Conversational AI has seen an exponential rise in popularity in the last decade and has become mainstream over the past two years. Enterprise adoption of Conversational AI is accelerating. Businesses are investing millions of dollars for conversational AI applications with massive expectations to improve customer experience and operational efficiencies. Chatbots and Virtual Assistants are leveraging AI technologies to provide innovative and efficient solutions benefitting customers, employees, and partners. In this scenario, it is crucial to understand the fundamental differences between a chatbot and a more sophisticated solution like a virtual assistant.