AI chatbot technology has taken the world by storm. From assisting individuals with their content requirements to facilitating top-notch customer service for businesses, AI chatbot technology offers it all.
The technology has penetrated multiple prominent industries. And rightly so. AI chatbots provide customer insights that help businesses strategize their marketing and sales plans, ultimately driving their customer-business relationship and revenue.
AI chatbots represent businesses and assist customers at times human intervention is not possible due to multiple reasons such as staff shortage, differing time zones, etc. This ensures that customers are looked after, without any fail, round-the-clock, a service every business would want to offer.
Let’s look at some of the benefits of AI chatbots and how they are transforming different industries in this blog.
But the basics first.
What are AI technology and AI chatbots?
AI or artificial intelligence refers to the intelligence of machines or software. Intelligent machines are studied and developed to carry out the tasks that previously required human assistance.
AI technology automates processes and repetitive tasks, and facilitates data analysis, saving operational costs well as enhancing efficiency. With 44% of organizations working to embed AI into their current apps and processes, or have already done so, this technology would further grow and diversify.
AI chatbot solutions is the most successful example of AI technology. It is a customer service and marketing conversational tool that responds to and resolves human queries immediately.
The back end is programmed to include frequently asked or predefined questions, and the output is in the form of human-imitated conversation. These bots are like fine wine, they get better with time.
AI chatbots gain efficiency over a period as they are exposed to more questions and conversations.
In a world that is so fast-paced, AI chatbots cater to the short user attention spans and rising curiosity about different products and experiences, and thus, are leveraged by multiple businesses across the globe.
We will have a look at these industries in the subsequent sections of this blog.
Benefits of AI chatbots
AI chatbots offer multiple advantages to businesses. Some of them are:
- 24*7 customer service
- Improved customer engagement
- Lead generation
- Operational efficiencies
- Lower costs
- Faster response times
- Actionable insights
Businesses run, survive, and thrive on customers. And, with AI chatbots, customer service, a key determinant of customer experience and investment, is offered around the clock in an enhanced manner, eliminating human errors and delayed responses.
Ways AI chatbots are transforming industries
The technology of artificial intelligence has been benefiting various businesses across multiple industries. From healthcare, and education to banking and finance, AI chatbots are enhancing efficiency, smoothening customer experience, and boosting sales and revenue.
This technology is being rapidly adopted by businesses of varying nature and operations. This is because most customer-facing businesses, no matter what they are dealing in, have underperforming customer service departments due to time and energy constraints that come with human resources.
This is exactly what is overcome by chatbots powered by artificial intelligence. Moreover, as an added advantage, businesses collect insights on customer engagement and shopping patterns, among other things.
Here are some industries that are transformed by the use of AI chatbots:
- Banking and Finance
Banking is a money-driven and data-rich industry. Therefore, this sector has no shortage of customer queries, being asked to move money around or keep it put, almost on an everyday basis. This is exactly where AI chatbots enter the scene and benefit the banking and finance businesses.
Moreover, by using machine learning (ML), a branch of AI, banking and finance companies avoid fraud and anomalies, by storing and analysing present and historical data.
Some use cases of AI chatbots in banking and finance are:
- 24*7 customer service
- Acts as a personal finance advisor and helps customers find the most suitable investment options
- Evaluation of a customer’s behaviours and patterns to differentiate fraud and a query
Education has embraced technology, and rightly so. It has enhanced the quality of education given and received, making the entire learning experience more connected and personalized. Learners can go through the concepts or study materials anytime, and anywhere without worrying about being stuck in case of doubts and queries. It would be taken care of by conversational AI chatbots.
Here are use cases of AI chatbots in the education and eLearning sector:
- Handles and facilitates responses to multiple incoming queries at the same time
- AI live chat allows for 24*7 learning
- Makes the review and feedback collection process easier
The role of technology in healthcare has been strong and revolutionary. With real-time health monitoring and live-saving solutions, healthcare has become more effective. AI chatbots, especially have made healthcare more accessible.
Some use cases of AI chatbots in the healthcare industry are:
- Ease of appointment scheduling and management
- Availability of medical information at all times
- Instant query responses
- Collection of patient information and updating the database by automation
- E-commerce and retail
The importance and use of AI live chat in e-commerce and retail are extensive. Shoppers engage with AI chatbots quite often to ask about sizes and fits, colours, composition, promotional offers, etc.
AI chatbots are also very instrumental in marketing campaigns. They play a big role in responding to the queries and doubts customers might have after watching or listening to promotional ads or campaigns and driving sales.
Here are the use cases of AI chatbots in e-commerce and retail:
- Recommendations based on customer’s taste and preferences as well as historical buys
- Handling all types of customer queries, round-the-clock
- Enhances customer engagement
The hospitality industry, including the travel, tourism, and hotel businesses, is one of the key industries to have gained from AI technology.
Using AI chatbots, these businesses cater to guest/traveller queries and gain insights about their tastes and preferences to make the journey seamless and personalized. These bots also make the request for in-room services more convenient and smoother through digitalization.
Use cases of AI chatbots in hospitality are:
- Guidance through the whole booking process
- Recommend and suggest the most suitable and cheap travel packages
- Customizes and suggests itineraries
- Gives information about hotel services and amenities
- Takes in-room service orders
AI chatbots are a hit among businesses. Businesses respond to customer queries promptly through these bots. Users too like to interact with this technology to get their answers instantly and make quicker decisions. This saves time, costs, and effort for both parties.
Thus, this technology is transforming the business landscape as well as helping individuals to get answers to their academic, career, or general curiosity-driven queries. It takes customer service to another level, that benefits both businesses and customers.
Users would not say much about this technology, but only that these bots make their lives easier.