying to manage the framework.
The reaction time of each made resolution is urgent and holds utmost importance. Client care specialists may receive more than one hundred tickets every other hour. The volume of requests is unpredictable, and the professional chatbot should be ready for crucial times when the magnitude is high.
The automated client support with all components of CRM is the ultimate solution. Otherwise, it is strenuous to take care of these issues. Even when they have to pass on the discussion, they can at least record the critical client information. Your client care representatives can focus on genuine worth, while chatbots do the hard work of the information section.
Utilization of CRM Data Needs Artificial Intelligence
The proper utilization of CRM data is necessary. Typical tests with the CRM frameworks do cover the follow up of the leads and effective utilization of information. The initial phases of client relationships are crucial for information collection. There could be numerous leads that will not be changing over. At this step, qualifying your leads automation becomes more than essential.
AI backs many CRM chatbots, and they understand which particular bit of content is required by an individual at the next stage. Hence they can move the lead to the following stages of the sales funnel. Chatbots assemble similar insights and construct the target profiles.
Will You Acquire Chatbot for your Company?
So, in the end, what do you think is the best plus of chatbot services?
We agree with you if your answer is 24*7 availability. Yes, the point never appeared in the write-up. Yet this is one of the primitive benefits of the technology. It indeed, is a gigantic advanced forward, in technology & innovation, and building better client connections.
Chatbots provide an upgraded client experience, reduce resolution time, and decrease operational costs.