Chatbots – the practical application of AI setting the course for modern businesses

As IBM points out, as many as 85% of customer interactions were handled by virtual assistants by 2020. According to Statista, in turn, as many as 45% of people prefer chatbots as their primary contact channel with brands. Everything seems to indicate that the forecasts of Global Market Insights will be proved correct, and the total size of the chatbot market worldwide will reach over 1.3 billion dollars by 2024.

What are chatbots?

A chatbot is software for marketing, sales, or customer service, which uses artificial intelligence (AI) and machine learning (ML) to simulate a natural conversation with the user. It is a tool that enables intelligent automation, i.e., digitalization of repetitive, tedious processes performed earlier by employees.

How does it work in practice? Artificial intelligence and machine learning enable efficient monitoring and analysis of data and personalization of interactions. The NLP technology, in turn, allows you to understand, analyze and answer user questions.

The continued development of AI and ML is bringing the capabilities of bots into areas previously reserved only for specialists. These one-sided, predictive communication systems offer new opportunities when it comes to the coordination of online and offline sales channels and closer contact with customers. Nowadays, this makes investing in their development more profitable than hiring more staff for customer service.

Versatility of chatbots

Intelligent assistants, virtual advisors, or simply bots. Regardless of what we call them, the types of interactions they engage in can generally be divided into 3 categories:

• conversational – imitating a conversation with a real person as closely as possible,
• scripted – consisting of rigidly defined questions, similar to forms,
• mixed – combining conversational and scripted approaches.

Each model offers a wide range of possibilities, making chatbots increasingly popular among a raising number of industries and companies worldwide, regardless of their size.

What roles can they play in your business?

• Informational – functioning as FAQ or knowledge bases, its a mine of information that the company wants to share with its customers.
• Transactional – most often used by companies operating in the field of e-commerce. Their role is to provide help during shopping and support customers throughout their entire purchasing process.
• Booking – popular especially in the tourism and entertainment industries. Thanks to the integration with external systems used by companies, such as booking systems or databases, they improve customer service and purchase processes.
• Supporting call centers – voice bots treated as hotline employees make it possible to take over some of the tasks from consultants so that they can focus exclusively on dealing with the most important and difficult calls.
• Recruitment – used to support HR departments, their role is to facilitate the recruitment process by accepting application documents or conducting initial interviews.
• Marketing – they help organize competitions, promotional activities or simply entertain customers with games and other attractions. They contribute to the brand’s image and also help improve its relationship with customers.

Automate your processes and help people do their jobs better

Are you wondering why you would need a chatbot and if it is really for you? Bots can support the growth of your business in many areas.

• Business process optimization – automation of repetitive work and reduction of operational costs.
• Improved customer service – chatbots are available for your customers 24/7/365.
• Increased employee satisfaction – relieving employees of tedious, unrewarding tasks and having machines do them.
• Reducing workforce costs – bots, in the long run, are cheaper to maintain than skilled workers. Thanks to their use, it is possible to reduce the number of employed people and consequently money spent on their salaries.
• Improving the company’s image and building relationships with customers more easily.

Innovations in Euvic

In Euvic, in addition to projects from the areas of Software Development, IT Infrastructure, Body & Team Leasing, or Digital we also actively support and contribute to the development of innovations. New technologies and business-related market trends constantly inspire us, encouraging us to implement further unconventional business initiatives, including such projects as chatbots.

Digitalization and implementation of innovative solutions, although very tempting, are not at all that easy. Advanced digital products require proven technologies, professional business support, and above all, commitment to their development. You can expect all this and many other benefits by entrusting us with the implementation of your ideas.