Ready to implement a bot for your organization? Let's cut through the market buzz about AI-powered bots, and define exactly what it can do for you.
- What is a bot?
- What makes them so smart?
- Do they really reduce costs and increase revenue?
- How are enterprises using them today?
First, what is a bot?
At it's core, a bot is a computer program designed to simulate conversation with human users.
The value of that technology is that it provides a way to for your users/customers to get the information they need anywhere, anytime - in a way that represents your brand and ensures consistency with a personal touch.
Bots are not another platform like social media, rather they are a dramatic shift in the way customers will get information and interact with companies, products and services.
Most often, bots come in the form of a chatbot which is text-based. But at Botanic Technologies, you'll also find bots as voice assistants (think Alexa or Siri) and avatars. Regardless of mode, their job is to be an extension of your brand, thereby building customer trust and satisfaction while reducing costs.
What makes them so smart?
Smart bots are driven by AI. While smart bots have machine learning behind them, capabilities vary between vendors. Some common capabilities include:
- grow and learn over time with training
- track analytics and provide insights
- maintain history
Less common capabilities (but Botanic specialties!) include the ability to:
- perform financial or other secure transactions (Botanic has a patented voice-to-blockchain bridge)
- create a personality that matches the needs of your brand (ex: one brand may have multiple bots with varying personalities)
- build once, deploy broadly, maintain centrally
- remember individual user preferences and data to create a personalized experience
- allow a human to take over the conversation without the user repeating all the information
- provide a consistent experience across channels (i.e. web, Facebook, Twitter, Alexa, Skype, etc)
- ensure secure transactions - whether financial or data -- through end-to-end encryption
- easily turn a chatbot into a voice assistant or an avatar
- ability to be "mobile" with the user (i.e. keeps the conversation when a user goes from smart home to smart phone to smart car)
Do they really reduce costs?
Yes! Emphatically, yes!
Bots are the quickest, easiest way to automate low-level or redundant
communications while keeping a personal touch. But that's just the start of what they can do. Before we go further, let's talk about some key ROI. Below are real metrics we've seen across the board:
- 80% of their customer interactions automated
- 15% lift in customer revenues
- 33% reduction in call center labor
- 27% increase in conversions
And in all cases, those numbers can easily grow as the company's bot matures.
But it's not just about reducing costs. You will also see an increase in your customer engagement, and your staff can work on higher-value projects. AI will be creating new jobs and new opportunities, too.
How are enterprises using bots today?
Bots are being used for enterprises across industries, across departments, and across the globe.
There are use cases that range from the mundane tasks such as resetting passwords, to very complex operations that includes bringing together data from disparate systems, perform highly secure transactions or communicating across many channels and platforms without missing a beat.
A few of the more common areas include:
- Customer Service
- Financial Services
- Lead Generation
Recently there was an article published about how bots are replacing the search function. That's how ubiquitous it will become.
Venture Beat just published an article that 2018 is the year that chatbots join the enterprise. We agree.
Ready to learn more?