Future of conversational AI
- 1. Future of Conversational AI A new decade of AI integration
- 2. What is Conversational AI? • It is a set of technologies which uses AI to enable computers to listen, comprehend, and respond to human voice or text inputs naturally via an intuitive interface. • Some applications of Conversational AI includes scripted chat bots, intelligent assistants, application conversational agents, etc. Trisha Chatterjee
- 3. How does Conversational AI work? • Conversational AI uses various technologies such as Automatic Speech Recognition (ASR), Natural Language Understanding (NLU), Dialog Management, Natural Language Generation (NLG) to listen, comprehend, and learn from every interaction. • The Conversational AI application then responds either in text, or uses speech synthesis to generate artificial human speech. Trisha Chatterjee
- 5. Traffic Updates Sports scores Track delivery Play music Tell Jokes Translate words Send messages Today’s intelligent assistants are full of skills. To name a few... Trisha Chatterjee
- 6. However… • When it comes to conversations that lead somewhere more human, like sarcasm or change in tone, the wheels fall off. • True conversational AI goes beyond bots, to which users have grown accustomed to, and help businesses engage deeply with customers. This is the reason why there is a revolutionary movement of integrating new conversational AI technologies to business communication structures. Trisha Chatterjee
- 7. The Business Context • Conversational AI is a significant part of a progressive project of integrating AI into business communications. It nurtures improved response timing and issue resolution rate, accompanied by improved profit margins. • Since customer care executives are not expected to respond during nighttime or holidays, Conversational AI technology has the potential to seamlessly fill in. • Conversational AI allows urgent accessibility which many users need. It enhances the overall experience while offering a very human-like interactions. It even caters to customer base of different abilities. • Conversational AI efficiently handles negative customer feedback in the first round and nips it in the bud. Customer care executives now need only focus on pressing queries which come their way. Trisha Chatterjee
- 8. Advantages in business Trisha Chatterjee
- 9. Why is it happening now? • Technologies are redefining self service. Self service was brought in by companies to largely implement cost savings. • The person to person interaction format is changing as the world moves towards an automated customer support experience. • Users are now, more than ever, using smart phone applications, messaging platforms and other multiple channels to accomplish goals faster. • Businesses, implementing automation strategies, are moving towards cloud which provides infinite computing possibilities and have a plethora of digitized data which can be accessed for analysis, learning and improvement purposes. • Companies are beginning to invest in platforms which provide a suite of solutions for achieving annual company goals. • Enterprises are redefining interactivity between customers and themselves. For an everlasting relationships with customers, conversational AI seems to be the way forward. Trisha Chatterjee
- 10. Conversational AI: Interesting Facts 58% 25% 81%49% 40% Discovering Intent Believe ‘discovering caller intent’ is the next step in maxim- izing investment from Conversational AI. Virtual assistant Of enterprises across the globe will have a virtual assistant to handle support issues by 2020. Customer Satisfaction Speech Analytics deployment in busi- nesses 2019 alone has generated results in support customer satisfaction. Smart Agents Of mobile interactions in 2020, will be facilitated by smart agents. Virtual Personal Assistants will be able to predict our needs in future. Return of Investment ROI for Speech Analytics Deployments in 2019. Improvement in customer experience through “orchestration” and “journey management.”Trisha Chatterjee
- 11. How Conversational AI Engages Customers • 365 days accessibility The biggest benefit of having a conversational AI solution is the instant response rate. • It’s Engaging It’s always been beneficial to have a customer care executive for customers to reach. However, the conversational aspect is what differentiates this method from any other. • AI Adds Cost Efficiency By 2022, Conversational AI technology is expected to reduce business costs by 8 billion dollars annually. McKinsey reports that up to 29% of customer service positions could be replaced by intelligent agents and similar technology since they help reduce operational costs and labor expenses. Trisha Chatterjee
- 12. • Customer Service Improvement Conversational interfaces are now able to integrate AI solutions deep learning’s speed allows real-time engagement. Customer support chats can promptly reroute calls using a virtual assistant. • Speed Computers will always have speed. An AI agent successfully accomplishes a task and never forget the process. That’s because the system has learnt not a skill, but also the concept of how to gather and use data from a service and present it back to the user. • Businesses Accessible and Inclusive In a world where operating remotely means everything, especially for those with disabilities, conversational AI is making path breaking advances. Business owners are recognizing the importance of the tools which assure a seamless customer experience. Improving accessibility also improves public perception and social reputation. How Conversational AI Engages Customers Trisha Chatterjee
- 13. Sectors Benefitting from Conversational AI Retail Restaurant Hospitality Transport Smart Home Fitness Technology Healthcare Retail Banking Trisha Chatterjee
- 14. Perfecting the New • The evolution of the speech technology at the turn of the 21st century has led to the current state of conversational commerce. The focus is on intelligent assistance. It comes with the application of AI and technologies which support human goals. • intelligent authentication is vital during AI integration with business communication as it establishes trust between customers and brands. Authentication of both the individuals and the automated resources applied by brands, continue secure interactive transactions between both parties. • The current rapid upgrades in conversational AI, especially with features like speech recognition, pattern recognition and neural networking and learning are populating newer technologies: – Conversational front to an FAQ – Human like interactive agent who anticipates, predicts and learns through conversations. Trisha Chatterjee
- 15. Perfecting the New • Disrupted businesses must take up constructive action to bring intelligent conversational assistance and its components into service for their customers. • Companies are achieving landmarks by applying new conversational technologies in their day to day communication with their customers and reaping benefits. It sets them apart as they’re keeping up with time. • The arena is predicting impressive growth in the spending by enterprises to bring the power of big data, analytics, machine learning into customers’ workflow to create friction free experiences. However, every progressive project has a few challenges. Trisha Chatterjee
- 16. Challenges in Conversational AI • Understanding emotions Voice assistants are becoming better at understanding search queries, semantically. However, there is still room for improvements. Successful communication is achieved through comprehension of tone and intention of a human user. • Discovery and Adoption Although Conversational AI applications are becoming increasingly easy to use, there are still challenges that can be overcome by being inclusive of a larger sample audience. The aim is to make usage of technology comfortable for a wider variety of use cases. Educating customers about opportunities that technology brings along is always well-received and creates a better experience for those who are not familiar with it. Trisha Chatterjee
- 17. • Ensuring safety When users talk to a voice assistant, the transaction should be securely processed and stored. This is particularly important when it comes to confidential data. Companies must imbibe high-security standards and define them for their customers in order to create a sense of trust. • Conversations in native languages There are only 379 million people who speak English as their mother tongue. There are 753 million humans who speak it as a second language. Statistically, only 20% of the world’s population speaks English. Native languages must be catered to equally. • Simultaneous conversations Several people could most likely have a conversation or give instructions to smart speakers. The voice assistant must be able to differentiate the command or question from the rest of the conversation. It also needs to be able to distinguish to avoid the risk of revealing sensitive user data. Challenges in Conversational AI Trisha Chatterjee
- 18. Focusing on the Progress We’ve leant that Conversational AI is good at: • Ushering customers = Lead Generation • Answering questions and handling complaints as soon as they come in = Customer Support • Keeping a current customer happy = Customer Engagement • Learning from customers to improve your products = Insights and Feedback Trisha Chatterjee
- 19. Conversational AI Boosting Economy of 2020s • It is understood that Artificial Intelligence is going to impact the future of work and commerce in this upcoming decade. • Virtual Assistants and Smart Speakers are already a significant part of personal and professional spaces. The latest research shows that Voice- driven self-service is becoming a preferred medium of interaction globally. • Major API businesses have already imbibed NLP into Cloud, assuring quality of such technologies while reducing overall costing. Innovations such as these are already encouraging all kinds of businesses to deploy Conversational AI. These trends are only to accelerate in the coming decade according to experts. • Conversational AI will encourage network providers to new product lines and drive new business. • Companies that adopt providers of AI technologies into their digital ecosystems will easily partner with enterprises which also wish to provide customers the conversational experiences they demand. Trisha Chatterjee
- 20. • Conversational AI ensures new professional skills, promises better wages, and customer retention. • The evolution of NLP will enhance brands’ capabilities to automate and handle customer inquiries that customer care executives have traditionally handled. All this without compromising customer experience. Automation of FAQs or payment process aspects will ensure executives to focus on high-value conversations. • Business growth is directly proportional to a brand’s capability to quickly adapt to vital changes in the market. To avoid fossilization brands will efficiently release new products into the market with the help of AI- enabled applications. • Democratization of AI technology will drive demands for developers who are dedicating time in creating apps for this new decade. • Conversational AI will have an enormous impact on the global economy. Over the next decade, the world will witness Conversational AI technologies boosting revenues, jobs, wages, and industries. Conversational AI Boosting Economy of 2020s Trisha Chatterjee
- 21. Application of Conversational AI for 2020s • Virtual Customer Assistant • Conversational security • Virtual Employee Assistant • Conversational Assistance • Speech Automation and Analytics Trisha Chatterjee
- 22. Eg: Upcoming Trends in Speech Analytics Trisha Chatterjee
- 23. Case Study: Uniphore • Uniphore is a leading company in the realm of customer support. It is enabling global teams by integrating their unique Conversational AI solutions, like Analytics, Assistant, and Security, to their daily work process and help them deliver personalized customer experiences. Some of their products, with their features, are listed below: auMina™ helps teams gain actionable insights with Conversational Automation & Analytics. It helps understand the Voice of customers to deliver superior customer service experience. There are also other versions of auMina: auMina QSense™ and auMina Real-Intent™ which have additional features for interested companies. amVoice™ is a voice-based authentication tool which benefits both businesses and end-users by providing Conversational Security. It uses the customers’ voice as the basis for authentication. It prevents fraud, identity theft and strengthens customer-business trust. akeira™ is an AI-enabled conversational assistant. It ensures optimization of a company's customer service engagement. Enabled with real-time customer analytics, akeira™ converses for supporting sales and customer service functions. With a self-service interface design, alongside language agnostic, cross channel transaction capabilities and a human-like conversational experience, akeira™ makes every interaction seamless. Trisha Chatterjee