How Can You Boost Your Competitive Edge With Conversational AI?

One of the most visible advantages of Conversational Artificial Intelligence in businesses is the remarkable improvement in customer service and interaction. Today speech-enabled platforms and humanoid digital assistants are boosting online sales revenue and super-intelligent chatbots are serving customers 24/7.
According to Gartner, owing to this tremendous enhancement in customer interaction, about 15% of the total customer engagements by 2021, are expected to be handled by Conversational AI alone.
Before delving deep to understand how this technology can be leveraged to gain a winning edge over the competition, let us get an idea about What is Conversational AI.

What is Conversational AI all about?

Conversational Artificial intelligence has been topping the headlines of business news almost every day due to its capabilities of capturing and interpreting conversational data to unearth ‘the voice of the customer’ and decode what the customer exactly thinks.
Understanding the customer’s mind helps businesses offer a more customized and personalized client experience that brings in profits. And on the other hand, it also brings to the customers faster, specialized and highly intelligent customer service.

How is customer engagement important in competition?

Customer experience can make or break a brand, and conversational Artificial Intelligence is focused mainly to improve this aspect of businesses. So it goes without saying that the key to organizational success is keeping your customers happy.
If your customers are rightly engaged, they can potentially bring in revenues boosting your profitability to greater heights. According to Gallup, customer engagement forms about 23% of the total sales revenue, and also in terms of relationship growth.
Let’s admit, we just want to get our job done faster, and the brand that provides us with the maximum level of satisfaction becomes hands-down our favorite. So in other words, if your business can offer unparalleled convenience to clients, you can gain not just customer loyalty, but also secure that competitive edge over your peers.

How conversational AI reduces conflicts from the customer’s journey?

Now that convenience and speed are rapidly gaining greater importance than brand and price, customers are often caught distraught with hiccups online.
Every activity of users, from searching for colleges to buying the products, meets with problems like having to surf through complex navigation systems on tiny mobile screens. These create dissatisfaction among users, driving them away and forcing them to take the path with the least difficulties.
Conversational AI, one of the revolutionary AI trends, aims to resolve these points of friction by letting customers find their answers by saying in their own words, what exactly they are looking for. But it is not any simple conversation because applications work in the backend to process the user’s words, helping in activities to fill out forms, make recommendations and booking appointments, on behalf of the customers. And all of this is done using conversational AI.
Implementing conversational AI makes customer experience effortless, seamless, it enriches personalization and helps businesses maintain consistency, which ultimately works in their favor. But for this to happen, support for multi-purpose dialogs must be present along with scope for interactive conversation among customer and AI interface.

Aretove Technologies is a consulting & services company focused on offering practical solutions at the intersection of Data Science, Applied AI, and Data Analytics. After incorporating in 2012, we climbed up the ladder by building various high volume online platforms. We leverage the expertise gained in data processing, big data, machine learning and help our clientele accelerate their Data Science, Business Intelligence and Artificial Intelligence initiatives.

At the core, we have a startup DNA and understand the urgency of time to market. We work in a collaborative model with our clients to solve their complex data problems in the most efficient way.