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3 examples of the potential of chatbots in different industries

August 18, 2020

7 min read

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  • The market value of chatbots is projected to increase from $ 2.6 billion in 2019 to $ 9.4 billion in 2024.
  • These tools can also help in gathering information to improve sales strategies.
  • The implementation of chatbots based on artificial intelligence in the customer service areas has achieved various advantages.
3 examples of the potential of chatbots in different industries3 examples of the potential of chatbots in different industries

“Bots are the new applications”said Satya Nadella, CEO of Microsoftfour years ago during a keynote address. And the truth is, that statement couldn’t be more true; Although there are many ways today to improve a company’s communication, productivity, or sales, chatbots are powered by Artificial Intelligence (AI) They have become one of the most effective tools, both in terms of cost and results.

Chatbots are so important that their market value is estimated to increase from an estimated $ 2.6 billion in 2019 to $ 9.4 billion in 2024 Markets and Markets.

“Chatbots with AI and natural language processing not only enable meaningful conversations between humans and machines, but can also help to collect information in order to improve sales strategies,” says Gustavo Parés, general director of the company specializing in intelligence. Artificial NDS Cognitive Labs: “Chatbots are of great help in improving customer service for businesses in various sectors such as retail, manufacturing, banking and finance,” he adds.

And while we’re still a long way from having philosophical conversations with virtual assistants, chatbots today do a variety of tasks, starting with chatting with users in Facebook Messenger, even help employees be more productive.

The value and success of chatbots can be clearly seen in three cases developed in different sectors that are part of the book. “The new paradigm in customer service. Chatbots: omnichannel, personalized, automated and exponential“, written by the brothers Gustavo and Ricardo Parés Arce:

Banking, Finance, Insurance and Afores

Growing competition in the financial market, insurance and Afores has forced these sectors to change paradigms as most of these companies have different points of contact Contact CenterOperation is usually a very expensive and demanding task. The high demand for calls, the difficulty of managing the volume, and the metrics (KPIs) required to provide a good service to the users result in long wait times for the call centers and a stressful experience for them User.

In this sense, the implementation of chatbots based on artificial intelligence in the customer service areas of banks, Afores and insurance companies has achieved different advantages: the capacity of inquiries increased from 50 to more than 16,000 users at the same time and the duration of the interaction of a customer to solve his request increased from an average of 10 minutes to less than 2 minutes. While the ability of the support teams to serve users in a day increased from 1,750 to more than 6,750 customers with the implementation of the chatbot.

Likewise, these chatbots have constantly improved their answer options and have moved from solving 1,000 different questions to more than 14,000. as well as answering an average of 30,000 inquiries per month to more than 150,000, regardless of their origin.

Manufacturing

The Internet of Things strengthens your company and increases your competitiveness. Photo: Depositphotos.com

Manufacturing has seen most of the revolutions since the ability to monitor the performance and status of machines through the inclusion of Artificial Intelligence and the Internet of Things (IoT) digital journey has never been as possible as it is now. And chatbots are no exception.

In this case, one of the largest building materials companies in Latin America has identified a communication problem in the flow of sales, both among employees and among suppliers and end customers. So it decided to implement a chatbot.

The chatbot focused, among other things, on interacting with customers and sellers in order to be able to track orders, real-time geolocation maps and customer account details. It’s also designed for use on instant messaging platforms like WhatsApp and Microsoft Teams to maintain natural interaction with users, as if they were talking to a human sales rep.

The chatbot currently performs more than 2,000 queries per month and provides answers immediately. This saves the company’s support staff time and allows them to transform their role into a more strategic and operational one that has generated greater value for the company.

sale

The retail or retail sector has also been forced to adapt to technological developments, mainly through online sales. Most companies in this sector have various outsourced service centers, which are very difficult to manage and costly.

Keeping the needs of a service center in mind and the needs of innovation to survive, one of the largest retail companies in Mexico added a virtual agent to its website.

In this case, the chatbot was developed with the aim of relieving the agents in the call center from routine questions that took a lot of time and generated a high turnover. This version has allowed them to specialize in more complex topics that require a higher level of reasoning to resolve customer queries. This allowed the request capacity to increase from an average of 11 to more than 300 per hour. while the duration of interactions to resolve doubts increased from more than 6 minutes to just 1.7 minutes.

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