AI and ML
By the time we get used to new technology, the newer stuff is already on the way, and before most business owners can get their heads around it, it becomes mainstream, and an absolute must have. First it was just the internet and websites, then mobile apps and mobile-ready websites, then big data, blockchain and ICO campaigns. Now it’s officially AI. AI was new and exciting a couple of years ago and now it is slowly becoming a technology of mass adoption.
There are multiple use cases for AI (artificial intelligence) and ML ( Machine Learning ):
- Customer Service
- Entertainment and much more.
It is really expensive for most small business owners to maintain AI and ML R&D efforts in house, due to the astronomical cost—plus the absence of clear guidance on applications for the technology or immediate business metrics that will demonstrate clear ROI. This is a very unfortunate thing, as a wise adoption of AI can actually bring tremendous savings to a company, from automation and customer service to decision making and removal of middlemen from complex operations.
AI for Customer Support:
The easiest and most obvious application of artificial intelligence is launching chatbot. The word “bot” may have a negative connotation to some of you, who have heard about bots used by hackers, but chatbots are different, and are quickly disrupting the customer support sphere. Here is why you should get one ASAP:
- Currently Chatbots can support customers during booking, renting, shopping, and researching. A recent study found that 90% of potential customers need guidance before making a purchase. This makes real-time 24-hour support for the customer a high priority. It is too costly to set up a 24/7 human helpline, due to the high cost and limited working hours in different timezones. With well trained chatbot your customers won’t feel a difference between the help of a human or a bot.
- Increased Lead Conversion. Chatbots can be easily trained to provide a custom-tailored experience for the customers. Even compared to live operators, chatbot can make conversations more personalized and engaging. Adding chatbot now can increase your the sales by 40% according to a recent studies.
- Getting in the zone. The chatbot trend has started and it will only progress. A year from now most of your competition will have a chatbot or will be working on one. Now is a good time to start training your chatbot to excel in customer relations management and provide top notch support. This is a great competitive advantage that will provide excellent ROI, increase customer retention, and allow you to lap the competition.
Thanks to ROIEXPRESS.com for support in creating this article ( LA based AI development company)
Victoria Liset is strategic business & technology consultant to SMEs. She helps businesses improve their performance by using data more efficiently, and helping them to understand the implications of new technologies such as AI, Machine Learning, Big data, blockchain and IoT.