Leveraging Conversational AI to Improve Competitive Advantage

Leveraging Conversational AI to Improve Competitive Advantage

Improve Quality

The quality of the end product isn’t the only way to provide clients with greater benefits and better value.

Customer service is a differentiator, increasing the perceived quality of a product or service. As chatbots and conversational AI take their place in the customer experience, expectations are rising, and companies have to be ready to not only meet, but exceed those expectations to stay competitive.

According to the 2019 Deloitte Global Contact Center Survey,

Personalized, real-time attention and the ability to resolve issues quickly are in high demand, and companies who invest in the technologies and talent to deliver on this promise can increase customer satisfaction and earn loyalty.

Of course, not all customers are outside the company. HR, IT, Procurement, Travel, and Finance departments know that keeping their customers, that is to say their co-workers, happy is just as important to your company’s bottom line.

Whether customers are across the globe or across the hall, customer experience is a priority, and it’s worth it to invest in new technologies and deliver a consistent omni-channel experience to excel. Digital Assistants provide improved access, increased service personalization, and simplified interactions across a variety of channels.

Cut Administrative Costs and Repetitive Tasks

Most companies expect the total volume of customer service requests to increase over the next two years. One easy way to increase competitive advantage is simply to ensure that customer service costs do not rise by the same amount! Not only will conversational AI help companies maintain their cost-to-service ratio, it can even improve it by reducing costs.

According to Juniper Research, adding chatbots to the customer service experience will save 2.5 billion customer service hours over the coming years, reducing customer service cost by $11 billion annually by 2023, and that’s just across the retail, healthcare, and banking sections alone! Imagine how much it would save across all sectors.

Internally, chatbots save time for employees in HR, IT, and more. Digital Assistants reduce time spent answering frequent requests, centralize and automate repetitive tasks, and give these employees the time they need to work on the tasks that help their company adapt to its growing needs.

Conclusion

Expectations are rising. Both internal and external clients are becoming used to having access to the services they need whenever and wherever they need them. They want quick answers from easy-to-use, familiar platforms.

The latest advances in Conversational AI technology meet and, with a well-thought out Digital Assistant built with powerful language understanding capabilities, even exceed these expectations.

The improved customer and employee service that Digital Assistants provide directly affects how the quality of a product itself is perceived. This in turn gives brand image a boost and leads to better employee retention, more repeat purchases, and a positive image of products and services.

 

References

Deloitte Digital, 2019, Global Contact Center Survey, Deloitte Development LLC, viewed 11/5/2020, https://www.deloittedigital.com/content/dam/deloittedigital/us/documents/blog/blog-20190513-2019%20globalcontactcentersurvey.pdf
Juniper Research, 2018, Chatbots to Deliver $11bn in Annual Cost Savings for Retail, Banking & Healthcare Sectors by 2023, viewed 11/5/2020,
https://www.juniperresearch.com/press/press-releases/chatbots-to-deliver-11bn-cost-savings-2023