AI-powered chatbot: enabling business automation

A chatbot is a virtual assistant, helping users execute simple actions and retrieve information using natural language. Chatbots are the best at automating repetitive tasks, and some industries have adopted this technology since its early days.

FinTech, Healthcare, Retail, eCommerce business domains have been successfully leveraging a chatbot technology for 5+ years.




JPMorgan Chase invested in technology and introduced a Contract Intelligence (COiN) “chatbot” designed to “analyze legal documents and extract important data points and clauses” in 2017. Manual review of 12,000 annual commercial credit agreements normally requires approximately 360,000 hours*.

 

Chatbot highlights:

  • saves employees hours,
  • offers personalized customers experience,
  • provides guided, human-like assistance to its consumers.

Today chatbots are not the same as they used to be even three years ago. The technology has advanced. And now it makes a demonstrable impact on industries, implementing it.

Chatbot types, or What makes a chatbot ‘smart’?

There are three types of chatbots:

  • based on preset rules, or linguistic-based,
  • based on AI machine learning,
  • hybrid model, combining both linguistic and conversational features.

Rules-based chatbots are quite simple: they rely heavily on a set of fixed rules, guiding them on what to do and when. Put it this way: such bot responds to specific commands only, displaying limited smartness. In case it receives the unspecified instruction and unable to recognize that, it has no guide on what to do with that, and it gets stuck doing nothing. Also, rules-based chatbots do not learn from interacting with users – no matter how much data you feed them, they keep the same level of cleverness.

AI-driven chatbots are way smarter: they can learn from interactions with users and getting more data. Moreover, such chatbots understand natural language, not just commands. Thus, they can discover new patterns, and get smarter, discovering new cases. AI-powered chatbots can cover a lot more automation tasks than ruled-based ones.

The hybrid model offers the best combination of both. Such chatbots can leverage the simplicity of a linguistic-based approach and work even without training, plus they also can go beyond and allow embedding complex AI algorithms within the same visual interface. Building chatbots with a hybrid model, enterprises receive flexible, business-relevant AI-enabled applications that make a difference to their customer’s experience.

AI Chatbot values for business automation

Customers love chatbots for their convenience and intuitiveness. Enterprises value them for several reasons, and a great deal of them are about business automation:

Immediate help

McKinsey reports that 75% of customers expect help within 5 minutes. Chatbots react automatically within seconds, smoothing a customer’s journey from the very beginning.

Driving sales

AI chatbots provide guided assistance for company clients in their buying journey, helping them to make their choice right, remembering their preferences, and giving helpful tips and advice while gentle upselling.

Reducing costs

Chatbots save costs by enabling enterprises to serve more customers automatically, thus, helping to reduce the incoming queries to live agents by 40%.

Maximizing staff efficiency

Automating plenty of calls, emails, SMS, social media messages, and live chat dialogs, AI-powered chatbots enable team members to shift their focus from repetitive tasks to higher-value customer engagements.

Availability 24/7/365 + all devices

AI-chatbots make business available at any moment. Whether a customer wants to make a purchase waiting in line in a coffee shop or ask a question using voice while driving home – you will be ready to provide service your clients want.

Increasing engagement

Highly engaged customers purchase 90% more frequently and spend 60% more per purchase, bringing more value to your business. AI-enabled chatbots automate personalizing customer experience, engaging them, and improving their satisfaction.

How to build an AI chatbot rapidly? The chatbot platform is the answer.

A chatbot platform is an end-to-end solution allowing enterprises to effortlessly scope, build, deploy, and maintain conversational systems. Such a platform should have capacities for both users without coding skills and those who want to develop a complex chatbot.

Enterprise-grade chatbot platform must-have features:

  • providing unique personalization for automated conversations,
  • ability to provide a toolkit to build an inherently conversational chatbot, understanding a user’s intent, and improving a customer’s experience,
  • data safety and security,
  • extended data analytics capacity,
  • cross-platform UI.

BotsSet is an example of a platform, allowing us to build and maintain highly targeted AI-powered applications of conversational technology.

Using this platform does not require any coding skills – a simple chatbot is a few clicks away. Leveraging Natural Language Processing technology, BotsSet helps to create fully customizable user flows and design a unique AI algorithm with its further training and scaling.

Also, BotsSet takes care of smooth integration with the most channels and connection to the tools already in use within minutes – WhatsApp, Skype, Kik, Sms, Telegram, Slack, Facebook Messenger.

 

 

Lessons Learned

  1. An AI-powered chatbot can smooth repetitive, manual tasks, thus, leading to increased time and costs savings. Such conversational AI apps not only can help automate these tasks but also fundamentally change the way teams and businesses get their work done.
  2. In case you need to build a linguistic-based app, automating business processes with a chatbot can be maintained without a single line of code or help from the IT department. Building more complex AI-driven assistants and leveraging machine learning and NLP technologies requires more effort, but business gets more value instead.
  3. Using an end-to-end enterprise-grade chatbot platform is the key to building a conversational system for your business automation.