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.

 

InfoPlus

 

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!

Comments

Post a Comment

Popular posts from this blog

Name Your Chatbot: 5 Simple Steps to Give Your Bot a Name

Image
Should you name your chatbot ? 🤖 Okay. The question seems a little contradictory to the topic but here’s the answer – “Why Not?” You probably would have named your pet (even if it’s a goldie), your favorite plant and who knows? There’d be a name for your automobile as well! So, why not name your chatbot? On a serious note, giving a name for your chatbot can help with business growth, mostly the customer experiences part. It can create a great support experience for your customers because your chatbot name is probably the first thing they’ll notice when the chat window pops up.  Also, giving a name to your chatbot that resonates with your brand name helps uplift brand awareness. Your chatbot gets a personality to it and is more approachable when it has a name.  We have named our chatbot “ SimplyBot ” keeping in mind our brand name Simplify360. It’s easy to remember and promotes our brand at the same time.  Coming up with a good name for your chatbot (memorable, striking, ...
Read more

5 Most Effective Channels for Customer Support

Image
  5 Most Effective Channels for Customer Support   There are several channels through which you can provide support to your customers. As a customer, which one should you pick?   The need to provide good customer experiences has never been greater than in today's consumer-driven environment.   Given how much effort and money you invested in gaining these clients in the first place, ensuring they receive excellent assistance when they require it should be at the top of your priority list.   Companies that provide exceptional customer service do it through channels where their consumers are present.   If your consumers are heavy email users, you'll need to give excellent email assistance to keep them satisfied. You'll need to be available to them on Twitter if they're more active there.   The same is true for each channel. And there are more channels than you realize.   But don't worry. Below, we’ll explore the most pop...
Read more

15 Review Response Templates to Quickly Reply to Online Reviews

Image
Today, reviews have become an important part of every customers’ journey, and they influence purchase decisions to a great extent. When you are in a store, you can experience a brand first hand. The shopping experience is much easier because you have the help of the shop assistants. But when you are online, you have no way of experiencing a product or getting that help from a shop assistant.  In such cases, reviews are the closest guidance customers are going to get, and since it’s left by other customers, they are unbiased. They have a direct influence on whether someone picks you or your competitors and have the ability to make or break a sale. Wait! It’s not just the reviews that matter. How you respond to your reviews plays an even more significant role in influencing customer decisions.  Potential customers give equal importance to how a company treats an online review – whether they acknowledge it or respond to it, do they heed customer feedback? All these play an essent...
Read more