The speed and accuracy of AI is reported to improve considerably in 2020. While this is great news for the technology sector, will AI really have the desired effect for businesses?
Whatever the outcome, big brands like Amazon, Facebook, Google and Baidu are investing heavily in AI according to a report by CMS Wire. Conversational AI can be used for customer-facing touch-points in all areas of business, from social media to mobile apps and websites.
The same report shows that conversational AI will be used for customer support purposes by 25% of businesses by 2021. Forbes also predicts that by 2022, conversational AI will handle 70% of customer interactions.
So what are the pros and cons of this relatively new technology?
Chatbots provide competitive advantage
When competing in the marketplace, businesses want to offer everything that their competitors provide and more. By ignoring the conversational AI market, businesses can fall short. Chatbots provide instant access to customer information and reduce the need for long holds on phone calls. No business wants to sell themselves short on customer service, especially in a competetive market.
Chatbots are specialists
Chatbots can be programmed to specialise in a particular area, making them a reliable source of information. This is useful when customers are looking for specific details about a product or service.
Chatbots are mobile-ready
The use of mobile is on the increase, and chatbots work perfectly with mobile applications. The instant access possibilities of chatbots give them a huge advantage over more traditional methods of communication, such as phone and email.
Conversational AI can only deal with basic issues
At the moment, chatbots are not very intelligent. They can only deal with very simple requests. They are often responsive to particular words such as “shop now”, “product” and “buy” and can lose track of a conversation very quickly.
The exception is bots that are powered by natural language processing. These bots are much more successful at following the conversation and responding accurately to the customer.
For the most part, however, current chatbots are immature and offer a poor experience for customers that can hinder reputation significantly.
Chatbots take time (and lots of money) to develop
With the increase of conversational AI coming into play over the next few years, there is not a lot of time to get your head in the game. Businesses will need to invest a lot of time and money into the development of chatbots if they want to get it right.
While some development tools claim you can build a chat bot in 10 minutes, to be a real competitor in the chatbot scene, you need a dedicated team of developers and a considerable game plan.
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