shiwaneeg

I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots. ...

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I am a marketing intern at Valuefirst Digital Media. I write blogs on AI, Machine Learning, Chatbots, Automation etc for House of Bots.

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How can AI and Chatbots Reduce Business Risks

By shiwaneeg |Email | Mar 21, 2018 | 7713 Views

Chatbots are powerful tools that have a positive impact on companies of all sizes. Intelligent chatbots have gained a lot of prominence in the business world since they were reintroduced by major platforms like Slack, Facebook, and Twitter. Despite the fact we have only grazed the potential of chatbots, they've already changed the way companies communicate with their audiences.

Moreover, efficient corporations have found alternative uses for bots. For example, chatbots are now utilized as internal-facing assistants that can increase productivity and employee satisfaction throughout a company. AI-powered bots have the potential to address and mitigate different risk areas for businesses of all sizes, so they provide a viable, cost-effective solution for many different scenarios.

Chatbots are virtual assistants that employ machine learning and virtual intelligence, also known as AI. AI-powered virtual assistants can now learn independently and provide assistance to consumers without any additional human intervention. Chatbots can also be used as fantastic internal-facing tools. Creating a quality chatbot to help the organization's team is like providing everyone with an assistant. Although it will have limitations at first, but using an internal-facing bot can help in speed up organization's internal processes and create an efficient communication network for all of the workers. The best part about implementing a chatbot is that organization doesn't need to hire developers or cover expensive fees. 

How can chatbots address business risks?

AI-powered bots make a great addition to companies as internal and external-facing tools. Having a virtual assistant to help the customers is like making several additions to the team without hiring more workers. Internally speaking, they can completely revamp organizational communication structure and become a centralized source of information. Chatbots address and mitigate an array of risks found in all companies, regardless of their size.

These include, but are not limited to:

1. Provide around-the-clock customer service

As a consumer, there is nothing more frustrating than having to contact a product or service provider outside of working hours. Instead of setting up an automated response, companies can incorporate a chatbot that helps the current and future customers when the company are not accessible. Chatbots can work as a self-service tool that helps clients check on their orders, update account information, or make payments. This is especially helpful during weekends and outside hours of operations because customers will not have to depend on one of the team members at organization to get an answer.

2. Help sort through high-request volumes.

Having a high volume of customer service and sales inquiries can be overwhelming. Chatbots work as a filter that helps in organizing and sorting through the numerous requests received. They can help in sending requests to the appropriate department, carry out requested tasks, and even generate a personalized response for the clients.

3. Analyze trends in Big Data.

AI-powered chatbots can help in categorizing and interpreting big data. Also, they can help in highlighting important patterns and trends that company can use to enhance their products and develop better solutions that add value to their services.

4. Targeted sales and marketing campaigns.

Big data analysis can help with a number of departments. The sales and marketing departments can use the information gathered through big data analysis to create tailored campaigns and strategies. These campaigns can result in significant improvements in both closing rates and marketing qualified lead generation, exponentially growing the company at the same time.

5. Predictive analytics

Once a company sets up a reliable sales and marketing machine, it will be able to use predictive analytics to plan ahead. Once it has built its sales funnel through chatbot, it will be able to predict sales and calculate how much money can be made on monthly basis. This information can be used to develop future budgets to give a more realistic idea of their growth rate down the line.

6. Overall improved productivity

If a company implements a chatbot that is integrated to all of its major work tools, it will create a seamless experience, which is time-saving. We spend a huge amount of time replying to emails, verifying information, and sending responses. Chatbots can help in filtering these communications, answer the ones that don't need manual input, and lets human reps invest their time into revenue-generating and productive activities instead.

7. Better interdepartmental communication

Accepted business models often feature a clear separation between departments. Due to this, many of these different areas have trouble establishing effective communication lines. Bots can help solve this by working as a centralized point of contact where workers in different departments can communicate and collaborate without having to break the multidepartmental mold.

8. Potential assessment

Bots can also help in assessing and analyzing organizational internal operations to identify areas of improvement. Besides gathering data and crunching numbers, they can ask employees for their opinions and present feedback to key decision makers within the company.

9. B2B applications

Companies that do business directly with other organizations can use chatbots as B2B applications that help cultivate a strong relationship with their clients. These bots can help provide information, assist during the sales process, or specialize in setting appointments with the right employees.

10. Talent management

Talent risk management has recently gained prominence in the executive world, and bots can assist during the recruiting and knowledge transfer stages. This will simultaneously lower employee stress levels and mitigate unforeseen talent loss.

So, chatbots are powerful tools that can carry out an array of actions, leaving a positive impact on companies of all sizes. Following the tips mentioned above can implement a chatbot into the organization effectively and to reduce business risks across the board.

Source: HOB