AI / ML based Chatbots Will Take Over Customer Service in Near Future?

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An industry’s success depends on how happy and content its customers are and for that, it is necessary to invest in customer service and become an expert in this field as it’s instrumental in determining the brand value of a company in a huge way.

Good experience for a client increases the chances of being able to create a top-of-mind recall for the client so they can continue using the brand and its services. Therefore, it becomes imperative for a company to retain its clients for as long as possible especially in the midst of a highly competitive environment where there are many options available if the client is not satisfied with the current service. Therefore, companies try hard and work upon their innovative technology to gather new clients and also retain the old ones.

To grow in this field, more and more companies are relying on AI/ML-based chatbots, focusing on high-quality customer experience. In recent years, demand for AI-based chatbots has drastically increased as it can do the job of resolving customer queries faster and in an accurate way.

Understanding Chatbots

Chatbots are such software programs that resolve customers’ queries by answering their basic questions. This can also be done via voice analytics by answering their questions verbally using speech recognition and Natural Language Processing technology. The customer service department is one of the major elements of a corporate structure, embracing the use of chatbots as they realize how this technology will make the work smoother for their internal operations and streamlining of processes. 

As per InfoWorld, the global chatbot market may reach $1.23 billion by 2025, reaching an annual growth rate of 24.3%. As per numerous studies and research were done on AI-based chatbots, it has been inferred that Chatbots can make things easy for any industry in a lot of ways including:

  • Once you have incurred the cost of installing a chatbot, you can put it to use immediately while humans need rigorous training including a lot of time and effort.
  • Unlike humans, chatbots include machine learning, artificial intelligence software, which makes it capable of anticipating customers’ needs by analyzing their queries and preferences.
  • Chatbots make it possible to provide customized support to their customers and that too 24×7 which enhance customer service and satisfaction, not forcing them to wait on, long phone queues for resolving their queries.
  • These are software programs with basic user interface and the development tools are made freely available by companies namely IBM, Microsoft, and Google which makes it possible to develop the software at a low cost using latest advances such as speech recognition, artificial intelligence, and other such technologies.

The reason why more and more companies are shifting towards chatbots is that they answer customers’ queries in real-time. Also, the ease of installing a chatbot within a couple of minutes according to specific business needs and custom content makes it more user-friendly and helps in enhancing customer service experience.

There are a lot of industries that entirely rely upon AI-based chatbots for customer support. Some of them include travel, finance, airline, food and numerous Tech Startups across the globe.

The only question that arises is, will these chatbots eat up entry-level jobs and customer services or can they work in collaboration and find synergies of working in tandem with them?

The use of chatbots is drastically increasing with each passing day, resulting in freeing up human resources across industries. This has also proved to be a gamechanger among BPOs as a lot of simple interactions can now be done in a faster and cheaper way by using this technology, taking up a major chunk of work pressure from humans. 

This has also opened various opportunities for people to focus and shift to a higher profile, enabling them to showcase their set of skills which can be seen as a welcome change. While chatbots are opening various horizons of continued growth, the impact on low-skill jobs would be drastic and can result in taking over the traditional customer service practices with its exceptional abilities of multitasking and resolving automated queries. It will also enable businesses to foster revenue effectively.

Having said that, it will certainly not replace human effort entirely, as chatbots can be a success in the industry only when it has collaborated with human work. When the customers ask more subjective questions on complex issues, the queries can be passed on to a person to get the work done. Also, as the interactions are getting complex day-by-day, personnel need a lot of training on various aspects including problem-solving and customer service to figure out increasingly complex work, which chatbots aren’t capable of as of now. Even if chatbots are doing the job faster than a human, there is still need of a person having an interaction with clients to understand their needs, personalized touch of communication and to exercise judgment.

Winning at customer service using AI/ML-based chatbots 

Companies are now focusing on giving a human touch to these technologies in an increasingly digital world to make them more customer-friendly and to understand the common pain-points, resolving their queries accordingly.

Though there are various benefits of relying on chatbots for customer service, the companies must make sure the chatbots are well-designed and accurately implemented, as an unnecessary and rogue chatbot can result in wrecking the company’s growth and hamper its brand value.

Their success depends on continuous development that enables them to connect with customers, providing them with relevant data in a systematic way as per their demand. As these technologies do not focus on replacing humans but to augment work in an innovative way, the blend of humans and machines providing exceptional customer support will make these companies move to the forefront.

The increasing demand for these technologies is proof that companies know how important it is to keep their customers satisfied, engaged and loyal to the brand. 

 

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