3 Reasons More Businesses Are Using Conversational AI

Conversational artificial intelligence (AI) is a growing trend among different types of businesses. Since machine learning can be used to handle complex situations, there will be a steady increase in ways AI can be applied to everyday tasks.

Save Money

One of major lures of conversational AI is the ability of businesses to save money, usually by decreasing their workforce. In many cases, AI can be used instead of customer service agents, whether they are available by phone or online chat services. Although AI can handle a variety of issues, businesses will still need to employ customer service agents to handle issues that were not adequately resolved with AI. The integration of AI may translate into fewer employees needed to handle the same volume as a full call center.

Conversational AI may also have a place in more complicated business decisions. Many companies have executives who make decisions regarding marketing, buying and selling products, or business acquisitions and mergers. Integrating AI can be used in addition to executive decisions when attempting to make the right decision. Not only can using AI save money because of improved decision-making, but the need for fewer high-level employees to "crunch numbers" can also be a cost-effective solution.

Decrease Customer Service Times

The advantage to consumers when a business uses conversational AI is decreased wait times to handle problems. Often times, customer service numbers are backlogged with problems that do not always require a live agent. This can create an unnecessarily lengthy wait time for callers who genuinely need to speak with a customer service representative. With conversational AI on the front-line to field questions and concerns, some callers can have their issues adequately handled without ever speaking to a real person. Similar methods can be used in the healthcare industry when handling appointment setting or other easily-handled questions that may tie-up phone lines.

Improve Accessibility

Conversational AI improves accessibility for customers in different ways. For example, some brokerage agencies utilize AI to help their clients with finances or stocks. Instead of speaking with a stock broker or banking professional, they may seek help from an AI system. This may include AI analyzing their stock portfolio and giving the client suggestions on which stocks to buy or sell. As far as banking, AI can be used to answer questions about a bank account or other financial issues. Unlike traditional brokerage or financial services that may only be available during normal business hours, clients can seek financial advice at any time of the day.

Although conversational AI is not a perfect solution for every business, as machine learning improves there will be more applications for AI.