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Conversational AI Platform

E-commerce to education: Conversational AI is one size fits all – AskSid

Conversational AI and its impact on business sectors

In pop culture, artificial intelligence has been mostly depicted as a pack of malicious robots, taking over human civilization. While that remains a distant possibility, AI in 2021 is revolutionizing all industrial sectors for good.

According to Fortune Business Insights, the market size of artificial intelligence hovered around $27.23 billion in 2019, and soon enough in 2027, this figure is expected to go nearly 10X – $266.92 billion. That’s based on the fact that 91.5% of top businesses have an ongoing investment in AI-based ventures.

For instance, conversational AI, a niche sector of the all-encompassing AI, had limited applications until a while ago, but now businesses are starting to notice the sheer innovation it brings to their enterprise. In this article, we’ll dive deeper into the subject of conversational AI and discuss just how it has become a universally accepted solution across industries.

What is Conversational AI?

Conversational AI can be described as a set of technologies that drive automated messaging and speech-enabled applications in a bid to offer human-like interaction to whoever uses it. It works by recognizing speech and text inputs and by understanding the intent behind them.

Conversational AI solutions today are quite well-equipped and can communicate with users in the language of their choice and mimic human communication all the while. The application could be a chatbot on a website or a mobile app or a smart speaker talking to you while sitting at your table. While they’ve been in use for a while, the new generation of conversational AI solutions lets users seek answers to their multifaceted questions, get opinions and recommendations, make financial transactions, etc.

While it can’t replace the roles human agents have to play, it does reduce the burden to cater to redundant queries substantially. Plus, conversational AI is the most practical solution where tasks are excessively discouraging or mundane, allowing human agents to address more complex issues and make more productive use of their time. It’s also the more favorable choice where it would cost a lot to deploy a human agent.

Conversational AI Applications

Without a doubt, artificial intelligence has revolutionized the way organizations conduct their business in the 21st century. Conversational AI solutions, more so, in the form of chatbots and voice assistants have been successful in leveraging big data, machine learning, and natural language processing (NLP). This has enabled them to identify text and speech across various languages and communicate with users by finding the intent in their input. 

With such a revolutionary technological marvel at our disposal, it shouldn’t come as a surprise that applications of conversational AI are now live across multiple industries. Let’s take a look at some of these applications.

E-commerce

The e-commerce industry has experienced exponential growth over the past couple of decades. In hindsight, we realize that going further above from here, we can’t make the mistake of relying solely on human resources. A sales and support system driven solely by human agents is both impractical and financially crumbling for any enterprise. 

Industry leaders realized this over time and leveraged the most powerful weapon in their armory-  conversational AI – to expedite the process of capturing and qualifying leads, upselling and cross-selling, and naturally, for customer service. Cross-platform customer service has been the major selling point of conversational AI solutions across industries, and it worked the best for education and e-commerce (more on that later).

Healthcare

Our healthcare industry is perhaps the most fragile of all. Any negligence or oversight can have disastrous repercussions and can lead to loss of faith in the system. Say, a delay of even a few minutes in manual data entry in hospitals can leave the patient in a serious condition. 

Conversational AI eliminates that possibility with an elegant solution that favors both patients and healthcare professionals. Here are a few examples:

  • Voice assistants remind patients of their medications and can be customized to ensure that the patient adheres to the instructions as prescribed by their doctors
  • Conversational AI solutions offer an essential means for regulating health plans as insurance ventures go digital.
  • Bots help in automating front office tasks like going through the patient’s medical history and updating records.

Some of the smarter conversational AI solutions can even help both patients and doctors in reaching a diagnosis and making recommendations for further actions.

Travel & Hospitality

There’s a notion that the travel and hospitality industry never sleeps, and while the extent of truth in that is debatable, customers expect this sector to function 24/7. To facilitate any queries that might come during odd hours, conversational AI comes in handy for offering assistance to travelers and guests.

A chatbot live on a travel/hotel business’s website is also a great means to collect and qualify leads, and when things go right, even automate the sales process. For existing customers, seeking information on seats and rooms available, types of rooms, making reservations, have all been automated with conversational AI tools.

Education

The education sector has more or less been the same since ages ago, until now. Conversational AI has completely revolutionized the education domain since the system went online and students became self-learning netizens. Here are a few instances where we saw changes:

  • Automation in administration: All major (and repetitive) administrative tasks in the education sector have been automated with the help of conversational AI.
  • Feedback delivery: Feedback is an important element in schools and other educational institutions and helps in managing expectations. Chatbots have helped in organizing the feedback circle and in plugging the holes in the learning experience for students.

Final Thoughts

Conversational AI solutions have sown their roots deep into the modern industrial ecosystem and today its applications can be found across e-commerce websites, healthcare apps, travel helpdesks, and online learning portals among other areas. It’s high time for other businesses to adopt this brilliant set of technologies to offer their patrons a more personalized experience.

Before you jump onto the conversational AI bandwagon, it’s highly recommended that you first identify the areas you think demands automation the most. Once you have identified your goals, be it supporting online customers, or addressing frequent queries from the students of your educational institution, it will help a great deal in finding the solution that’s tailored for your requirements.

As a digital shopping assistant, AskSid is poised to disrupt the online retail industry with its proprietary Retail AI Brain, a unique knowledge repository converting raw brand data into tweet-sized Q&As, product tags, intents, and utterances. This powers impactful shopping experiences and drives conversions across chatbots and voice bots, while simultaneously extracting deep customer insights, helping brands uncover new business opportunities.

Looking to deploy a vertical AI-based digital shopping assistant for your retail business?

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