USHERING IN THE NEW ERA VIA CONVERSATIONAL AI
• What is Conversational AI and how every service sector is getting benefited from it?
In a simple manner, to enable the machine with the help of artificial intelligence (AI) to communicate with humans in a natural way similar to humans is called conversational AI. Conversational AI uses various latest technologies such as natural language processing (NLP), and machine learning to help machines to understand and interpret human language and respond accordingly.
These technologies are used in building various applications Like Chabots, virtual assistants, and voice assistants and to provide a more personalized and efficient customer service experience. Today, Conversational AI is being adopted across various service sectors to enhance the customer experience. Today every sector starting from Retail to Banking to Healthcare to Hospitality is getting benefits from Conversational AI.
Few of the use cases like in the Retail sector, retailers are used to provide personalized shopping experiences to customers. It can also help customers to find products, answer product-related questions, and even provide recommendations based on customer choice. Similarly, Banking Chatbots are getting used by banks to provide customers with 24/7 support.
Chatbots can handle basic banking tasks, such as checking account balances, transferring funds, paying bills, Transactions, Opening accounts etc. In Healthcare also Chatbot can help to book appointments and remind them of medication schedules. During the Pandemic Chatbot market grows significantly.
• What are the Major components or technologies used to build Chatbots?
Major components of conversational AI are Natural Language Processing and Machine Learning (ML). NLP is used to understand the language and intent of the input message and take corrective action. As the system tries to understand the language, users can ask the same questions in multiple ways, the system is now able to understand the intent. Once the intent is identified, the System can extract the correct answer.
And with the help of Machine Learning (ML), the algorithms can be used to analyses and categorize user input, identify patterns in user behavior, and generate appropriate responses. Machine learning can be used to improve Chabot’s performance through the use of recommendation engines, which can suggest relevant products, services, or information to users based on their past interactions and preferences stored in the knowledge base.
• We heard a lot about Chatbot, and Voice Bot but what are video bots and IVR bots and what is the future?
A video bot is a type of AI-powered Chatbot that interacts with users through video instead of plain text or voice. While text and voice bots have become increasingly popular in recent years, video bots are a relatively new development that offers several unique benefits. Video Bot Can provide a more engaging and great experience for users, which can further help to build strong relationships between businesses and customers. Video bots can be used very soon in delivering educational content in a more interactive manner.
Video bots can also be used to host Virtual events like webinars which can reduce the cost and improve attendance. IVR is an extended arm of a traditional Call centre where Virtual Audio assistants act as a replica of customer care agents who answer most of the queries based on the integration at the back end. Today every bot be it Chat, Voice or IVR supports multiple languages to provide customer support who speak different languages. This is especially useful for companies with a global customer base.
• What is the market trend for Conversational AI?
The conversational AI market size is expected to increase from USD 10 billion in 2023 to USD 28 billion by 2028 with a predicted CAGR of 22% during the forecast period as per the various data sources available in the market.
• Will AI solutions such as bots reduce jobs in the future?
The general perception of AI is likely to cause job losses which are not true even if it will create jobs in the AI sector. If you see with the advent of computers, people were afraid of job losses but in actuality, it creates huge jobs around the world. As the future is moving towards digitization it will help to create new jobs and there will be more requirements for an AI expert who will work on development, Training, Quality, Machine Learning, Language, NLP etc.