What is Conversational AI and why every business needs it!
Panagiota
Marketing Specialist
December 5, 2022
in
🤖 AI automation
What is Conversational AI and how it works
How many times have you visited your favorite online store and a pop up has appeared, offering to assist you? Or even, instead of calling a business’s hotline you decided to text them? Usually you are talking to a computer without even realizing it. This is in simple words, an AI virtual agent.
An AI virtual agent is a computer program that enables businesses to efficiently communicate with their customers. There are several out there, but depending on the degree of intelligence they carry we can categorize them as Linguistic based (rule-based chatbots), or Machine learning (AI virtual agents). Rule-based chatbots can be considered the “first generation”, as their capabilities are limited. They rely on specific keywords, thus failing to understand the intricacy of human language. AI virtual agents on the other hand, are capable of answering more complex questions and create a human-like, automated communication with the customer.
Benefits of Conversational AI
Digital transformation is no more an abstract idea of what is coming. It’s here and businesses are starting to incorporate digital assets into their procedures.
50% of enterprises state they plan to invest in AI technology.
In order for a business to not only survive but thrive, it has to keep up with the competition in the market. This can be achieved by creating an AI virtual agent.
Think big!
Conversational AI, opened up a whole new world of endless (automated) possibilities for every business, regardless of its size! You can connect your AI virtual agent to your systems and complete a customer’s request from start to finish! From tracking or rescheduling a delivery, to requesting your account balance report. You name it!
It’s quick & 24/7/365 at your disposal
If you are a business owner, you certainly deal with a plethora of inquiries everyday. At some point, you probably decided to hire a few employees for customer-support issues. But as your business grows, so does the workload of your call center. You probably end up with high estimated response times or even, unanswered questions. Conversational AI can become your star employee, as it is there for your customers 24/7/365. Moreover, while a human agent takes about 51 seconds to respond to an inquiry, an AI virtual assistant has an estimated response time equal to 5 seconds.
It improves customer experiences
Customers need to feel important. They demand a personalized experience with the company they choose. An AI virtual agent can offer that, by providing brand consistency, throughout the customer’s journey, increasing their satisfaction (3.5x). An elevated customer experience can create not only love for the company and its products/services but also loyalty.
It lowers customer service costs
While pleased customers are important, let’s not forget employee satisfaction. With an AI virtual agent, you can take the employee’s burden of answering the day-to-day inquiries, and allow them to focus on more challenging and exciting tasks. Respondents to the IBM Institute for Business Value survey, report 50% cost savings after implementing a virtual assistant.
Why Moveo.AI
Not all conversational AI virtual agents are equally smart and user-friendly!
Moveo.AI offers you a platform where you can create your own smart AI virtual agent within days, using a no-code friendly interface with a drag and drop functionality. Why employ a developer, when you can do it yourself?
Our virtual agents are easy-to-build, but they are even easier to improve and maintain, through self-learning and advanced & actionable analytics. The system automatically improves by itself through conversing with users, providing you with suggestions you can implement with the click of a button.
Moveo.AI knows what it knows and what it doesn’t know!
Meaning, when the AI virtual agent cannot understand a user’s request, it can seamlessly handover the conversation to a customer support agent.
And let’s not forget about scalability, as it can handle thousands of users simultaneously, enabling support teams to deal with extreme peaks of incoming requests.
People say that first impressions matter.
Create the best experience for your customers, with Moveo’s groundbreaking AI virtual agent!