Conversational AI is a form of Artificial Intelligence that allows people to communicate with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input. For users it allows fast interaction using their own words and terminology. For enterprises it offers a way to build a closer connection with customers through personalized interaction and receive an unprecedented amount of vital business information in return. The last eighteen months have seen no abatement in the demand for conversational AI platforms and predictions from major analyst firms shows the trend is set to continue strongly in 2018. But throughout this, there is an underlying message; enterprises need to deploy conversational platforms that are capable of truly understanding the customer--however they phrase the question.
An ever-expanding list of benefits and a growing demand for voice interfaces has placed Conversational AI high on the list as a key component for any digital transformation strategy. With everyone from industry analysts and the Board recommending investment, the next question is how and where do you start with conversational AI? There is no doubt that conversational AI will be the defining technology of the next decade. From improving customer service and driving online sales revenue, to new ways of differentiation using voice interfaces, the speed with which conversational AI is being embraced is breathtaking. According to Gartner by 2020, 25% of customer service and support operations will integrate virtual customer assistant technology across engagement channels, up from less than 2% in 2017.
At a time when consumers are doing more and more on digital platforms, they also have an increasing desire for human-like conversations that can resolve issues, provide advice, help them navigate increasingly complex platforms, and make life simpler. No longer are simple chatbots the desired resolution. Consumers want contextual engagement that reflects their situation at a specific point in time and allows them to make the choice between machine or human engagement. Conversational banking is an extension of the chatbots that were originally used to respond to the most basic of inquiries. As data availability, analytic capability and digital technology improve, a more enhanced form of digital engagement will become both personalized and scalable.
By Raghu Ravinutala As the world embraces the post-pandemic environment, enterprises are undergoing rapid business transformation. Companies are reshaping their marketing, HR, sales and customer support strategies to survive and then thrive in the new normal. Now more than ever, technology driven innovation has become important for devising and executing novel ways to bridge the gap of demand and supply in these unprecedented times. The biggest problems enterprises are trying to solve include - engaging with customers and employees more digitally without losing personal touch, increasing automation and safeguarding business from disruption, marketing and selling digitally, and onboarding and training employees remotely. Before covid, artificial intelligence and deep technology innovation was being rolled out over several years with pilots and proof of concepts.
Conversational Artificial Intelligence (AI) empowers enterprises to employ chatbots, messaging applications or virtual assistants to build highly engaging and valuable relationships with customers. This cutting-edge technology is spreading rapidly across every industry and more excitingly, providing enterprises with a huge potential to accelerate their growth and innovation. From whatever little it has seen of AI assistants so far, the enterprise world has built great expectations. They are visualizing a future full of bots, so smart and powerful, that they help humans with almost any kind of support required very substantially. No wonder conversational AI has become the much-awaited technology in today's enterprise world and attracting the attention of business leaders across the globe. But how much of it is hype, and how much is really closer to reality?