AI powered chatbots are finding wide applicability, be it in B2B or B2C business or government sectors. Knowing the magnitude of which chatbots are improving the service delivery process, both as external and internal facing chatbots to serve customers and employees, chatbot applications have become requirements for successful businesses. Business Insider found that "80% of businesses want chatbots by 2020". Here we discuss in detail the impact chatbots are having on various industries.
Government agencies have thousands of public enquires on issues like tax filing, legislation, judicial questions and so on. The traditional resolution process involves a lot of repetitive tasks for public and government employees. It can days or even weeks to get to all the requests. This is where chatbots adoption excels and brings agility, transparency, and efficiency, to serve the public as well as the internal workforce, thereby bringing better governance.
At any given time, chatbots have the capability to handle requests and respond back with accurate information. Many government agencies are implementing chatbots around the world to prompt painless and effective interactions. Here is a list of ways chatbots benefit governments:
- Enable citizens to make and track requests.
- Allow citizens to pay taxes or bills online.
- Chatbots provide citizens with hard to find information quickly. Information like federal procedures, legal advisers, laws and deadlines.
- Reduce cost of handling public requests with less time spent with human workers.
- Avoid wait times for resolving requests. Saving people time and frustrations.
- Chatbot push notifications can keep the public informed.
- AI-powered chatbots can study the behavior of people’s interaction and then deliver content content based on past interactions.
(Read in detail about how chatbots are changing how government agencies operate.)
Chatbots could save $174 Billion across Insurance, Financial Services, Sales, and Customer Service"- BI Intelligence
Customer data consumption and behavior trends are powered by smartphones, internet, messaging platforms, and voice assistant. This necessitated banking, financial services and insurance industry sectors to alter their business strategies to follow customer trends. Adding to this, the financial industry is constantly dealing with changing regulatory issues, policies, on-demand services, competitive financial tech companies, and so on.
It's approximated that financial companies use only 0.5 percent of data to extract intelligence information out of huge data chunks."
Failing to deliver the right information at the right time is affecting sales and customer service reps. Here intelligent chatbots shine in the financial industry. Enterprise systems integrate all the data sources to ensure data agility and receptiveness. This ability combined with AI, chatbots study the user’s interactions and develops a behavioral map of users to ensure the customer gets exactly what they need.
These intelligent chatbots easily categorize and align the sales-marketing data, thereby enabling management to study the analytics, customer persona, market trends and make real-time decisions. This way chatbots boost workforce efficiency, reduces operational costs, and improves the traceability of the service delivery process.
(Read in detail about how voice chatbots impact the Financial industry)
Staffing and Recruiting Industry
Finding the right talent is the key competitive edge to any business. With hiring volume increasing drastically, finding the right candidate in the limited time frame and budget is the biggest challenge recruiting/hiring teams face. Bad hires can be costly, and AI driven voice assistants can reduce these while assisting recruiters in achieving their goals.
Great Candidate Experiences
Chatbots driven by AI evaluate the candidates’ profile (by studying social and professional profiles) and interactions to create the candidate persona. Based on this, chatbots generate tailored interactions with the candidate, offers 24/7 support to the candidate (either to track the application status or provide any company/employer information), and guides the candidate through the recruitment process.
Source Job Profiles
Based on the job description and profile, chatbots can conduct, and search across various job portals or internal resume databases. They study the various candidate profiles, get the relevant job profiles, and schedule interviews.
(Read in detail about how chatbots impact the staffing industry)
A business’s success lies in delighting customers. So, delight your customers by integrating AI-powered chatbots into your business strategy to deliver the best customer experiences. The trend of chatbot service has already started, where giants like Pizza Hut, KFC, Dominos, Starbucks and McDonald’s have already adopted AI-driven bots.
Chatbots offer 24/7 customer service. The ability to have chatbot integration within social media messengers makes bots cost effective for even a small businesses.
Based on the customer behavior analytics businesses can study trends and deliver either what the customer is expecting or reach out to customers who are looking for recipes offered by their restaurant through a chatbot ( by sending customized push notifications).
Here's a list of ways chatbots can improve the restaurant industry:
- Customers can reserve tables and place orders before they even reach the restaurant.
- Customers can track the status of their orders.
- Customer Service access 24/7.
- Personalized marketing.
- Organize sales data.
- Empowers customers with personalized experiences.
- Does the job of many customer service employees with less cost.
- Integrate chatbot to social media and make use of vast social media user base.
- Increase brand engagement.
(Read in detail about how chatbots are helping the restaurant industry.)
IoT development has had a big impact on the home appliance industry. With voice technology considered to be a top technology in the space. Voice chatbots evolve as a means to communicate with all home appliances connected to an IoT network. We are in a new age of technology where consumers can talk to every home appliance, like a TV, refrigerator, thermostat, washing machine, coffee maker light bulbs, door locks, routers, house security mechanisms, and so on. We already see major players in home appliances adding IoT and Voice in their products.
Here is a list of interesting products on the market:
- Whirlpool customers can control their appliances through voice chatbot with Google Voice or Amazon Alexa.
- Philips LED smart bulbs are compatible to voice chatbots, Amazon Alexa, Apple Home Kit, and Google Assistant. Users can instruct the bulbs through voice assistants either to dim or change colors.
- Belkin's Wemo automation appliances have smart plug-in switches, lights, security cameras, and so on. These can be paired with Amazon Echo or Google Home.
- GE has launched the GE Kitchen Hub, a complete smart kitchen that can be controlled by Voice and mobile apps.
- Nest launched Nest Learning Thermostat, a smart thermostat with self-learning capabilities that can be controlled by an Amazon Alexa or mobile app.