The Roles and Customer Outcomes of Conversational AI

The advent of personalized products and services has resulted in customers coming to expect a new standard experience that is faster, more accurate, and more personalized. As the customer’s standard has evolved, the amount of raw data being processed and time-consuming activities has skyrocketed.

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This is where Digital Assistants, powered by conversational AI, can utilize this information faster and more accurately than humans by finding insights and automating communication prompts to deliver an enriched customer experience. Investing in these improvements and implementing tools that support this can give your business a powerful competitive advantage, particularly by providing custom and fluid experiences for your customers when it comes to their inquiries about anything and everything regarding your business.

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The roles of Conversational AI can be conversational, procedural, and intelligent by design. This is facilitated by direct interactions with the customer, but also sorting documents and providing upload portals and confirmation, real-time personalization for existing clients with specific account details that need to be remembered and implemented, and more.

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Common Use Cases for Conversational AI

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Omni Channel Experience

• Integrate channels with each other so customers receive consistent support

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Self-service

• Enable customers to complete the task they need whenever and wherever they want in a cost-effective manner

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Real time personalization

• Personalized products, service, offers, and content in real time based on the customer context and needs to offer a differentiated experience

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Sentiment analysis

• Identify, qualify and extract emotions across channels to understand the social sentiment of their brand, product or service

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Automatic knowledge base & content creation

• Identify the most relevant data insights to automatically create custom content for each user and provide service recommendations to employees

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Predictive sales leads

• Score users likelihood of converting based on internal and external data, enabling sales to prioritize leads

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Conversational interfaces

• Enable users to have conversations that feel natural with machines by speech or text

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How It's Used

Digital assistants monitor customer conversations using natural language processing (NLP) and recommend content to support the exchange. They can also support customer service directly in conversations independent of any customers by answering direct queries. With proper conversational AI training and thorough integrations, Digital Assistants deliver a smooth and seamless customer experience.

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After the machine learning algorithm is created and the basic framework for the digital assistant is established, developers integrate intent detection. Intent detection connects common customer-entered keywords such as hours or returns to specific responses, establishing standard exchanges to use when interacting with humans. In practice, this allows customers to be routed quickly, minimizing delay and frustration.

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Now that you better understand the use cases, let’s link them to the most prevalent organizational outcomes that conversational AI supports:

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Improving customer acquisition

• Makes it easy for customers to find information and make a purchase anywhere and anytime
• Offer customers personalized products, recommendations and content likely to meet their needs
• Provide agent decision-support with their next best offer suggestions
• Rapidly scale up and down to always serve new customers in a cost-efficient manner

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Reducing churn

• Provide customers with the support needed to resolve issues whenever they want, increasing customer satisfaction
• Offer employees insight into customers’ feelings to inform next best step recommendations

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Increasing revenue per customer

• Basic routine customer interactions will be performed by the digital assistant, frees up employee capacity to sell products or services
• Gather, analyze and act on the customer’s preferences and irritations to design tailored products, offerings and promotions

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Reducing cost to serve

• Cost reduction opportunities depending on the customer channel interaction deflected into Conversational AI enabled channels
• Short payback period with low integration costs and high potential ROI
• Algorithms are organically trained as customers use the digital assistants, enabling cost-efficient continuous improvement

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Improving employee satisfaction

• Basic routine tasks can be automatically completed by the AI-enabled digital assistants, allowing employees to perform more high value and meaningful work
• Offer employees support from a digital assistant on how to best support the customer
• Share sales leads recommendations with employees, allowing them to better achieve their sales targets

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Increasing Net Promoter Score

• Organizations can increase their NPS when using Conversational AI to effectively provide a consistent and quality experience.

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Increasing in Sales Conversion Rates

• Organizations can significantly increase their conversion rates when using Conversational AI to educate and inform their prospects in the sales process.

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The introduction of chatbots and artificial intelligence is increasing rapidly. According to Accenture, 60% of executives surveyed plan to implement chatbots for after-sales, customer service and social media. Accenture isn't the only organization projecting major movement within the chatbot. Space: Check out these very insightful chatbot stats. At first glance, chatbot technology and AI-supported conversation interfaces appear to be very similar. However, if you go below the surface, the technology couldn't be more different. Continuous improvement and the end customer experience are nowhere near in the same league

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While it may look like this on the surface, these two technologies are not at odds. Although conversational AI is diverging from chatbots and is undoubtedly more advanced, chatbots will continue to perform certain needs and tasks. As you learn and understand natural language, conversational AI will evolve and become even more sophisticated. It is clear, however, that the demand for both solutions will skyrocket in the coming decades. 69% of consumers prefer chatbots for quick tasks and 70% of consumers intend to replace their visits to your healthcare provider, store or bank with virtual conversational artificial intelligence assistants.