Role of AI Chatbots in part of your Growth Strategy

September 12, 2019

Recently, I saw a video that went viral on the internet. The video was featuring two world leaders discussing the aspects of artificial intelligence and their socio-economic effects in a conference. The two world leaders were Jack Ma (Co-founder of Alibaba Group, China) and Elon Musk (Co-founder of Paypal, Tesla, and SpaceX).

What surprised me was the difference in point of views of the two people who have achieved an almost equal amount of success, money, and respect in their businesses. On the one hand, Jack Ma feels that humans can never make any computer smarter than a human mind. On the other hand, Elon Musk feels that there are artificially intelligent computers that are smarter than humans are. You can watch a small glimpse of the whole conversation n the below video.

Personally speaking, I am on the side of Mr. Elon Musk. The AI systems work on robust and continuous machine learning models. These systems become smarter with experience, just like humans. The day these machines will follow a steeper learning curve as compared to the learning curve of humans, they can easily outsmart humans.

This video made me understand one thing that why the adoption of AI is not as fast as it should be in all the industries. When we have business leaders like Jack Ma, who has such a conservative approach towards AI, then how can we use the potential of AI to the maximum? Today all businesses want to turn their heads away from traditional methods of working and concentrate on the digitization of processes in their growth strategies.

However, for most companies, it is an “on paper” thing. Every company makes its “5-year digital growth plan,” and at the end of these five years, the same plan becomes the next “5-year digital growth plan”. It happens because the AI-consulting companies in association with the business leaders formulate the growth strategies and the strategies dilute as they reach the front line of the business. Therefore, open-minded leadership is necessary to make and achieve strategic goals.

Now many of the business leaders have this confusion in their minds that from where they can start? The whole idea of implementing AI, Machine Learning and Deep Learning is so overwhelming for some senior management that they are firmly looking for AI consulting solutions in order to enhance their businesses.

Through this article, I want to propose a starting point to the businesses, the inception of the inclusion of AI in the growth strategy. AI chatbots are your answer. Chatbots can be a huge game-changer in your business. Moreover, the best part is that they are not intimidating for the strategists to understand provided they are clear what they want to achieve from the chatbots. Wiping off some dust from this topic, let’s see how an AI chatbot actually works:

How Chatbot Works

(Image Source: wperp.com)

Chatbots were earlier used to address the queries, which were based on information exchange. But lately, chatbot development companies have come up with advanced chatbots which can do much more. With the help of technologies like NLP and Big data analytics, AI chatbots can understand the tone and sentiment of the queries. This results in more fruitful outputs. An AI chatbot receives queries in natural language as input, applies machine learning and deep learning models on them; recognizes patterns in the data, and gives insights as output. This capability of finding out the patterns and learning from the experience is called the “intelligence” of the chatbot.

AI chatbots can boost the growth of your business:

 

Now that you have understood the basic working of a chatbot, let’s discuss how AI chatbots can boost the growth of your business:

1. The Sales-bot

 

To understand this, let us assume that you are the owner of a retail supermarket. The customer enters into your supermarket that offers a variety of products and options. The customer is not exactly sure where he can find the desired item in your huge supermarket. A salesperson comes to rescue at that time. He asks about the customer needs, understands the requirements, and leads him to the right item.

Apply a similar scenario to your website now if a customer comes on your website and finds out a chatbot to help him with his needs saving his time in searching and exploring. Then the customer will definitely appreciate this effort. The customer support chatbots will provide them options, take them to relevant pages, and guide them through payment processes. Just imagine the impression your business will create with such a service.

2. The Marketing-bot

 

Are you still relying completely on email marketing? Well, this link can show you how live chats and chatbots are taking over email marketing. I think there are two very simple reasons for that, convenience and turn-around-team.

Let me explain by taking two cases:

Case 1: You receive an email from a business. You reply with your requirements. You wait for the reply from the business. 

Case 2: You receive a text message from a business on your phone. You reply to the message with a text. You get an instant reply.

Most of the people would like the second option better. The company is directly getting to the point and initiating a conversation and call to action is so irresistible in a text-based conversation.

In fact, chatbot development services are claiming that the chatbots have beaten even SMS and Phone marketing in terms of lead conversions. The features like 24×7 availability, real-time responses, and predictive analysis of AI chatbots make them a go-to marketing tool. Therefore, you should not ignore them while preparing your marketing mix next time.

3. The Service-bot

 

Every business grows with customer feedback. As soon as you act on the feedback, your chances of scaling up, increase. So how do you collect your feedback?

Chatbots can be an amazing way to collect feedback from customers. There are many reasons for that.

First, the chatbots can ask both open-ended and closed-ended questions.

Second, the chatbots can analyze the sentiment from the feedback received from the customers.

Third, the chatbots know how to respond to difficult customers with correct information in a fraction of seconds.

Customer Feedback Example

(Image Source: haptic.ai)

4. The Operations-bot

 

Automation has become a new strategic goal for businesses around the world. But do you know chatbots can play a major role in automation? The routine tasks like collecting data, managing data, and report generation all can be automated with the help of these chatbots.

In this way, the chatbots will take care of the routine tasks, and your workforce can focus on other productive tasks. Also, every business which has new employees has to conduct a number of training programs to train their workforce. Just imagine if the employees have the option of asking for help to a chatbot. They can learn and get trained from the chatbots on the job.

Looking to integrate any of the above chatbot in your organization? Outsourcing to India can be an effective and efficient approach to move forward since, you can consult the top chatbot development companies in India.

Conclusion

 

This article has tried to give a little glimpse of the potential of AI chatbots to the future strategy makers of the companies. Do not miss the bus of digitization. If you do not enter into the AI systems today, then competition will take you over tomorrow.

You cannot deny these facts when you are seeing world leaders are talking about it and working on the digitization in their companies. Therefore, don’t lag, hire outsourcing team of chatbot developers, and write your growth story in AI way.     

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