9 Business Advantages of Conversational AI

Conversational artificial intelligence (AI) is a type of AI that can be used to communicate with users, glean information, and streamline services. The benefits of conversational AI are many, especially for companies and businesses who are looking for a competitive edge in a business landscape that changes so rapidly.

This evolving and improving technology provides companies with unique possibilities that help both the company itself and the company’s customers and clients.

Below are the nine business advantages of conversational AI:

Advantage #1: Increase productivity

The increase in productivity is one of the best advantages of conversational AI. Implementing a conversational AI component into a company’s workflow eliminates several tasks from the employees’ queue. This ultimately frees up employee time, allowing them to increase the quantity and/or quality of their work.

Conversational AI is also available 24/7, which means those levels of service can be handled any time, and filtered out of busy working hours.

Advantage #2: Improve flow

Conversational AI is most often used to filter out users who do not need to connect with a human employee. They take care of the most mainstream tasks in order to free up time for the less common or more difficult cases.

Conversational AI is also often used to filter users into the appropriate category, so that they are directed to the correct individual automatically. This process improves the flow and smoothness with which users and customers are being served, and the speed at which problems are solved.

Advantage #3: Improve user experience

Any service that can be provided using conversational AI will help improve the user experience. Conversational AI services are available at any time, and require no wait time on the user’s behalf.

Unlike a call centre, which requires a real human and thus often includes hefty hold times, conversational AI can manage a virtually infinite number of users at once. It can significantly increase the speed at which a user can accomplish certain tasks, and is a sure way to improve user experience.

Advantage #4: Decrease costs

There are two ways that conversational AI can decrease costs. First, it can literally decrease the amount of funds required to staff the company.

Conversational AI decreases the need for as many employees, or for employees to work as many hours. Second, it can contribute to increased revenue, which decreases the cost to revenue ratio.

Advantage #5: Maintains consistency

Conversational AI does not vary from its programming. It uses the data it has to make recommendations, suggestions, or guide and help users. It does not forget, it does not make unwarranted errors, and it does not bring human emotion, bias, or temper into the mix.

Conversational AI is consistent, and can guarantee the same customer experience every time.

Advantage #6: Learns continuously

The idea of AI is that it maintains its programming, but learns from the data. This is done using patterns, data analysis, data memory, and other functions. The functionality of conversational AI is amazing, and can only increase over time.

If companies do not take the time and spend the money to invest in conversational AI now, they could be very behind when it comes time to implement it in the future.

Do not miss out on collecting data – it is one of the most valuable assets available today. Every piece of data a company misses out on collecting is a missed opportunity.

Advantage #7: Ever-expandable

As a company grows, it must scale up everything along with it. It must hire and train new employees, increase the size of its offices, and purchase more furniture and equipment for their staff to use in order to effectively do their job. Conversational AI is extremely easy to scale up.

As new offerings are implemented, new services are offered, and customer volume grows, the AI itself surely does not grow in physical size.

Programming is easily adjusted, not replaced, and is therefore much more cost and time efficient than the alternative.

Advantage #8: Continuous data collection

As mentioned, data is the modern-day gold, and is just as valuable. Today, many services and businesses build their models on mining and using data to attract and keep customers.

In fact, a whole segment of the advertising industry is based on actually anticipating what individuals will buy before they even know they want to buy it.

Data is an incredible tool, and conversational AI is an easy way to get it. Every response from every user that uses a company’s conversational AI tool is stored and used for future improvements of the business.

Advantage #9: Offers many business benefits

If a company feels it could benefit from conversational AI, they’re probably right. There are an incredible number of benefits, both monetary and non-monetary that organizations can experience from the implementation of such a system.

Furthermore, the longer company’s wait to implement, the more information is wasted or missed out on, and the more opportunities the competition gets to gain the upper hand. Technology is a train moving at breakneck speed. Hop on, or be left in the dust.