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For Your Small Business Srini Pagidyala August 9, 2023

4 Ways Conversational AI Improves Customer Experience

In a race to secure their position in the competitive future, businesses embracing conversational AI can supercharge sales.

Businesses that adopt conversational AI are not just making a trendy move -- they are securing a ticket to be front runners in the competitive race to the future. We're talking about potentially supercharging sales by 67 percent and slashing customer care costs by 30 percent. But trends don't provide guarantees for every business. It's about understanding how this powerful tool fits into your business, driving real impact, not just riding the wave.

Here are four distinct ways AI can be used to enhance the customer journey.

1. Streamlining Research and Preparatory Work

AI chatbots are excellent at sifting through vast amounts of data quickly and accurately. In healthcare, for example, a whopping 52 percent of patients are getting their health information from chatbots. These digital assistants are lightening the load on our healthcare system, helping to shorten wait times, lessen readmission rates, and cut down on the duration of consultations.

When doctors can treat 20x patients because an AI assistant can do the preparatory work gathering data and information, consultations are not only quicker but better. And the assistant grows to know the patient each time, allowing for better depth of service.

Other industries benefit from this as well. In finance, for instance, AI can swiftly process large volumes of data to detect fraudulent activities, assist in portfolio management, or even prepare personalized financial advice. Similarly, in the retail sector, chatbots can rapidly analyze vast product databases and customer preferences, creating a more personalized shopping experience.

2. Automating Simple Tasks

Routine inquiries and transactions can be handled efficiently by AI, freeing up human resources for more complex issues. This application is highly beneficial in the finance sector, where chatbots can manage tasks such as account inquiries and transaction monitoring.

In the education sector, AI chatbots can help automate almost 71.2 percent of administrative tasks such as course registration, fee payment, or addressing commonly asked queries about course content, exam schedules, and more. Retail sector chatbots, such as Walmart's AI-driven chatbot, can handle product inquiries, track orders, and even manage returns, providing a more seamless customer experience. This way, conversational AI in customer service isn't an expense -- it's an investment.

3. Personalizing Customer Experience

We live in a world where 80 percent of customers seek personalized experiences.

AI's ability to analyze past user data allows it to offer tailored advice or suggestions, which can vastly improve customer satisfaction. In education, conversational AI can adapt learning resources to suit each student, delivering a personalized learning experience. 92 percent of students express interest in personalized information regarding their academic progress.

In the travel industry, it can offer tailored travel plans based on a user's past preferences. Imagine a conversational AI chatbot quickly providing a personalized 10-day Spain itinerary based on your past preferences -- that's the future of travel planning.

4. Enhancing Responsiveness

AI chatbots are available 24/7, ensuring customers receive immediate responses. A notable 69 percent of clients prefer chatbots due to their ability to provide prompt responses to straightforward inquiries. In time-critical sectors like healthcare, the around-the-clock availability of AI chatbots can have life-saving implications. These chatbots integrated with telehealth platforms can provide instant first-aid instructions, schedule urgent appointments, or alert medical professionals during emergencies, thereby ensuring timely intervention. Even in the education sector, chatbots can answer queries about admissions, course information, faculty details, and more.

Navigating the Near Future of Customer Experience

These use cases provide interesting food for thought regarding how industries are integrating and adapting to changes in the marketplace. But conversational AI isn't without its challenges. They can occasionally produce erroneous responses, and there have been instances where chatbots have made things up. Therefore, human supervision is vital to ensure the integrity of the information provided and to prevent any potential misdirection, like your AI chatbot travel agent accidentally sending customers off to Mordor.

Knowing the right angle to take when making decisions about advanced technology can be fraught with uncertainty. There are already many industries experimenting, and it's important to analyze the successes and failures in order to know what might be best for you and your company.

For more insights to manage your business, get connected with an Old National Small Business Banker today! 

This article was written by Srini Pagidyala from Inc. and was legally licensed through the Industry Dive Content Marketplace. Please direct all licensing questions to legal@industrydive.com.

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