The Power of the Chatbot!

The Power of AI and Chatbots…why your business needs it.

What is AI?

Is Artificial Intelligence the same as Machine Learning and Deep Learning? Yes, and no. They are subsets of each other. AI being the main technology followed by the advancement of Machine Learning and now the next step of Deep Learning.

Though the theory has existed since Antiquity, Modern Artificial Intelligence (AI) is a technology going back to the 1950’s. Aristotle described a method of formal, mechanical thought. But in our times, it started with Alan Turing proposing the Turing Test as a measure of machine intelligence.

The advancement of AI was the evolution of Machine Learning around the 1980’s. That is the use of statistical techniques to give computer systems the ability to “learn” with data, without being explicitly programmed. This is accomplished with task-based algorithms using statistical data. Soon after, the first National Conference of the American Association for Artificial Intelligence was held, launching a wave of adoption, use cases and applications. With the advancement of the PC, around the 1990’s we began to see games developed such as chess and backgammon where we could actually play against the machine. Groundbreaking! This was the flourishing of Machine Learning.

With the advancement of GPU’s and processing power, we are now seeing a boom in the next evolution of AI, that of Deep Learning. While Machine Learning are task-based algorithms, Deep Learning breaks those tasks down and sends them to different virtual layers for processing, much like a neural network. So, instead of running data through predefined equations, Deep Learning uses parameters about unstructured data to train the computer to learn on its own using many layers of processing. Yeah, kinda like explaining how the brain works. Deep Learning is a neural network.

So, what is a chatbot?

A chatbot is a robot, of sorts, that maintains an engaging interaction, usually through a chat window. What makes a chatbot powerful? Deep learning artificial intelligence. Deep learning capabilities are now more readily available to the average sized business. Utilizing services from providers like Amazon, Google, Nvidia, and others, businesses can now leverage the power of deep learning turning that into the power of the chatbot.

Pegasystems recently reported (What Consumers Really Think About AI) that approximately half of us have interacted with chatbots and were unaware at the time. The report also revealed that 68% of those surveyed were receptive to using AI if it made their life easier. And, according to Gartner, by the year 2020 – 85% of customers expect no human interaction, making self service and AI bots the way of the future.

What should companies expect from implementing an AI chatbot? Interestingly, surveys show the AI chatbot brings a personalized experience to the interaction. We should expect a chatbot to:

  • Keep the customer engaged while quickly working towards resolution.
  • Understand voice and text and respond accordingly.
  • Bring value to the business by increasing efficiencies and reducing costs.
  • Broaden customer interactions through multiple channels
  • Increase customer satisfaction.

How are Chatbots impacting the Contact Center?

  • The chatbot never sleeps –Providing convenient customer service is essential. With chatbot integration, 24/7 options can be provided with ease of operation and cost effectiveness.
  • The chatbot is always available –No waiting in the queue. Interactions can be handled immediately. And, if the bot senses an issue, the interaction can be routed to a live agent.
  • Chatbots are friendly– Bots provide a personalized, quick, easy, frictionless solution. Remember, about 50% of those surveyed didn’t realize they were interacting with a bot.

How can you apply this to your business process? Where does the chatbot fit in? The answer to those questions is increasingly becoming “anywhere you can imagine”. As AI technology advances with increasing access to deep learning solutions we will see the integration of chatbots into every channel of the customer experience journey. Some areas where chatbots are excelling now:

  • Appointment confirmation and scheduling.
  • User Account support, password maintenance, and ticket interactions.
  • Sales support and ordering.
  • Monetary transactions, payments, and processing.
  • Customer / Patient / Member / User registration and record keeping.

 

Can you think of another application for the chatbot? In need of help plotting your AI digital transformation? Just contact AVDS. We make it easy to do business.

 


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