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Home Digital Why Conversational AI is more than just a chatbot

Why Conversational AI is more than just a chatbot

by Uma Rajagopal
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Why Conversational AI is more than just a chatbot

By Serkan Ibrahim, VP of Europe, Kore.ai

The innovation taking place within the technology industry right now is exciting and presents new opportunities for businesses to improve their offering, enhance their employee experience and better serve their customers. The spotlight is shining on artificial intelligence (AI), with organisations using it to automate operations, inform decision making through its ability to analyse tons of data, and enhance productivity through automating workflows. 

AI is the future of business and it’s here to stay, and developments in the likes of generative AI and Conversational AI (CAI) can open up exponential opportunities.

The rise of AI 

For businesses, AI can assist in their digital transformation and innovation path by helping them gain data insights and automate processes, ultimately allowing them to make smarter, data-driven decisions to stay ahead of the competition. 

According to the UK Government, AI will count towards 10.6% of England’s GDP by 2030. As such, businesses that don’t keep up with new AI technologies will be left behind.

In addition to this, a recent report by Goldman Sachs stated that implementing AI could increase the global GDP by 7%, while also pointing out that as AI tools that use Natural Language Processing (NLP) continue to be integrated into businesses and society, they could help to drive up to $7 trillion in additional global GDP growth.

In particular, the exponential growth of generative AI, a type of system capable of generating text, images or other media in response to prompts, has become more prominent over the last few months. You would be hard pressed not to have seen an article on Google and Microsoft competing with their own generative AI chatbots – ChatGPT and Bard. 

With sophisticated language processing and machine learning capabilities, generative AI chatbots are transforming the way we can engage with technology. The possibilities are plentiful, ask ChatGPT a question about history and it will answer. Want to know how to generate code? It can help. Complex questions can be answered as chatbots like ChatGPT and Bard draw on pre-loaded data or data from the internet, making responses feel human-like. 

So how do businesses utilise generative AI technology, such as CAI, to their advantage to create high performing conversational bots?

A new kind of chatbot service

Powerful CAI platforms can be embedded into an organization’s back end, enabling digital assistants to provide customized support to meet business needs and streamline mundane and labor-intensive tasks. By automatically generating sample workflows, CAI platforms can provide the ability to dynamically change the interaction flow or responses, generate sample utterances and build sample test cases. Complex queries are understood, and intuitive responses are delivered.

CAI uses a combination of machine learning, speech recognition, and NLP technologies to contextualize conversations and provide the best response to user inputs. This leads to more natural conversations, reliable self-service automation, and improved user experiences.

Building a digital assistant doesn’t need to take long or require significant technical skills either. Leaders in CAI that leverage generative AI and large language models (LLMs) for the creation and deployment of intelligent conversational experiences make it five times faster with one-third of the operational efforts required compared to conventional methods to build sophisticated assistants.

For example, our Smart Co-pilot taps into generative AI to suggest use cases, generate full conversational flows and dialogues, and build test cases and training data. This approach significantly reduces the overall efforts required for bot development by at least 70%. As a result, the time to market for these intelligent conversational experiences can be shortened from days to just a few hours.

Revolutionizing customer experience and business operations 

Applying CAI-powered digital assistants to business operations offers numerous advantages, including the automation of labor-intensive employee tasks and the creation of personalized consumer journeys. Here are a few instances of how this technology can assist different industries:

  • Employees at commercial banks can assess commercial loan agreements and negotiations. 
  • Retailers can overcome obstacles in providing a seamless customer experience by smoothly transitioning intel from online shopping to in-store shopping with digital assistants that integrate with various retail systems, including inventory management, customer profiles, transaction history, and product databases. 
  • Customer support agents can quickly comprehend customer issues by accessing the full context and current status of a query, without the need for the customer to explain the problem repeatedly. Agents can then tailor their responses to the appropriate tone and translate queries from other languages too. 

The future involves the power of CAI

As the use of CAI grows, the potential for its applications in numerous sectors is limitless, making it an exciting time for organisations to adopt this technology into their operations. It’s time to throw out those old chatbots and gain a competitive edge with an unrivaled service to end users with CAI today.

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.