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2020: Year of Chatbots

chatbot artificial intelligence salesforce

 

Artificial Intelligence (AI) is all around us and we are taking advantages of it continuously via our smartphones, wearables, Internet of things, cars, home appliances, in our offices, in public services, in our retail experiences throughout media and beyond. AI has fulfilled its promises to fundamentally change our everyday living. Artificial intelligence (AI) has the potential to transform industries and the way organisations and professionals used to work. With the ability to learn and adapt, AI is capable to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that works perform manually today.

 

According to an April 2019 survey from Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

While there had initially been fears that AI would replace human workforce and take over jobs, the emerging consensus is that is proving to be a bonus for enterprises and human workforce because it will allow machines to execute repetitive, routine tasks while freeing human up to perform higher level activities that will increase their overall productivity. In addition to that, As AI has been identified as one of the biggest technologies for the economic growth. More and more business and governments are launching programmes designed for developing deep learning capabilities in AI in order to build an AI ecosystem.

According to PwC’s 22nd Annual Global CEO Survey, AI will add US$15.7 trillion to global GDP by 2030, which is more than the current output of China and India combined. Gartner predicts that 70% of organizations will integrate Artificial Intelligence to assist employees’ productivity by 2021. Business leaders know that those who take the lead now will get the biggest share of this prize. according to the latest Global CEO Survey, nearly 3 out of 5 Global CEOs believe AI will have a larger impact on the world than the internet revolution.

 

ARTIFICIAL INTELLIGENC LARGER IMPACT THAN THE INTERNET REVOLOUTION

 

These figures show that AI is increasingly making its way into any workplace with the help of virtual personal assistants (VPAs) and other forms of chatbots and expanding human performance in many organizations. For enterprises, AI chatbots offer a way to build a more personalized and engaging customer experience, which in return delivers a wealth of customer information that is highly valuable in better understanding their customers and growing their business.

US market researcher expected that 85% of consumer-business interactions would be through intelligent bots. The new online study from USU confirms a high potential for the customer service of the future. Here below are few key areas where businesses can derive value from chatbots:

 

    • Business are creating value through transforming customer journeys by providing immediate response to consumer’s queries or issues. According to McKinney’s study, 75% of customer demand NOW service within 5 minutes of online contact. If business can beat this time, they can convert a ‘visitor’ into a ‘paying’ customer.

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    • Staffing a 24x7x365 contact center mainly with human agents can be costly. According Human Resource Institute, it costs companies $10-$15k to replace one frontline employee. Therefore, it’s easier for Business to avail a 24/7 customer service via their chatbots ecosystem that are able to resolve customer queries related to i.e. complaints, product returns, refunds, tracking & tracing of orders etc in no time. According to a survey by Oracle, 80% of brands are planning to integrate Chatbots in their customer service by 2020.

 

    • Chatbots help to reduce costs by enabling enterprises to serve more customers without hiring extra staff as Chatbots are able of speeding up response times, freeing up agents for more challenging work, and answering up to 80% of routine question.

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

 

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AI and Automation impact on medium-sized Companies and Organizations

 
The Business Benefits from AI and ML
  • Massive Data Consumption from Unlimited Sources
  • Rapid Analysis Prediction and Processing
  • Simplifies Time-Intensive Documentation in Data Entry
  • Handling Repetitive Jobs
  • Reduction of Error
  • Improves Precision of Financial Rules and Models
  • Easy Spam Detection
  • Interpret Past Customer Behaviours
  • Better Customer Segmentation and Accurate Lifetime Value Prediction
  • Recommending the Right Product
  • Digital Assistance and 24/7 Availability

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Hyper Automation and Artificial Intelligence (AI) are seeping into every aspect of business, from operations to production and from product development to business processes. Processes, tasks and role models – everything is changing with this revolutionizing in the commercial sector. This evolving area of Artificial intelligence (AI) and machine learning (ML) is the future for all businesses, and it’s already affecting the way we live and work today. In fact, research firm Markets and Markets estimates that the machine learning market will grow from $1.41 billion in 2017 to $8.81 billion by 2022!

 

The new digital technologies are having different impacts on jobs in the short and longer term. While automation may displace workers within a sector in the short term, studies are demonstrating that overall employment is growing when looking at a longer period comparing results from different sectors and the World Economic Forum has found that, by 2022, algorithms and other transformative technology could create more jobs – as many as 58 million. Because despite automation and artificial intelligence, people will continue to be important in the future.

 

Artificial intelligence opens up possibilities far beyond currently available functions. PwC estimates that business could save $2 trillion globally by applying intelligent automation to many activities that were previously processed by humans and making employees more productive.

 

Like business of all sizes, SMB are also flooded with data gathered from different sources such as, customer data, supplier data, market data, operations data and many more. AI can quickly pull out insights from these databases and extract valuable data. Managers can get valuable insights on business process from workflow management and/or make sales predictions easily by using data from ERP systems. As AI is able to pull out insights from data easier than human workforce and run the routine tasks to add value to existing business, company can use its human resources to solve potential problems, spend time on creative tasks and boost business ability to innovate.

 

SMBs can also benefit from AI to identify, understand and better target their customers. Business can forecast customer behaviour and run data-based campaigns to have remarkable results with the use of big data and artificial intelligence. It helps them to save a lot of money on marketing and sales efforts by bringing them valuable leads. Not only business can achieve valuable leads and turn them into customers but they can also maintain a good relation and provide a better service to these customers by introducing a 24/7 customer service with the help of AI equipped chatbots. These chatbots are able to handle customer enquiries and provide customer support on time and appropriately, based on the needs of customers.

 

Not only in customer service, artificial intelligence is demonstration it’s capacities in accounting, finance, auditing and tax controlling, fraud detection as well. Instead of recurring routines, data analysis, process control and optimization by automating procedural tasks would be on the agenda of SME by allowing employees to make even more valuable contribution to corporate management. As AI can decipher data and draw actionable insights easily from complicated situations and eliminate/reduce errors, it’s totally transforming and changing the way accounting and tax firms used human intelligence to perform same tasks. With an accurate integration of AI empowered workforce, accountants and bookkeepers can build a value-based business, attract more customers and increase revenue by spending less time that they were used to spend.

 

Customer service and accounting are not the only 2 departments getting aids from AI, sales and marketing are also getting their potential customer’s pipeline faster than ever before by finding interesting leads in their databases as contact information is available for the market you want to target.
By engaging each potential lead in a very personalized way, sales person can turn the lead into a paying customer and recommend the right product with the help of gathered data on the customer.

 

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How to Deliver and Outstanding Customer Service in 2020

Customer Satisfaction 2020

 

Customer satisfaction is defined as a customer’s overall evaluation and experiences made with a certain business concerning its given products, the sales process, and the after- sale service. This overall satisfaction has a strong positive effect on customer loyalty intentions across a wide range of product and service categories (Gustafsson, 2005).

 

What a company thinks its customer wants is not necessarily the same as what they think they have to offer or they actually are offering to enhance their customer’s experiences (Hubert Rampersaud, 2001). In order to remain their positions and become the trendsetter in the new decade, companies must be careful enough if they are wondering what will affect customer experience (CX) or customer satisfaction in 2020.

 

A study by the American Society for Quality shows that 67% of customers leave a company because of an attitude of indifference on the part of a company employee, 22% leave a company because their loyalty isn’t rewarded, 34% of customers leave because of dissatisfaction with the product, 10% of customers leave for other reasons (death, relocation, etc.) and 99% of customers leave because of competitors and they believes that you don’t care about them.   Therefore, improving and personalizing customer experience is the top priority for over 55% of companies.

 

In order to have a continuous improvement of customer satisfaction, companies must respect a 4 steps cycle which starts with listening to voice and needs of customers then analyzing their comments, developing actions and at the end implementing. And to achieve a thorough customer satisfaction, companies need to implement good working condition for their employee’s satisfaction, which then will lead to loyal employees and by preparing all this, good production would be followed which will be influenced on customer satisfaction and retention by making them loyal.

 

More and more companies are implementing automation in their process for cost reduction related with customer services ‘human’ agents but a report from Forrester “Customer Service Chatbots Fail Consumers Today” shows that just 63% of consumers are satisfied with their experience with a chatbot”. Humans are still crucial to the service aspect of 2020 digital CX. They must work in collaboration with chatbots to provide the best customer experience possible.

 

Sometimes the key to your customer’s heart lies not so much in giving them what they ask for, but in anticipating what they will need and giving it to them before they ask. And you can do that by putting yourself in their shoes. Think about your memorable experiences that you’ve come across while shopping for a car, furniture, coffee, service etc. What needs and emptions you had while making a big purchase and how a company helped you or could help you to minimize your fears, make you feel appreciated and valued?

 

According to Accenture, 75% of consumers are more likely to purchase from a company that knows their name, their purchase history, and/or recommends items based on their purchase history. So, if you can guess and anticipate meeting your customer’s needs before they even know they need them, a greater success in achieving customer satisfaction and loyalty along with an enormous edge over any other competitor in your industry is guaranteed.

 

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Powerful use of AI in Customer Service

Powerful use of AI in Customer Service

AI technology has long history which is actively and constantly changing and growing. As the AI era continues to unfold, it’sset to play an increasingly prominent role in our day-to-day livesand becoming one of the most important technology trends of our lifetimes.

According to researcher Gartner research, 85%of customer service operations will use Virtual Customer Assistants by 2020and will drive up to $33 trillion of annual economic growth. As today’s Artificial Intelligence (robotics) has the capabilities to imitate human intelligenceby performing various tasks that require thinking and learning, solve problems and make various decisions companiescan provide a better customer-oriented service with the use these software’s.

 

Here below are fewbenefits that AI-based systemsprovide in Customer Service.

 

Chatbots

Artificial Intelligence is redefinesthe customer service standardswith the use of advances chatbots. With chatbots, powered by AI, answers can be found automatically for a large number of customer questions,better and quickerthan by the call centre employees.However, for chatbots, clearly defined tasks should be defined; basically, they are most efficient when addressing a limited topicBut as Natural Language Processing and Machine Learning are making these Chatbots work far better, and their scope in providing service is increasing as these bots process more information and detects consumer behaviour in all terms.

 

Multi-channel Support

Artificial intelligence customer support has capabilitiesdirect the customer quariestowards alternative support channels when necessary. For example, if a Chatbot is unable to solve a particular query, AI will direct the customer to the call support channel to resolve the issue. This provides a bettercustomersservice, as theyhave their issues solved efficientlyand quickly.

 

Automated Response

AI and automation are already having a profound effect on business communication. With the use of automated response system, AI can take-off a lot of load from customer service teams. With the integration of automatic replies, they can save time and offer quick replies.Based oncustomer data, AIcan help identify customer issues and concerns even before they get in touch with customer serviceand generate the answer that is directly related to that customer’s situation.

 

24/7 customer service

For a company, either is a medium or large sized, it’s impossible to hire a customer support available 24/7 as its overall cost can exceed their budget. Thus, AI is the solution that can manage flawless their customer service operations with itsimpeccable capabilitiesofhandling all problems with fluency and precision.

 

Language barrier

A company that is expanded at multiple locations might face difficultiesto provide acustomer support network in different regions with different time zones. But no matter what your communication medium or language you want to install, AI can managefast, reliable, durable, multilingual and hassle-free technology. These are, of course, some few promises of AI for your business.

 

With the use of artificial intelligence in the field of customer service, companies aim to realize an optimized customer experience – across channels and in real time. First and foremost, AI technologies and machine learning processes are elementary tools to achieve a significantly higher level of customer focus.

 

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