Mar/Apr 19 - ChannelVision Magazine

Conversational AI (artificial intel- ligence) is the driving force behind a smart speaker industry projected to reach a value of at least $11 billion by 2023, according to Research and Markets. Developments in natural language processing have allowed for the creation of highly sophisti- cated engines that can elevate the conversations between customers and companies, leading to better customer experiences and more efficient employees. The question is, how can you imple- ment conversational AI into your cus- tomer engagement strategy, and what kind of benefits can you expect to see from this upgrade? The Growth of Conversational AI Technology has made it easier than ever for customers to interact with busi- nesses. People can order products on their phone, request services at the tap of a button or even reach out to a brand through a voice-assisted machine-like Google Home. The development of natural language processing has been one of the most critical milestones in the artificial intelligence roadmap, at least for contact centers and customer service groups. Now that robots can understand and respond to customers, businesses have a new way of serving their audi- ence. Gartner suggests that 15 percent of all customer service interactions will be handled by artificial intelligence within the next two years. More importantly, conversational AI doesn’t just understand the voice of the customer; it captures and analyzes it for organizations too, allowing them to achieve more profound insights into what their consumers think, feel and need. This information could be the key to transforming the bottom line of any cloud contact center. By providing businesses with a better overview of their customers, and delivering a new method of day-to-day communi- cation, conversational AI is on the front line of the battle for customer engage- ment. Today, engaged customers drive loyalty, which leads to better revenue. It’s been estimated that a 2 percent boost in customer retention can have the same impact on your bottom line as reducing operational costs by 10 percent. Conversational AI improves customer engagement by allowing customers to ask for exactly what they need from you using their own terminology and words. Understanding Conversational AI By Daniel Yin A s the customer journey evolves and extends into new environments such as messaging, social media and mobile, today’s contact centers are changing. Businesses are being forced to re- think the way that they reach customers, engage them and stay with them throughout the entire buying journey.  Customer engagement in the age of messaging 20 Channel Vision | March - April, 2019 EMERGENT