The Top Opportunities and Challenges in the World of Chatbots Today

Chatbots look set to revolutionize the service sector. Organizations can handle fewer calls, chats, and emails after automating their customer service. Now, it’s all about delivering positive customer experiences using AI!

Conversational Chatbots are taking brands a step ahead of their competitors. Statistics reveal that the market size of Conversational AI is expected to reach USD$1.3 billion by 2025, growing at a CAGR of 24%.

Types of Chatbots

Chatbots usually come in 2 variants:

Fixed Chatbots give out only fixed information to their users. Naturally, the result is limited assistance. Fixed Chatbots are usually used to answer repetitive questions, or answer customers who have limited access to customer services. The major downside of Fixed Chatbots is that they cannot understand human emotions and behaviour making them less powerful compared to AI Chatbots.

AI Chatbots are able to learn and improve with the help of Machine Learning and AI technologies. They continually update and improve their responses based on interactions and communication with customers. This is what makes AI Chatbots intelligent, offering users a better UX.

Using Chatbots for Business benefits

Let’s move on to explore the opportunities that Chatbots offer to businesses and their customers.

24×7 assistance for users

Unlike humans, Chatbots do not sleep, allowing organizations to offer 24×7 service availability. Though the customer operatives for chat support, however, cannot always be available, bots can handle the major chunk of the queries. When clients reach out for queries outside normal working hours, AI-enabled Chatbots are more than useful!

They help reduce the frustration of customers in need of answers until there is human intervention. The use of chatbots makes interactions simple and probable throughout the day. At times, bots powered by IBM Watson even answer queries and resolve problems to the last bit driven by powerful contextual capabilities.

Boost revenue output

Bots can be effective as tools for providing suggestions to consumers that can smartly present new services and resources from businesses to customers. Because of their 24×7 accessibility and rapid responses, bots also help improve sales through cross-selling and upselling. They also help eliminate the long customer waiting time that is responsible for missed conversions.

Simultaneous responses to multiple customers

Chatbots can answer thousands of questions simultaneously making them invaluable to large operations that have large customer bases. They are useful in place of large human teams that take more time in handling such simultaneous queries. AI bots can provide instant responses to thousands of customers thanks to the speed of cloud applications like the IBM Watson system, and the internet.

Achieve deeper client-awareness

Chatbots enable businesses to exhibit a high level of professionalism by providing comprehensive, and specific actionable details to clients. AI Chatbots gather such data and broaden the database for better future interactions too. This ensures a continuous improvement in service levels.

Chatbot implementation challenges

Now that you’re aware of the benefits of leveraging AI Chatbots, you can harness them to achieve better customer satisfaction. However, there are some significant challenges when implementing AI Chatbots too.

Chatbot Security

In recent times data privacy and security have become sensitive issues for businesses across industry verticals. Customers are sensitive and protective of their personal data. This makes it imperative for you to create and implement bots that assure the data privacy of your customers.

Chatbots gather information and transmit relevant data over the internet. Bots made for customer service then should be able to keep all such data completely safe and hack-proof.

Complicated layout

Building Chatbots can be complicated involving a lot of time and incorporating the right responses to clients. It’s not unusual for customers to become frustrated with the sluggishness or response processing time of bots.

Understanding the sentiments and emotions of customers

Advanced AI platforms like IBM Watson can help you design conversational Voicebots that recognize human emotions and sentiments. Usually creating bots that identify correct sentiments and emotions from a human voice takes a lot of data and time. With the availability of a ready-to-use database, it’s easier to build some of the most advanced bots that can access human sentiments correctly from their tones.

IBM Watson Assistant advantages

Built on Deep Learning, Machine Learning, and Natural Language Processing (NLP) models, the IBM Watson Assistant easily finds or searches for the best responses. It completes users’ intended action by using intent classification and entity recognition to understand customers in context and subsequently transfer them to human agents when needed.

IBM Watson leverages complex NLP that focuses on the tokenization of data, which is the parsing of human language into its elemental pieces. It combines computational linguistics with statistical Machine Learning techniques, and Deep Learning models to enable computers to process human language in the form of text or voice data. Lemmatization and part of speech tagging enable a deep understanding of language, including context, the speaker or writer’s intent, and sentiment. The Watson Assistants are built for non-technical users to help businesses streamline operations and customer support.

Conclusion

Speed of response, the accuracy of reaction, and security of data are some of the key challenges that businesses face with Chatbots designed to help with customer service. Chatbots that are built, trained and deployed over the cloud using IBM Watson Assistant, an AI service in IBM Cloud are among the best. Veracitiz experts help businesses provide their customers with fast, consistent, and accurate answers across any application, device, or channel by using Artificial Intelligence that understands their context.

We build these chatbots and train and deploy them over the cloud using IBM Watson Assistant. Once deployed, their use does not require any technical knowledge; you can easily create dynamic conversational flows with the intuitive interface. Chatbots built using IBM Watson accelerate query response, and can reply to complex customer queries with high accuracy across social media and messaging platforms.

Let us chat to explore the power of chatbots!