Benefits And Real-World Uses Of Conversational AI Solutions

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Much like electronic devices, virtual assistants powered by conversational AI solutions continually progress, enhancing the value and convenience they bring to our everyday interactions and routines.

This is underscored by the fact that 86% of respondents in a PwC study acknowledged steering their focus toward AI as the mainstream direction. Additionally, almost 61% of leaders are utilizing AI technology to enhance both customer experience and operational efficiency. 

Let us take a look at the benefits of conversational AI and explore its key use cases across several industries.

Advantages of conversational AI

Understanding the benefits of conversational AI becomes clearer when examined within the context of a specific industry and its challenges. However, let's begin by exploring the advantages that are universally applicable across industry sectors.

Advantages of conversational AI
  • Cost optimization: Compared to establishing and maintaining a human-managed contact center, conversational AI presents a solution with lower operating costs and a higher return on investment. Capable of swiftly processing information, and locating and verifying data, conversational assistants can handle a significantly larger volume of clients in a shorter time, resulting in reduced setbacks and increased revenue.

  • Productivity boost: Conversational AI elevates productivity within a company by providing relevant data and freeing employees from repetitive tasks. This technology allows businesses to rethink their approach to organizing workflows, offering employees new growth opportunities, and facilitating more impactful decision-making.

  • Personalization: Conversational assistants meticulously track every interaction, enabling more precise customer behavior analysis. As a result, the company gains a deeper understanding of the needs of each segment of its target audience, facilitating personalized client interactions.

  • Versatility: From customer interactions to sales and marketing activities, conversational AI can automate tasks such as cross-selling and upselling campaigns or managing client accounts. This versatility helps monitor performance and enrich the company with exclusive data.

Application of conversational AI across industries

Similar to chatbots, conversational AI platforms have found extensive use in diverse industries involving human interactions.

Conversational AI in financial services

Financial organizations undeniably stand out as pioneers in adopting conversational AI. It's not unexpected that the BFSI sector, recognizing the multitude of areas that can benefit from AI-powered technology, demonstrates significant demand for conversational AI chatbots and assistants.

Conversational AI in financial services
  • Human resource management: While applicable to companies at large, conversational AI chatbots have become invaluable aids for HR managers. They adeptly handle employee requests and transform repetitive tasks, such as onboarding, ticket generation, and data updates, into self-service operations. With more time at their disposal, HR managers can focus on enhancing employee satisfaction rates and gathering extensive feedback from every worker.

  • Security awareness training: Specifically designed conversational AI platforms for monitoring security awareness tests to ensure improved compliance with security guidelines. These platforms can address each employee’s inquiry, provide detailed information about their scores, and go beyond mere information provision. 

  • Learning: Beyond security testing, conversational AI chatbots are applicable to employee education, creating a more structured and personalized learning experience. They can monitor employee scores, track overall course progress, and generate reports highlighting performance. In some instances, conversational AI can even manage online lessons, test knowledge, and engage in automated conversations.

  • FAQ replacement: As digital technologies become more dynamic, FAQ sections and pages become redundant. While they used to address common service-related questions, they now fall short for two main reasons. First, FAQ sections often provide generalized answers that lack detail, requiring clients to spend more time searching for specifics.
    Second, all data, including FAQ sections, becomes outdated over time. Monitoring changes and updating pages is another repetitive task that consumes valuable team time. Here, conversational AI proves invaluable by replacing static and generic information with intelligent assistants that engage in conversations, answer questions, and provide detailed advice on demand.

Conversational AI applications in healthcare

Healthcare institutions and health tech companies also adopt conversational AI to boost clinical efficiency and improve the outcomes of care. The benefits of conversational AI for the healthcare industry are immense. Here are just a few examples.

AI doctor
  • Administrative task automation: In healthcare, facing a shortage of human resources makes automation a crucial solution. Conversational AI chatbots seamlessly integrate into various healthcare institutions, offering swift access to patient records, status monitoring, request processing, and appointment data. 

  • Hospital logistics improvement: Given the substantial workload on physicians, optimizing their time becomes imperative. Rapid identification of emergencies, patient prioritization, and ensuring the right expert is assigned to each case are critical tasks. Conversational AI addresses these needs by providing maximum data insights, transparency, and instant communication.
    A conversational AI assistant allows patients to report their condition and symptoms during emergency calls. The AI assistant then utilizes this data to alert the relevant medical professional, providing comprehensive information about the patient and their emergency. 

  • Patient insights gathering: Operating in overworked conditions often leads to the loss of valuable insights due to managing a large volume of customers and paperwork. Even the most diligent employees can get fatigued, potentially missing crucial information that could positively impact the facility.
    Conversational AI, however, never tires. It meticulously documents every aspect of patient behavior, offering healthcare administration a comprehensive view of the broader picture.

Summary

As conversational AI advances, it becomes an indispensable tool for a range of industries, including healthcare, finance, banking, and more. The applications of conversational AI are continually expanding, contributing to the simplification of tasks for human agents.

To stay competitive and thrive in the race to success, embracing conversational AI is key. Reliable technology partnership is pivotal for the successful adoption of advanced tech such as conversational AI. But most importantly, the benefits of this technology will continue to produce an impact on these industries for years to come. 

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