New technologies have transformed how modern businesses work since the inception of Information Technology (IT) systems. Several advanced chatbot startups have helped the technology progress, building revolutionary chatbot systems that will help steer the industry forward.
There is a diverse range of chatbot systems, like messaging app chatbots, business app bots, and other standalone chatbots that work as virtual assistants. Using Machine Learning (ML), Artificial Intelligence (AI), and NLP algorithms, AI-based chatbot systems enable the optimization of business operations on a worldwide scale.
Reasons Chatbots are Appealing to Businesses and Investors.
Chatbots are a highly powerful technology that has the prospect to drastically change the digital landscape of SMEs and enterprise companies.They are software systems than can –
- Improve the customer service experience, facilitate customer-facing interactions, and externally-facing operations allied with marketing and sales services.
- Helps to qualify and generate leads
- Capable of enhancing internal workflows, helping staff be more result-oriented, trimming down costs, and overhead in an organization.
- Managing HR activities, enabling operational automation, reducing project timelines, and saving project or training costs.
Are Bots Really Helpful?
While the insights connected with chatbots portrays that they can revolutionize business operations, the statistics associated with chatbots showcase an even more spectacular picture. As per Juniper Research, business costs have the prospective to be cut by over $8 billion by the year 2022 through the utilization of chatbot software. As per research, 75% to 90% of customer inquiries will be dealt with by chatbots in many industries within the coming five years. Also, due to the chatbot’s scalable nature, 87% of CEOs in a Forrester survey said that they desire to amplify the utilization of AI and increase the AI work-force in their businesses.
With the quick enablement of digitization in all business procedures, AI-systems are being used to modernize and resourcefully carry out an array of administrative and externally-facing operations. For instance, HR bots can significantly boost organization productivity and operational effectiveness by their automation processes and enterprise business models. HR bots help automate administrative operations and enable recruitment, FAQs/Company Policy, Employee Training, Enrolments, Feedback, and Assessments.
Sales, marketing, and HR are merely three examples of how bots can be utilized to enable and automate essential business processes. However, virtually any externally-facing or internally-facing company operations can gain from intelligent automation bots for boosting effectiveness and company productivity.
How the Use of Bots may Increase Tenfold in a Few Years
While chatbots are mostly used with messaging and business applications, industry specialists say that they can be applied in many other domains. Their use will boost tenfold in the coming years. It has various applications such as chatting with a bot for business messaging on Facebook, calling on a voice assistant for support on smartphone or Desktop such as Apple’s Siri and Microsoft’s Cortana and while communicating with smart home or smart TV like Alexa, or even booking of meetings or booking of flights. Besides, it is currently quite frequent to speak to a bot while calling companies with a switchboard bot to connect different users to different departments.
Bots Still Have a Ways to Go
Chatbots have the prospect to transform businesses on a worldwide scale. However, many challenges must be conquered for professionals and developers to build bots that can sensibly be used on a day-to-day basis, which can benefit an organization’s bottom line and offer clients an improved experience. Information safety and security is one of the most pressing challenges developers face in the current time.
For managing sensitive company information and client’s identifying details, bots must be shaped with safety supported for the customers and staff privacy. They should also abide by data security rules and legislation. Bots should even reply to customer inquiries while being complied with the standard legal and ethical constraints that a company employee would follow in diverse scenarios. Last but not least, bots require being build and used with a clear objective in mind, so the technology doesn’t turn into a hyped-up marketing strategy.
As stated by HubSpot, a bot must realize four significant objectives when aligning their use with an organization’s strategic plan. These objectives comprise connecting with customers through a conversational UI, clearly understanding their intent, deliver the needed solution based on their desires, and refine conversations/analytics to optimize interactions.
Chatbot Startups That Fortune 500 Companies are keeping an eye on!
A couple of robust chatbot systems and startups have built messaging-app Chatbots, web-based chatbots, and standalone chatbots.
It offers businesses with Omni-channel messaging and an intelligent bot system, enabling them to connect with customers in multiple ways right through a single application.
- Wade & Wendy
It is an HR chatbot for recruitment and hiring, with a robust conversational AI system that assists recruitment managers to make better decisions through analytical insights and recommendations.
It is a cloud-based and personalized marketing chatbot system that enables customers to connect with their targeted brands through an AI system.
It is an exclusive conversational AI system that works robustly as a personal assistant and assists in simplifying all day-to-day activities, including shopping and ordering tasks.
It is a chatbot startup that has built a robust KAI banking smart bot based on research and developmental data. This system enables customers to engage with banking transactions through intelligent bot without requiring conventional app-based interfaces.
It is a Chatbot system and digital assistant that integrates messaging and business applications to gain insights through testing and data analysis. It uses Natural Language Processing (NLP) to serve the business analytics workflows along with operations.
Mezi’s AI system has built this AI-smart bot that works as a travel assistant through a conversational UI. It allows users to conduct travel-based operations related to flights and hotels.
The Interactions’ chatbot is a smart virtual assistant that helps in strategic customer engagement by enabling customers to interact with their targeted brand using voice, text, typing, and swiping along with a blend of channels offering an exclusive and improved customer experience.
It is a messaging platform, which facilitates chatbots for a superior messaging experience. The multiple bots on the Kik platform provide an exceptional experience and assist in advancing messaging systems into modernized bots.
It is an automation smart-bot, which works as a personal assistant that offers a schedule of meetings and automated replying to emails.
Moving Forward – How Chatbots are turning a Serious Contender for Future Technology
While chatbots use speech or a blend of NLP with Conversational UI systems and voice assistants, many companies are not frequently utilized. This scenario is because of the multi-faceted nature of such AI solutions, along with needed skills for NLP and ML algorithmic creation.
However, on the other side, AI solutions are now supporting the feasible development of complex chatbots through its framework by working as a conversational middleware system for building and designing diverse bots. Such an approach offers organizations with the needed tools for easy chatbot development. Thus, chatbots have turned a serious contender within the technology ecosystem to help organizations transform their current operations digitally.