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Conversational AI

Conversational AI:

Conversational artificial intelligence (AI) refers to technology that is designed to intelligently communicate with users via speech, text, or visual interactions. It can use any medium for the bi-directional communication – virtual agents (chatbots or voice bots), apps, websites, social platforms and/or messenger platforms. The motive of the conversation can be for the users to gain information, complete tasks, or execute transactions. They employ big data, machine learning, and natural language processing to mimic human interactions by identifying speech and text inputs and translating their meanings across languages.

Conversational AI traditionally was received as an idea in which users may speak or write and then receive a response.  Modern Conversational AI goes well beyond a regular chatbot and therefore establishes a new benchmark for customer experience. It can now manage massive client loads, allowing it to effectively automate greater engagements and routine operations. Gartner predicts that humans will have more conversations with AI bots than with their spouses, given the surge of messenger services and AI development. 

Even though AI already assists organisations in making informed decisions, making faster business moves, automating & streamlining operations, and boosting overall productivity. With conversational AI, businesses can develop virtual agents which will be capable of delivering personalised experiences to both customers and employees. These smart solutions can be used for imparting knowledge, resolving queries, or simply to walk the user through a procedure. Eventually, conversational AI is sure to take over a greater portion of organisational functions positively impacting the business performance in many ways.

Conversational AI systems may be developed with varied levels of expertise, resulting in dramatically diverse end products that can be used as personal assistants, to facilitate discussions between consumers and businesses, and to automate activities inside companies. Or it can be used to derive solutions to the problems being faced by the business based on smart calculations and the data available with the organisation. 

Listed below are a few applications of Conversational AI:

  1. Automating HR related tasks and activities like employee engagement , allowing two way communication channels, pushing surveys, notifications and polls.
  2. Driving revenue and enabling conversational banking with answering FAQs, walking through processes.
  3. Enhancing customer engagement across various channels like generating custom offers, exchanges and returns 
  4. Revolutionising customer support with email automation.

Conversational AI has come a long way and has a long way to go….The first model of conversational AI was built on response platforms that could only solve basic, redundant queries. It was implemented to improve efficiency and reduce costs. However, there was a constant dependence on pre-programmed inputs and the system could not learn on its own. Today, bots are capable of perception and context and can learn over time to perform complex tasks. They can combine several interfaces, communicate over APIs, provide actionable call outs, push coupons and help customers redeem loyalty points. Moreover, companies can customize the pre-built industry or function-specific bot and create a conversational AI solution specific to their domain/needs. 

Mego 2.0 is a conversational AI but a step further. It can not only act as a force that drives engagements, automates tasks but also gives an enriched insight into the business processes, shortcomings and the measures to overcome them. To know more, stay connected with us www.m76analytics.com.

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