Once the realm of science fiction, artificial intelligence (AI) is now transforming how businesses operate, around the world. A growing number of companies, including global diversified conglomerates are using technologies such as Internet-of-Things (IoT) and artificial intelligence to expand their digital presence. Let us reiterate what the tech honchos had to say at the recent, annual Adobe Summit in Las Vegas, “AI will amplify human productivity, not replace humans.”
Chatbots or Virtual Assistants (VAs)
With sky-rocketing customer expectations, there was a need for a platform that offers very quick, personalized and secure solutions like chatbots or virtual assistants. A chatbot is an artificial intelligence (AI) software, an interactive application, designed to simulate conversations (or chats as we call it) with humans in a human-like manner, through platforms using messaging services, websites, mobile apps or through the telephone.
Rise of the Bots
AI when used in robust technologies like chatbots, can be game changers in businesses and could lead to revolutionizing results. They have gained popularity with almost every other organization trying to build and engage a community digitally. And to their credit they have proven themselves, and how!
Chatbots can help SMEs streamline processes that in turn reduce costs and increase profitability. The possibilities are endless, and it has the power to change the way businesses function, globally. Chatbots are already helping businesses across sectors and industries – be it mental health diagnosis and treatment, fashion to even supply chain management, healthcare & food chains, amongst other small and medium business enterprises. AI also helps improve customer support in retail industry and provide solutions to many common issues, thus saving time and costs.
Its applications include selling solutions, managing relationships, marketing a particular product, and so it goes. They are also mobile-friendly. With everything on the internet going mobile-first, this definitely works to their advantage.
Application in Fintech (an emerging industry)
It has also proved to be a strong pillar of strength for the rapidly growing fintech industry, bringing in a whole new series of opportunities like personalized wealth management, automated customer support, intelligent financial assistance, and so much more. The financial revolution has brought along with it, multitude of technologies that has enabled it in the first place. One that has been given much importance for its success, is AI based chatbots.
A real-time solution to all your problems is just a message away, without any human interference, sounded almost like a dream a couple of years ago. Now with the increasing use of chatbots, the fintech companies can fine-tune and scale customer experience and eliminate human errors.
This sophisticated platform is also being harnessed by tech giants in the likes of Google (Machine Learning Algorithm), Under Armour (Personal Fitness Advice), Spotify (finding the music of your taste), amongst others. Some have also gone to the extent of using it to aid employees by monitoring their behavior. Its use most certainly helps gain a competitive advantage.
In this dystopian vision of the future, as industries mature, all we should aim for is to anticipate and identify areas that need fine-tuning, and put AI to good use, just like it’s supposed to be. Explore chatbots to fully benefit from them tomorrow, when these same bots will become a business necessity, especially for the growth of SMEs – starting now! They are sure to provide much more complex solutions than they do today. And we predict a flourishing future.