Knowing and understanding customer needs is at the center of every successful business, whether you sell directly to individuals or other businesses. But these days, it’s not enough to meet your customer’s needs. They want to be dazzled.
Great customer service is by far the most important factor in any business. Why? Because your customers are the reason your business exists in the first place. If you support your customers throughout their entire shopping experience, you can guarantee they will come back over and over again. But if you don’t treat your customers well, they’ll leave to never come back and even tell their friends to do the same.
Chatbots are a great way to boost your customer service. They are getting smarter every day, and companies around the world are discovering new ways in which they can use AI bots to build towards a stronger, more profitable future.
But what makes these chatbots so clever? You’ve probably heard about Artificial Intelligence (AI) by now, but what about Machine Learning (ML) and Natural language processing (NLP)? These are the breakthrough technologies that are reshaping the way we live and interact with one another.
NLP, AI, Machine Learning: What’s the Difference?
Natural Language Processing, Artificial Intelligence, and Machine Learning are often used interchangeably, so you may get your wires crossed when trying to differentiate between the three.
The first thing to know is that NLP and Machine Learning are both subsets of Artificial Intelligence. Simply put, AI allows machines to simulate human intelligence. From personalized TV show recommendations to predictive systems – Our everyday lives are already heavily influenced by Artificial Intelligence.
Natural Language Processing however, deals with how computers understand and translate human language. Using NLP, machines can make sense of written and spoken text, and perform tasks like translation, keyword extraction, and more. For example, the spam filter that’s part of your inbox uses NLP to read your email’s subject line and understand if its spam or not.
But to automate this process and deliver accurate responses, you’ll need Machine Learning too. Machine learning is the process of finding patterns in data sets, which teaches machines how to learn and improve from experience, without any human interference.
How does this apply to chatbots?
AI-powered chatbots are only as good as the technology behind them. A chatbot uses NLP to interpret what users say exactly and what they intend to do, and Machine Learning to automatically deliver more accurate responses by learning from past interactions.
What’s the benefit of AI for your business?
Globalization accelerated the transition towards a unified global marketplace, where consumers from around the world can buy products from companies that have over 100 countries as their target market. These companies need a multi-lingual customer support team if they want to serve all their customers right. However, human agents have limited knowledge, and their performance curve has a limit.
As of 2020, Machine Learning is set to surpass human learning curve over the next decade
Managing tons of customer requests is difficult. Besides dealing with a huge operative cost and human limitations, you also need to provide each customer with a personal experience, so they feel valued for their loyalty. This is where AI bots step in.
“95% of companies that implemented an AI bot are happy with the way this technology is boosting their business”
When looking at the statistics, Gartner predicts that in 2020, 85% of all customer interactions will happen without any human interaction. This is expected to become the new normal, with Servionpredicting that 95% of all customer interactions will be AI-powered by 2025. With it comes to chatbots, Oraclereports that 80% of sales and marketing leaders already use bots as part of their Customer Experience strategy, or plan to do so by the end of 2020.
In a world already full of noise, trying to speak louder than your competitor doesn’t work. Offering users even more information doesn’t work. But listening does. Listen to what your clients need and engage with them in a two-way conversation to offer them a truly personal and stress-free brand experience.
The Chatlayer.ai interface
AI bots can help your human agents with repetitive tasks, since most support tickets are primarily questions that have been answered many times before. That’s the power of AI technology: it combines the learnings of each solved issue with an in-depth knowledge of consumer behavior, to personalize their support. The outcome is a higher volume of support tickets processed in less time and a user experience that incrementally improves with each solved case.
Are you ready to harness the power of AI and handle more customer requests without increasing your operational cost? Sign up for our 30-days free trial and build your own clever AI bot – no coding skills needed!
Want to know more?
Gartner – https://www.gartner.com/imagesrv/summits/docs/na/customer-360/C360_2011_brochure_FINAL.pdf
Servion – https://servion.com/blog/what-emerging-technologies-future-customer-experience/
Oracle – https://www.oracle.com/webfolder/s/delivery_production/docs/