6 Impressive Benefits of Conversational AI (+3 FAQs)

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Want to learn about the benefits of conversational AI?

Conversational AI facilitates easy communication between humans and computers. This fascinating ability can offer major benefits like increased productivity, better customer experience, higher customer engagement, and more when incorporated into your business and operations!

In this article, we cover the various benefits of conversational AI and answer some FAQs to help you better understand why you should use it.

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6 Benefits of Conversational AI

Thinking about deploying conversational AI in your business?

Here are some key benefits of conversational AI:

  1. Optimal Data Collection

    There’s a constant need to improve your sales and marketing approach in today’s competitive world. One of the best ways to beat the competition is to leverage lead and customer data.

    Fortunately, an advanced conversation AI solution uses various technologies to monitor conversation and track customer behavior. This allows the AI solution or AI platform to draw out data about your consumers’ interests.

    But how can you actually leverage all this easily?

    If you’re thinking of a conversational AI platform for data collection and analysis, look no further than iovox Insights.

    Iovox Insights allows you to transcribe recorded conversations to draw insights and spot trends, and help you achieve your business goals.

    Here are some of the things iovox Insights can do for you:

    • Make every conversation searchable so you can analyze past customer calls to determine your best sales and marketing approaches.
    • Track calls with specific keywords and phrases. This can help you spot keywords that boost your sales or spike your customers’ interest in your services or products.
    • Collect and measure various data points like call durations, average calls per day, call outcomes, and more to improve customer experience.
  2. Higher Efficiency

    Conversational Artificial Intelligence can handle several tasks without any human agent interference. This allows employees to spend less time on time-consuming, repetitive tasks or customer interactions. Instead, they can focus better on individually tailored customer satisfaction and management processes — enabling scalability.

    The more efficient your employees become with the AI as support, the more satisfying your customer service will be.

    Moreover, Artificial Intelligence is also available 24/7 as an AI chatbot or virtual agent, drastically reducing the overall time customer query resolution takes — adding to your company’s higher efficiency.

  3. Better Cost-efficiency

    A conversational AI solution is quite independent and is entirely automated, requiring next to no supervision. This allows you to slash operating costs.

    For example, in a contact center, you can track customer support calls, analyze customer engagement and feedback, and more with conversational AI technology. The same AI technology can also handle higher volume calls than humans, driving more revenue for your company.

    So instead of paying numerous employees to complete these time-consuming tasks that may often fall prey to human error, conversational AI can take over at no extra cost. This way, you’re saving money, but you also don’t have to stretch yourself to support a large staff.

    For example, with iovox Insights, you can enable the AI solution to record your customer service calls so you can:

    • Understand customer feedback
    • Monitor your human agent teams’ performance
    • Analyze customer engagement and behavior
    • Spot keywords in discussions
    • Analyze every customer interaction
    • And so much more!

    The solution does it all on a single AI platform reducing your operating costs and chances of human error through automation.

  4. Better Customer Experience

    Conversational AI is designed to enhance customer experience through easy communication and problem-solving. What really pushes user experience to the next level is the AI’s ability to personalize the experience with custom replies and specialized information.

    Clients and customers interacting with the AI from different time zones (all hours) can also be catered to via conversational AI or conversational bots — enhancing the customer experience further.

    Wondering about customer feedback and satisfaction?

    A conversational AI application or AI tool can track both these aspects, offering you analytics about your performance and how your business is perceived.

    Moreover, with the pandemic, customers desire a contactless customer experience for increased safety. The perfect examples of contactless CX are kiosks and Point of Sale (POS) tablets leveraging conversational AI technology. These devices are also easy-to-clean surfaces, minimizing the spread of germs — adding a whole new level to customer experience quality.

    Note: This is just one example. You can establish a contactless customer experience by offering easy product/service discovery on your website, location-based searches, contactless digital payments, etc.

  5. Increased Accessibility

    Increased availability enhances the customer experience before it even starts.

    Remember, with accessibility, customers can interact where they’re most comfortable. It can be call, text messaging, or mobile chat because conversation AI is omnichannel. And if they can’t reach you on a call, they can instantly receive answers to customer queries via text, skipping long phone queues.

    Basically, a conversational AI platform (virtual assistant or agent) can help customers engage conveniently and easily without demanding human interference.

    You can even equip your social media platform or website with conversational AI for increased accessibility. This way, if a customer needs assistance during off-hours, a conversation AI chatbot or a virtual agent can tend to their questions.

    Conversational AI can adapt to wherever your customers prefer to interact, solving any logistics problem, saving time, and, as a whole, enhancing customer satisfaction.

  6. Allows Personalization

    One type of conversational AI is an advanced technology that uses machine learning to create an entirely personalized chat experience for every customer. It can do so with data like location, preferences, and account history.

    With time, when conversation AI has collected and learned from some customer experiences, it can generate highly relevant information and quickly recommend the following steps based on a customer’s best interests.

    When the ever-evolving AI provides relevant information using the gathered data, it can effectively resolve customer queries in the first conversation. As a result, you’ll quickly eliminate the need to contact customer service a second or third time.

Got more questions about conversational AI?

Let’s clear them!

3 FAQs About Conversational AI

Here are some common questions and their answers related to conversational AI:

  1. What is Conversational AI?

    Conversational AI (Artificial Intelligence) is a technology that recognizes human speech and text, understands the intent, and responds in a way that mimics a human interaction or conversation.

    The AI does so with various advanced dialogue management technologies such as Automatic Speech Recognition (ASR), Natural Language Processing (NLP), Advanced Dialogue Management (ADM), and Machine Learning.

  2. How Does Conversational AI Work?

    Broadly, we can divide the process of conversational Artificial Intelligence into four steps:

    1. Input Generation

      First, a user inputs their query. The input can be text messages or voice notes.

    2. Input Analysis

      If the user interacts using a chatbot, the AI, using Natural Language Understanding (NLU), Natural Language Processing (NLP), and other AI algorithms will break down the text into parts and pull out the words’ meanings.

      If the user uses a voice assistant, Automatic Speech Recognition (ASR) helps convert the voice note into a machine-understandable language. Then Natural Language Understanding and Natural language Processing understand the intent behind the query.

    3. Output Generation

      Now that the Artificial Intelligence has understood the query, it’ll match the query with a relevant answer and generate a response using Natural Language Generation (NLG). The response is communicated conversationally, just like human interaction.

      In the case of voice assistant bots, the response of the Artificial Intelligence is converted back from text to speech for the user to listen.

    4. Reinforcement Learning

      With each customer interaction, businesses get variations of intent and utterances that conversational Artificial Intelligence uses to train itself. Over time, the user gets quicker and more accurate responses.

  3. What are the Different Use Cases of Conversational AI?

    Deploying conversational AI applications is helping companies become profitable worldwide. Here are some of its common use cases:

    • Online customer support: Conversation AI can respond to FAQs, provide personalized experience and advice, cross-sell products, and more. You can offer this customer support via websites and social media platforms, including messaging apps like Slack, WhatsApp, and Facebook Messenger.

    • HR processes: Conversational AI can easily enhance various HR processes, including answering onboarding FAQs, employee training, updating employee information, and more!

    • Internet of things (IoT) devices: Modern households now own a couple of IoT devices, like Apple Siri, Google Assistant, or Amazon Alexa, that use Automatic Speech Recognition to interact with the users.

    • E-commerce and retail: Conversational chatbots let e-commerce and retail firms to interact with their customers in real-time. A conversational AI bot can answer complex customer queries, track order statuses, send payment confirmations, and more.

Want to know more? Learn how to capture new sources of revenue with Conversational AI from iovox

Final Thoughts

The benefits of conversational AI are clearly many, and they will only continue to increase with time. Whether you wish to enhance customer satisfaction, gain insights on your sales or customer support calls, or increase accessibility — a conversational AI solution can make it all possible for your business.

And if you’re trying to be better than the rest, there’s no better day to start your digital transformation today with conversational AI.

Fortunately, employing a conversational AI solution is just a sign-up away.

Start using iovox Insights to analyze 100% of your calls and improve quality and customer experience like never before!

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