Why are ChatBots a requisite for businesses

ChatBots/VoiceBots may seem like a recent phenomenon but the Artificial Intelligence-backed technology isn’t as new as one may think. In the 1960s, MIT Professor Joseph Weizenbaum invented Eliza, the first-ever ChatBot.

Even though Eliza was a tongue-in-cheek simulation of a therapist with no framework to assess or contextualize responses, her invention paved the way for ChatBots which used Natural Language Processing and Machine Learning to converse. Come the 2000s, come, Siri, Google Virtual-Assistants, and the likes. There are literally new devices like Google Home, Amazon’s Echo, which is built to converse.

From those times to now, ChatBots have become sophisticated automated tools that do more than converse with your customers & prospects. They sit at the intersection of customer support & sales taking on roles that weren’t meant for them. If you have been thinking about if your company needs a ChatBot, you have come to the right place.

Here’s why Businesses of today, can’t ignore the following multifarious benefits that ChatBots/VoiceBots bring to the table-

• Be available at all times, all day: This enough has been a driving factor for businesses to deploy a ChatBot/VoiceBot. Customers have enough products/services providers to choose from, hence businesses don’t want to miss a single lead that comes their way. A ChatBot by handling queries at an odd hour could do more than a human agent making outbound calls to leads. In the same gripe, tougher has been customer retention. ChatBots deliver superior customer service. They help businesses deliver pleasant experiences. Eventually leading to customer loyalty and hence, even more sales.
• Save Costs: Businesses want a better bang for their buck, and ChatBot/VoiceBot offers just that. The automated conversation tool is capable of handling many queries at the same time. ChatBots/VoiceBots can handle general queries and seamlessly transfer queries that require personalized attention to human agents. This lets businesses save contact center overheads and optimize business processes.
• Provide an Omnichannel Experience: Customers switch from one application to another in a matter of seconds However, what they don’t enjoy is an experience that’s not seamless. If a customer speaks to a ChatBot/VoiceBot on the website about starting a service, in his next conversation with the business he wants no disconnect from the earlier conversation. ChatBots ensure an omnichannel experience across platforms like WhatsApp, Website, etc.
• Do more than just Converse: A ChatBot’s primary job might be to solve customer queries, grievances and provide support at any given time of the day, or night. However, one must remember that these AI-Powered Conversational Bots through managing intents and contextualizing what the customer is saying, on the other hand, gains customer intelligence that’s unmatched when compared to human contact centers. ChatBots/VoiceBots offer detailed reports that empower business leaders to understand their customers, the loopholes in their processes, and also better decision making.
• Talk to Customers in any language: In a vast country like India, there are more than xx languages spoken. As businesses that go much beyond the region they operate in, businesses can’t afford not understanding the language of their customers and leads. ChatBots essentially solve this problem by conversing in just about every language that it has been programmed to. ChatBot/VoiceBot Providers take care of this aspect and businesses don’t have to worry about losing customers because of language barriers.

The most innovative of businesses have realized the potential of conversational bots in India, and if it’s to be believed- which it should be, ChatBots are a part of a differentiating CX Strategy for Customer Success Leaders. The Chatbot market was valued at USD 17.17 billion in 2020 and is projected to reach USD 102.29 billion by 2026, registering a CAGR of 34.75% over the forecast period, 2021 – 2026.

Due to faster grievance resolution and its ability to foster customer engagement, lead generation, and eventually higher revenue, businesses are adopting the technology at a fast rate. Whether you’re a healthcare honcho or an EdTech Entrepreneur, ChatBot/VoiceBot can better many processes in your organization.

The debacle shift of human/consumer behavior due to the pandemic in 2020, accelerated its adoption even further. With businesses suddenly realizing, a ChatBot/VoiceBot can be the pioneering factor across their customer success, sales, marketing, and financial strategies. And 2021 looks even more exciting for this technology.