Conversational AI and the Future of Customer Success
By Susan Hu
According to a 2021 report, the global Conversational AI market size was valued at USD 5.78 Billion in 2020 and is projected to reach USD 32.62 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
What is the hype all about? Can your business benefit from Conversational AI? We will be exploring this topic today.
What is Conversational AI
Conversational AI refers to artificial intelligence technologies that can recognize and respond to speech and text, adding a human-like element to the conventional chatbots which only replies with scripted responses. Deloitte described it as “a programmatic and intelligent way of offering a conversational experience to mimic conversations with real people, through digital and telecommunication technologies.”
In its whiter paper, Deloitte future identified the three key components of Conversational AI:
1. Informed by rich data sets and intents
2. Providing customers with informal, engaging experiences that mirror everyday language
3. Digitally enabled products, platforms, and experiences relating to communication, sales and service consultations as well as other customer services
Conversational AI is often built upon cognitive technologies including Machine Learning, Machine Understanding and Machine Reasoning. Natural Language Processing (NPL), deep video understanding, supervised and unsupervised learning, situation recognition is often used to mimic and deliver human-like responses and interactions.
Why is conversational AI important
Conversational AI helps businesses to meet the ever-increasing demands of customer interactions. It improves customer experiences, increases business efficiency and employee satisfaction.
Using Conversational AI, businesses can provide personalized, unique experiences that develop relationships with their customers. The interactions flow naturally with advanced NPL and ML. From businesses’ perspective, Conversational AI helps to improve customer acquisition, increase customer retention and loyalty, reduce customer service costs, and ensure customer satisfaction.
From customers’ view of point, their communications with the company become more seamless and less time consuming, allowing them to solve their problems effortlessly and effectively.
Applications of Conversational AI
Leveraging Conversational AI allows businesses to be more responsive to customer’s needs. With chatbots and voice apps as the more popular forms of Conversational AI, this emerging technology already has a wide range of applications across industries.
For example, Conversational AI is implemented by many companies for 24/7 customer service support at a much lower cost and higher quality, which in turn, brings higher customer satisfaction and success.
According to Statista, worldwide e-commerce retail sales are expected to reach 5.4 trillion USD by 2022. At this growth rate, e-commerce and retail platforms are inevitably turning towards Conversational AI to increase engagement, improve customer experience and support for their customers.
Graphen’s AI Assistants
Graphen has developed advanced AI Assistants. As an application, it partnered with the largest automotive enterprise in North America and deployed an AI Car Assistant that can converse with users in general conversations and provide specific car related suggestions.
It's a truly innovative approach to the future of customer success and support. Graphen's AI Assistants can be delivered to any industry to support enterprises' specific needs. The Assistants can be delivered as voice-based dialog apps available on smartphones. These industrial knowledgeable advanced AI assistants can handle company related voice or text questions and answers, helping enterprises scale in their customer service needs.
The team is also working on its novel robotics, bringing the next-gen Conversational AI to a new level! Stay tuned for the future of customer success empowered by AI!
Learn more at: https://graphen.ai/products/ai_assistant.html
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If you want to learn more about AI, Graphen’s Conversational AI, AI Assistants and how it can help you in your offerings, please reach out to susanhu@graphen.ai.