The journey of artificial intelligence was coined in the 1950s but remained a science fiction concept for decades, leaving much to the imagination. In the past decade, however, we have seen AI transformed from a mere fantasy into a disruptive force that is shaping the future of organisations across all industries. 

Today’s leading businesses are already building their strategy on AI as they have realised the significance of artificial intelligence. In a 1,600 senior business decision-makers survey, 76% agreed that AI was crucial to their organisation’s success.

AI Powered Solutions

Businesses have begun combining AI-powered solutions with various systems and technologies to improve product or service delivery and improve customer experience.

Customers now have a higher service expectation when purchasing due to AI innovations; therefore, giving a superior customer experience is essential for companies and brands to  thrive. So, consumers require faster and more effective solutions to their inquiries. 

To reduce the time needed for manual tasks, Chatbots have emerged as the trusted assistant. They require fewer resources and achieve a greater return on investment due to their rapid response to client inquiries.

Chatbots: How AI is Revolutionising?

The 2018 Chatbots Market Report anticipates a Compound Annual Growth Rate (CAGR) of 27.5% of the worldwide chatbot market between 2018 and 2024.

Because AI is incorporated into chatbots, they deliver prompt and efficient responses. They are readily available and ready to be utilised. All chatbots have the same back-end technology and methodology, facilitating their ability to respond to customers. The supply chain industry has also implemented Chatbots for data storage and process optimization.

What are the primary business benefits of chatbots?

Having a well-developed chatbot is preferable than not to have one for your organisation. Regardless of the size, location, or industry of your business, it will provide you with the following advantages:

Continuous accessibility

You are constantly available to your customers whether you operate as a local or global enterprise. Whether it is the middle of the night, early morning, or Sunday, your customers can always interact with you and find solutions they need. With 24/7 chatbot availability, you can never miss an opportunity to sell a product, assist in resolving an issue, or educate customers on the vast array of services you offer.

Improved customer engagement

The chatbot is an ideal customer engagement tool since it can always interact with customers via multiple messenger, business websites, and mobile devices. 

According to Paul Greenberg, “Customer engagement is the ongoing interactions between the company and the customer that are offered by the company and selected by the customer.” Therefore, do not deny your clients access to an additional tool for optimal customer involvement.

Excellent customer satisfaction

One of the worst situation for a business is having unhappy customers. However, some of customers are now too demanding that it is becoming more impossible for service teams to handle unreasonable costumers without losing their cool. 

In this situation, chatbots become an ideal means of customer interaction. They are always composed, regardless of the circumstances. In addition, a chatbot responds instantly to the user and does not keep them waiting on the phone line or in a chat box. With an intelligent chatbot, customers can be satisfied significantly and probably be content too.

Fast multitasking

As chatbots are meant to execute numerous activities and serve many people simultaneously, your company phone lines and chats will never be too busy to allow engagement with a client. Your call centre may receive hundreds of inquiries, and a chatbot will be able to respond to all of them.

Business processes automation

With the aid of a chatbot, your company may automate numerous business activities. For instance, you can optimise the delivery process, assist them in selecting the appropriate service, or guide your customers. The number of available possibilities is extremely endless.

Return on investment 

With a chatbot in your business, you can dramatically reduce costs because you simply need to develop it once and utilise it as much as necessary. It does not need wages, vacations, or sick days. Thus, the savings can be allocated to other internal investible opportunities to address the company needs.

Regardless of the type of business you operate or the type of chatbot you choose — simple, intelligent, or hybrid —it will provide your organisation with priceless benefits in terms of return on investment, business process automation, and the ability to stay in constant contact with your customers. In addition, your customers will always receive appropriate assistance and superior customer experience.