By Imtiaz Bellary

The dawn of civilization has undoubtedly brought about seismic changes in people’s personal and professional lives. In this context, technological advancements, such as artificial intelligence, machine learning, and data analytics, have triggered a revolution in business across industries. In fact, today, AI is no longer a science concept; it has become a game changer for business across sectors, and AI chatbots are no exception. 

Although we have witnessed various uncertainties in recent years, as we enter 2023, AI-enabled chatbots have become a reality, with their use spreading across multiple applications. Chatbots are now an essential part of modern businesses. As a result, customers worldwide are using chatbots for interactions, opening up new avenues for businesses to introduce unique opportunities. And undeniably, as we move ahead, AI chatbots will be at the forefront of change, empowering businesses to provide personalized customer experiences, automate routine tasks, and drive operational efficiencies.

Ways: AI Chatbots Transforming Business 

Increasing Customer Engagement: AI chatbots have proven to be invaluable tools for businesses seeking to engage with customers across multiple platforms, including websites, social media, and messaging apps. Consumers today expect round-the-clock assistance in areas ranging from banking and finance to health and wellness. As a result, businesses are constantly implementing chatbots to respond to customers and provide exceptional solutions to increase and retain customer engagement. 

Personalized Customer Experiences: Machine learning algorithms and natural language processing are used by AI chatbots to understand client inquiries and give personalized responses. Businesses can use this expertise to provide customized consumer experiences at scale. In this context, according to TIDIO, 63% of users prefer messaging a chatbot for instant support rather than calling customer service. 

Streamlining Customer Support: AI chatbots are becoming smarter and more capable of providing personalized and efficient customer support. Businesses can handle a wide range of client concerns and deliver rapid responses with the help of chatbots, removing the need for customers to seek human support. According to a Salesforce survey, 69% of users prefer chatbots because they provide immediate responses. And as per IBM analysis, AI chatbots can handle up to 80% of ordinary customer inquiries, freeing up human employees to handle more complicated issues. 

Driving Sales and Lead Generation: AI chatbots improve customer service and play an essential role in increasing sales and lead creation. AI chatbots are being linked to websites and messaging platforms to allow businesses to interact with potential consumers in real-time. Chatbots can also qualify leads, answer product-related questions, make recommendations, and even process sales transactions. Thus, to drive sales, business organizations are leveraging the power of AI chatbots in business operations. 

Enhancing Operational Efficiency: Besides client interactions, AI chatbots can help firms improve operational efficiency as AI chatbots can automate up to 45% of tasks, reduce human labour, and free up people to focus on high-value activities. According to IBM, chatbots are expected to save corporations more than $8 billion per year by 2023. Thus, it is safe to say that chatbots connected with enterprise systems can improve productivity and decision-making processes by facilitating smooth data retrieval. 

Road Ahead!

Ever since technological breakthroughs have changed the corporate landscape entirely, AI chatbots have emerged as a leading tool in transforming organizations across numerous industries. Furthermore, as businesses are incorporating chatbots into their operations, the industry’s market size is rapidly rising. According to Mordor Intelligence, the global chatbot industry is expected to develop at a CAGR of 30.29% between 2022 and 2027, with Asia Pacific being no exception. As a result, AI-enabled chatbots will continue to play a revolutionary role in helping organizations achieve desired growth as they move towards an optimistic future.

The author is managing director, Engati

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