3 reasons why your business should look into chatbots

A chatbot is an AI (Artificial Intelligence) software that simulates conversation with a user in natural language via websites, mobile apps and messaging applications. Chatbots enable communication between humans and a machine through either text-based messages or voice commands.

AI powered chatbots use machine learning to converse more naturally. Therefore, the more conversation chatbots have with users the more intelligent they become. They gather conversational data that allow them to copy human conversations and react to written or spoken requests to deliver a service.

Chatbots have become increasingly popular and have already faced a wide adoption by many businesses. Now chatbots can be found in organisations with simple chat conversations up to more complex chatbots that can manage your money.

An example of a chatbot is DRUID, DRUID is an intelligent chat bot that empowers employees, customers, and partners to digitally communicate with your business and enterprise systems in the most intuitive, efficient, and human like way. As of 2021, Convedo has partnered with Druid to deploy automation solutions in the UK and DACH regions. Convedo and DRUID are focused on implementing conversational automation as a solution to deliver more value to customers, and help enterprises operate efficiently.

Let’s take a look at 3 benefits of chatbots, to better understand why and how it can contribute to your business.

1. Improved customer service

Chatbots provide great benefits to customer and which leads to improved customer service. According to a study by Gartner “customer service is the most important factor to success”.  A few of the ways customer service is improved is by:

Around the clock Customer Support:  Most customers expect a business to be available 24/7. Chatbots can maintain a 24/7 response time and allow for organisations to handle more tasks at the same time. This means customers do not have to wait for responses, and the bot can handle many requests simultaneously without being overworked.  

Increased customer interaction: Chatbots allow for proactive customer interaction, which means chatbots allow you to initiate a conversation with every customer that visits, regarding any topic at any time of the day. A survey by Inside intercom found that chatbots increased sales by an average of 67%, with 26% of all sales starting through chatbot interaction.

2. Analysing consumer data and providing insights

With chatbots you gain a deeper understanding of your customers, they can provide your business with records of your customers pain pointes, to help the company improve its products and services. They can derive valuable insights, from questions and problems mentioned in the chatbot conversations, enabling you to create content that provides the right answers.

Chatbots can also be used to track purchasing patterns by monitoring user data. According to Forbes, this helps a company to decide “which products to market differently, which to market more and which to redevelop for relaunch”.

3. Cost Saving

Implementing a full functioning chatbot is both cheaper and faster than hiring employees for each task while also eliminating human errors. Juniper Research claimed that the cost savings from using chatbots in the Banking Industry was estimated at $209 M in 2019. Adopting chatbots is great opportunity for business’ – reducing your expenses while acquiring customer satisfaction.

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