What Is Conversational AI Platform? What Are Its Benefits?
Buzz Buzz… Conversations about the conversational AI platform are the buzz of town today. And we are here to tell you why!
It is no wonder that conversational AIs have taken over the chatbot craze which started with facebook’s announcement of a developer-friendly platform. But its journey from being an IFTTT (if-this-then-that) algorithm to a self-generating and expanding knowledge database is surely an intriguing one.
A conversational AIplatform primarily comes with artificial intelligence technology which allows businesses to automate responses to customers. It enables computers to engage in natural-sounding text conversations with customers.
But isn’t this what chatbots also do?🤔
Not quite!
And in this post, you
will learn what differentiates Conversational AI platforms from chatbots or
virtual assistants.
Conversational
AI vs. Chatbots
Both conversational AI and chatbots are designed to engage in conversations with customers and answer FAQs. There still exist some important differences between them.
Conversational AIs are programmed to understand human communication patterns and respond with contextual dialog. It engages in customer conversation in a non-stilted or scripted manner creating an organic interaction experience.
Chatbots on the other hand are transactional. Their responses are based on a predetermined chain of commands. They are not designed to handle advanced conversations and require training to recognize keywords.
It is also important
to highlight at this point that conversational AI is the technology that
enables chatbots and voice assistants. It helps automate conversations on any
of the platforms, be it a web-based chatbot or a messaging service. Virtual
assistants like Siri, Alexa, and Google Home are all examples of conversational
AIs.
How do
Conversational AI Platforms Work?
A conversational AI platform entails four basic steps
👉 Input Generation- This is the step
where customers provide input in the form of voice/text via connecting channels
like live-chat boxes.
👉 Input Analysis- This is where the
computer attempts to decipher the customer’s input and intent using NLU
(natural language understanding).
👉 Dialog Management- This is what the
computer uses to formulate a response that mimics human speech using NLG
(natural language generation).
👉 Reinforcement Learning- This refines the computer’s responses over time by analyzing stored data from previous inputs.
In other words,
conversational AI like the Simplify360 Conversational AI Chatbot Platform
employs natural language understanding, machine learning (ML), and natural
language processing (NLP) to engage in customer conversations. NLU helps
decipher the intent of customers’ input and stores the data to maintain
continuity and context. ML on the other hand determines an appropriate response
which is then converted into human language using NLG.
Source: InfoPlus
By now we have learned what is conversational AI and how are they different from chatbots.
Moving on, let’s have
a look at the reasons that make conversational AI platforms the future of
enterprises.
Benefits
Of Conversational AI Platforms
Thanks to the
increasing adoption of chatbots, voice-based assistants, and messaging apps,
the conversational market is expected to reach $32.62 billion by the year
2030. This rise in demand is due to its fast and customizable experience.
But that’s not all!
Following are some
important benefits that make conversational AI platforms a must-have for your
business.
●
Increased Customer Support
Efficiency
It
can help increase the efficiency of your support team which will improve your
customer service standards. For example, a chatbot can easily handle increased
call volumes and agents can be put to deal with more complex tasks.
●
Personalized Experience
The
inbuilt developer API helps create a tailored experience for your customers’
needs. It helps increase customer loyalty and satisfaction rates over time.
●
Boosts Revenue
Easy
management of cross-selling, up-selling, product recommendations and payment transactions
increases your conversion rates and boosts revenue.
●
Cost-Efficiency
The
accuracy and pocket-friendly expense of conversational AI can help your
business succeed, all the while cutting down your customer support cost.
●
Rich Data Insights
Conversational AIs provide your business with a competitive edge via rich data insights. It simultaneously engages with customers and stores data that helps you learn about customers.
So, those are the benefits of conversational AI platforms.
Here is a link for
you to explore the best conversational AI platform for your business:
👉 7 Best Conversational AI Platforms You Should Consider
Using In 2022
Conclusion
The best part about any technological advancement is if consumers embrace it.
Conversational AIs are going to be our future for a long time because consumers love them.
Many businesses actively invest in conversational AI because they enable the bots to provide a personalized human-like approach. It represents your brand and helps create everlasting connections with customers. And that’s everything you need to know about conversational AIs.
If you haven't
invested in it yet, go get one. NOW!
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