The rise of the AI bots may sound like a sci-fi horror scenario, but in reality, the growing industry of bots isn’t scary at all—it’s a technology that brings real, tangible benefits to businesses and customers alike. Bots are already a big part of the customer service landscape. In 2018, the bot market was worth $1.274 billion and predictions anticipate it reaching $7.5 billion by 2024.
That’s the potential grandeur of applying AI in different fields and industries of the world today! The UK government seems to have made the right move and at an opportune time too. AI is the intelligence exhibited by machines. These machines have competence in reasoning, learning, language processing, planning, and perception to help improve decision making of businesses. Basically, AI’s data crunching power will outsmart the smartest technologies of today.
Because of the hefty amount of data that are there without any practical use. Think of data as the collection of our consciousness. Similar to how consciousness helps us make clear decisions in our day-to-day life, ultimately the data-backed decisions will help us make things right. With data comes wisdom, the epiphany about things we were missing out on, these many years.
About Artificial Intelligence, Machine Learning, Neural Networking, and numerous other automation systems. The duty that we have on our table right now is to equip our future generations with ways to polish their brains. It’s all left to the ultimate skills they learn from the very first day of their life. You believe it or not, the traditional method of hiring candidates is long gone. Why are we all seeking open talent employees?
You have just started work and your calendar looks packed for the rest of the day. There are several tickets in the queue and you start resolving them one-by-one. A frustrated customer reports an issue. You help the customer out and update the status of the ticket to “resolved”. Job well done.
Machine learning in customer service is used to provide a higher level of convenience for customers and efficiency for support agents. Support-focused tools enabled with machine learning are growing in popularity thanks to their increasing ease-of-use and successful applications across a variety of industries. Gartner predicts that by 2021, 15 percent of customer service interactions will be handled completely by artificial intelligence.
Gone are the days when artificial intelligence (AI) was a mere buzzword. Today, AI is transforming our lifestyle. AI enables machines to perform a myriad of tasks with minimal human interference. Whether in sales, marketing, or customer service, AI has revamped business processes. According to a recent Gartner report1, 55% of established companies have started making investments in AI or have prioritized it for their immediate plan of action.
Artificial Intelligence (AI) has amazing potential to drive customer loyalty. Customer loyalty is a huge priority for most businesses. It’s one of the key facets of customer retention, as it reduces customer churn. Reducing churn is desirable since it typically costs four times more to gain a new customer than to keep hold of an existing customer. You also have a 70% probability of making a sale to an existing customer, versus 20% to a new customer.
Advancements in automation and artificial intelligence (AI) have revolutionized the business sector. Automation allows for concise, timely, and accurate service, which is in demand from a society accustomed to instant gratification. The predictive power of artificial intelligence allows businesses to improve upon their service. The end result is a fast, reliable, and effective customer service department, powered by AI and backed up by human agents.
The myths around AI have been nothing if not sticky. Fifty years after Hal 9000 made moviegoers very afraid, consumers continue to believe both that robots will replace humans — and also that AI is a thing of the future. The reality? Neither is true.
