Conversational AI has gone through a lot of development in the recent years. This can be attributed to the proliferating market for ecommerce. The demand in the conversational AI market will keep rising with companies transitioning from traditional methods of customer service and automate the process.
Now, what exactly is a conversational AI? If this question pops up in your mind, then you are in the right place.
This article will help you understand conversational AIs while learning about the functions and uses of conversational AI.
A Conversational AI is a combination of technologies that utilizes large volumes of data and machine learning combined with natural language processing to help the AI imitate human speech, and text inputs.
They are primarily found in the form of chatbots, virtual agents, or voice assistants to which customers can communicate with for simple queries, troubleshooting and small talks. Conversational AI is more advanced than the regular chatbots that are much commonly found.
A conversational AI has more than five components, but this article will only mention the 5 key components, so no one gets overloaded.
- Machine Learning (ML) is a division of artificial intelligence and computer science which uses data and algorithms that make software applications capable of learning and imitating human interactions.
With the increasing data, the AI platform will keep learning and improve at recognizing patterns and respond accordingly.
- Natural Language Processing is a part of artificial intelligence. It is a method used to analyze and learn the patterns of a language which are enabled by machine learning.
The input is then analyzed and converted into machine readable format for the NLP to understand the meaning. This is done by NLU (natural language understanding), which is a part of NLP.
- Automatic Speech Recognition is the technology that interprets voice input and converts it into text input for the machine to understand. The text format in then interpreted by NLP.
- Dialog Management is the system that helps the application form responses based on the understanding of the text. The dialog management is a part of NLP that converts the responses into understandable forms for human with the use of Natural Language Generation (NLG).
Afterwards, the application delivers the response either in text or in voice with an artificial human voice
Some of the most popular conversational AIs in the conversational computing platform market are:
Virtual assistants like Alexa, Siri, and Google’s AI assistant, and chatbots that people use on websites.
Benefits of Conversational AI
Conversational AI has enhanced the business processes and customer interaction of many industries. Some of the most prevalent benefits include:
Cost Efficiency for Customer Services
Maintaining a staff team for customer service can be costly and might not be the most efficient option. Customer service can become inconsistent, and helpline would be closed after work hours.
Meanwhile, providing customer services through conversational platforms can help streamline the customer service. The AI would cater to all the small queries and form messages to guide them to the solutions all the while learning from all the different conversations. And the AI can direct customers with issues that require more assistance, to customer support to experts.
Increased Revenue
With the integration of conversational AI, more customer queries would be solved. The chatbots are much easier to access and allows the customers to engage frequently with their brands.
Increasing Customer Engagement
Conversational AI gives complete control to the owner to customize it to your business need. Customized messages based on previous interactions can enhance the experience.
This will increase the customer loyalty and increase the satisfaction rates over time and propel the growth of the overall market.
