We have all come across intelligent or AI-powered chatbots in our daily lives, dealing with banks, insurance companies or even job centres. These automated running applications can interact and communicate with users on websites and applications through text-based conversation.
According to a recent B2C survey, 42% of customers show more interest in purchasing something if they were guided through the decision-making process. This is where intelligent chatbots are proving very helpful in answering a customer’s questions and hand holding the customers through to purchase.
Intelligent Chatbots for HR
Similarly, chatbots are very useful in addressing queries from existing customers, or your employees.
These chatbots are commonly known as employee assistants. This chatbot can help save an HR team time by handling up to 80% of standard common questions within a minute. It’s not only HR teams that are benefitting from the technology. Chatbots have also been known to improve employee productivity by as much as 70% in some cases. They do this by reducing the time an employee spent looking for information via intranets, emails or shared folders.
Here at ABP, we have our own internal chatbot called Andreia. She has been programmed to respond to employee’s questions and provide them with answers quickly. To achieve this Andria must be trained on some of the questions she could be asked by our employees. She learns from the data provided to her and uses Natural Language Processing, iterative processes and intelligent algorithms to identify connections and derive answers from the data.
The performance of any Chatbot is largely dependent on the volume of data available for it to train on and establish connections and identify patterns. The more data you give it to analysis the better it will perform.
In the case of Andreia, as well as being trained on the questions she might be asked, she has also been fed our internal employee documents and handbook. This allows her to access the information within it and find the right answer for an employee.
The use of Artificial Intelligence is becoming more and more prevalent in business processes, but what is it?
To understand AI and its use in business we must first look at business data. Business data is increasing, in fact, it is predicted data is set to grow to more than 180 zettabytes (or 180 trillion gigabytes) by 2025. Many of the leading firms have recognised the value of data and started to leverage the huge amount of it available to create a competitive edge.
Artificial intelligence is one of the key technologies helping businesses use data to their advantage. Helping them to become more competitive, reduce the cost of operations and deliver better, faster customer service.
AI technology has proven adept at processing and analysing high volumes of data far more quickly than a human brain could. It achieves this by using advanced cognitive computing techniques including natural language processing, information retrieval, knowledge representation, automated reasoning and machine learning.
The technology, within AI, mirrors the key cognitive processes of the human mind, meaning it can reason with and apply existing knowledge to problems like a human does. It can then return with synthesized courses of action and present them to the human user. In this way, humans can use artificial intelligence to help the game out possible consequences of each action and streamline the decision-making process.
AI is being used widely today and its use is increasing as businesses get a better hold of their data. You can find AI commonly used today in security and surveillance, sports analytics, inventory management, forecasting, handling customer enquiries and chatbots.
When handling customer enquiries AI-based virtual assistant learns to answer questions without having to have the questions and answers programmed. It learns from past conversation data and can intelligently retrieve information from your data, such as FAQ documents, using machine learning and natural language understanding. It also adds new questions to the database and brings a human’s attention to it if there isn’t enough data for it to provide a credible response.
AI is taking customer relationship management to the next level – Businesses apply artificial intelligence to CRM platforms so they can self-update, auto-correct and stay on top of your relationship management.
AI is also being used in financial services or banks to calculate and present personalised products and offers to customers at the best time, Which in turn results in increased loyalty and reduced customer churn. In fact, businesses using AI technology can achieve up to 300% ROI over three years.