Benefits of conversational AI: Your competitive advantage
Article by: Lionel Bodin
With the advent of personalized products and on-call delivery, customers have come to expect a new standard experience: fast, easy, accurate, and personalized. Accomplishing this without sacrificing your workday can be a challenge, since the data processing required to meet these needs is immense. Luckily, virtual agents (VAs), powered by conversational AI, can utilize this information faster and more accurately than humans, finding insights and automating communication to deliver an enriched customer experience. If you invest based on these improvements, you’ll find that implementing these tools delivers a powerful competitive advantage.
The virtual agent advantage
As shown in the diagram above, conversational AI comprises a series of systems. In practice, these interwoven elements allow access to and processing of data for businesses and their customers, creating a seamless and informative conversational experience. At Logic20/20, we understand that all four layers are necessary to produce an effective and long-standing business solution. For businesses and their customers, conversational AI that utilizes the entire pyramid can deliver an array of key improvements.
Benefits of conversational AI
Higher productivity. Automated support is available 24/7 and able to handle simple requests, allowing customer service representatives (CSRs) to respond to concerns more quickly and lowering overall resolution times. VAs also improve employee productivity by enabling human agents to engage in multiple messaging conversations simultaneously and addressing simpler tasks and requests as they arise.
Lower cost of customer care. This is a high-impact benefit for businesses, since customer care carries a high operating cost. Conversational AI can handle requests at a higher volume than humans, provide relevant and correct information faster, and increase accuracy and complexity over time.
Interactive brand messaging. Conversational AI as a brand messenger is woven into our daily lives in the form of Apple’s Siri, Microsoft’s Cortana, and Amazon’s Alexa. VAs allow you to follow this lead, personify your brand, and meet your customers on their preferred channel, moving beyond static display ads, web copy, or paid social to create a truly interactive experience.
Increased tNPS. With conversational AI messaging, brief tNPS surveys can be conducted at the end of a chat, providing a quick and easy way to gauge the quality of your customer’s experience. Even if you choose to query your customers some other way, your tNPS score will improve based on the ease and productivity that virtual agent messaging provides.
Improved employee experience. By taking on simple requests such as resetting passwords and checking delivery status, VAs allow human agents to focus on addressing more complex issues and using their people skills to build customer relationships.
See more benefits of conversational AI
Happy customers
Personalization. Using personalized data like location, preferences, and account history, the machine learning behind conversational AI can create a highly personalized chat experience for every customer. When a virtual agent has established these customer characteristics, it can provide highly relevant information and recommend next steps based on the customer’s best interests and/or wishes. This contributes to upsells and reduces the need for further interaction. When relevant information is gathered and implemented effectively in the customer’s first conversation, their questions can be answered properly, eliminating the need for them to contact customer service a second or third time.
Increased accessibility. Increased availability improves the customer experience before it even begins. Customers can interact where many of them are most comfortable: in mobile chat. They receive answers to their queries instantly and can skip waiting in long phone queues. Virtual agents help them engage in a convenient and easy way.
Generational advantage. While some older customers may still prefer live phone conversations, millennials and Generation Z grew up using text messaging as their primary communication method, and this preference extends into their brand relationships. In a recent survey, 36 percent of millennial respondents said they would contact a company more often if they could text them — and over 30 percent of all respondents (across all age groups) agreed.
So, conversational AI is good for your business and your customers, but how does it work?
To learn more about making it happen and deployment, read our full article here: https://www.logic2020.com/insight/benefits-conversational-ai?utm_source=social&utm_medium=Medium&utm_campaign=Business_Insights
