Inbenta, a provider of a platform for conversational artificial intelligence tools such as chatbots, knowledge management and search, today announced that it has raised $40 million in new funding to continue building its product base and expand into new markets. The funding round was led by Tritium Partners and brings the total raised by the company to $60 million. Inbenta was founded in 2011 and provides a conversational AI platform that uses natural language processing, which allows it to understand human speech and context in order to answer questions rapidly and with a high degree of accuracy. The company's tools allow businesses to build tailor-made customer-facing solutions more easily that can be dropped into their existing communication channels, as well as knowledge base searches that can open up company information for customers. "Inbenta's conversational AI is a game changer for any business that has to handle customer inquiries, whether simple questions or more complicated tasks," said Chief Executive Melissa Solis.

Chatbots have become extraordinarily popular in recent years largely due to technological advances, but not all of them are created equals. From basic button-based bots to NLP-driven conversational chatbots, what differentiate them and most importantly, how can you design a qualitative conversational bot, that's what we'll see in this article. First and foremost, it is important to differentiate the various types of chatbots available in the market. From simple menu/button-based chatbots to conversational AI chatbots, they're not equals as they can be using different types of technology. So let's see what are the specificities of each of them.

Here, we'll tell you all about how your business can benefit from chatbots. Businesses who have adopted the chatbot trend have been able to support and scale their business operations by offering convenient and efficient communication to their customers. Implementing chatbots has also helped businesses increase their sales, by providing 24/7 chat support to customers who need questions answered before they buy. So, what is a chatbot and how can your business benefit from one? We're about to unpack everything you need to know.

Woolworths has given an Australian audience the first major look at Olive, a conversational artificial intelligence platform that its digital arm WooliesX has been developing since late last year. WooliesX's chief digital technology officer Nick Eshkenazi told the SAP e'ffect conference in Sydney that Olive - in an initial chatbot form - has been live since November last year. Olive currently appears as a chatbot on the Woolworths "Contact Us" page. It is launched when users click "Live Chat" under the Woolworths Online section. Eshkenazi said that "Olive does some impressive things".

Over time, and with many trials and errors, businesses have created complex technology that's beginning to think like humans -- problem-solving technology that can find truth from the meaning of words. It's the first wave of a future where machines will be able to use artificial intelligence to interact with us. Artificial intelligence is the key to machines understanding human languages. For Inbenta, AI is the foundation on which our self-service and customer service and support products are designed and integrated for businesses worldwide. It's what's made us a leader in the industry, with solutions that have the fastest time to market and over a 90% self-service rate.

A primary theme in this era of digital transformation is the omni-channel. Contact centers are tasked with supporting omni-channel customer service – i.e. providing customers the choice of how they wish to communicate. As a result of the rise of the omni-channel, adoption of self service contact center solutions is also ascending. This week, Hinduja Global Solutions (HGS) and Inbenta announced a new partnership where the pairing will augment the HSG CX portfolio via seamless integration of its Bots and Brains approach to provide intelligent two-way interactions so customers can find satisfaction, and find it quickly. "We are thrilled to partner with Inbenta to provide AI-powered technology and offer customers advanced contact resolution which smoothly transitions from bot to human," said Parikshit Kalra, SVP, Solutions and Capabilities.

The most effective way to discover the intent behind your customer's questions and provide the right answer is by using a decision tree. What are they and how do they work? When it comes to chatbots, businesses want to know one thing. The million dollar question for a market which will be worth billions within a few years is – can my virtual agent answer my customers' questions? Assuming your chatbot has robust natural language processing (NLP technology), the most effective way to do this is through decision trees. In the context of chatbots, a decision tree essentially helps them find the exact answer to your question.

During SpeechTEK, which was held in late April in Washington, D.C., hundreds of customer care professionals gathered to wrestle with the shifting sand that is customer care, particularly the challenges and opportunities presented by automation in the form of virtual assistants or chatbots. The conference provided insights that included answers, objections, and more questions. Companies spend massively on customer care and automation will reduce costs. In Tuesday's keynote panel, Cognitive Code's Chief Operating Officer (COO) Brian Garr said industry observers estimate customer care spending to be nearly $500 billion. Everest Group estimated in 2016 that call center spending was $300 to $320 billion annually.

Artificial intelligence has already stolen the headlines in 2017 by defeating poker champions and ordering us cups of coffee. Besides this, there are ways the technology is being used to improve the world. AI is the most important investment for companies in the near future. IDC predicts a widespread adoption of cognitive systems and AI will drive worldwide revenues from nearly $8bn in 2016 to more than $47bn in 2020. The industries with the most lucrative short-term opportunities are identified as banking, securities and investments and manufacturing.

Artificial intelligence has faced a renewed wave of scrutiny from some of the world's most prominent business leaders in recent days as concerns over its potential to create job losses grows. Inbenta argues that rather than being a job killer, AI will in fact be a job creator. It was billed as the end for bank tellers. On 27 June 1967, British comedian Reg Varney inserted a paper cheque into a machine in Enfield, North London and the ATM was born. Critics claimed its birth would facilitate the death of millions of banking jobs around the world.