Next Wave of AI Chatbots: Driving force for business communications

Artificial Intelligence is no more a science fantasy today. The fast upgrades in the hardware and software spaces have set off an era where intelligence is moving from the cloud onto the device and altering our lives personally and professionally as well.

Now, AI isn’t just for Fortune 500 companies anymore. Due to the innovation in AI over the past few years, small businesses now can leverage AI technology to improve their operations, connect more deeply with their customers and, ultimately, boost their sales.

AI is progressing quickly, AI-powered chatbots are now capable of delivering a personalized experience to clients and customers. As per the report issued by one of the top magazines in the US stating Bank of America’s chatbot as one of the best chatbot ever. Their chatbot has the potential of handling any customer query.

With predictive analytics, the bot can foresee customers needs and guide them through complex banking procedures such as helping customers make payments, check balances, save money, and so on. In short, the AI chatbots are getting smarter day by day.

Not only in other countries but also in India, there is tremendous growth seen in chatbot users over the past few years and is still continuing, helping businesses provide the best customer service and expand their business by connecting with consumers in real-time.

In fact, India ranks 2nd in terms of chatbot users in the world. It is estimated that 90% of customer interaction in banks will be automated by 2022.

The advancement of AI has provided people with a stack of useful tools and resources. Chatbot growth has been outstanding across several industries, to the point where 1.4 billion people now use them on a fairly regular basis.

Now, AI chatbots are being used widely from banking to retail, manufacturing, healthcare, energy, logistics, insurance, education and tourism. The key to this digital transformation lies in utilizing the potential offered by machines and using their processing capacity to efficiently and accurately analyze large amounts of data.

These technologies can also help facilitate the implementation of increasingly intelligent systems to detect patterns, automate processes and speed up decision-making. Every major tech company has nodded significant investment in this new technology. They are launching their own chatbots platforms, Microsoft, Google, SAP, Cisco, Oracle all are moving in this direction.

Artificial intelligence is helping companies where customer support is priority and time-bound by improving customer service, customer loyalty and brand reputation and helping them provide greater returns.

AI-powered chatbots are capable of helping a large number of customers 24/7 without the need for an actual human employee with reduced operational costs. Using chatbots as the first interaction by such companies helps them in identifying consumer needs easily.

In today’s tech-savvy world, chatbots have become a popular tool for companies. Businesses, both big and small, have found ways to use chatbots to assist their customers. In the coming years, the chatbot market is expected to grow more as over 80 % of businesses will adopt chatbots.

AI chatbots will help businesses across different industries to automate sales, marketing, and customer care. With a projected worldwide market size of more than $1.3 billion by 2024, chatbots will be a driving force for business communications and continue to be revolutionary.

 Suroor Wijdan, founder of Xencov Software