Are Bots Outstripping Humans?

Are Bots Outstripping Humans?

An efficient customer service or enquiry counters plays a vital role for the success of any business. It’s been a long time now since the bots have taken over these services and are successfully managing to get into the human’s shoe. They have already ventured into the sectors such as banking, e-Commerce, organizations and more. These bots, the voice or chat oriented ones, have the ability to perform many things. But the question is… Is it really worth investing in bots?? And how much money would these bots actually save?

Well the answer for the first question from many organizations is a ‘Yes’ as its very glam and futuristic. CCW Digital Fall reports about 80 percent of organizations consider artificial intelligence as crucial, and 60 percent prefer to induce it in their business. These bots have already gained popularity among the millennial, as they feel it’s convenient to use. On the other hand, these bots are very cost effective. Juniper Research, an analysis firm, claims that the bots can cut down the business cost by nearly $8 billion per year by 2022.

Apart from cost effectiveness, they also assist in pulling down the operational cost of the company by reducing the overall interaction volumes such as emails, chats and social media enquiry. Labor expenditures are the major sited expense in any customer service centre, while this is the most awaited response for that. Though certain customer services operate 24/7, they even add to the expense through maintenance and more, this bots can go on non-stop without any hindrance or extra charges.

Increasing Bot Demand

A recent survey conducted by Capgemini Research Institute reports consumer prefer bots over humans, particularly for researching products, learning about new products and post purchase customer service queries and more. In addition, about 70 percent of the consumers look forward to replace their visit to the stores with voice assistance in the next three years to come. It is further observed that about 40 percent of customers do not bother whether they are conversating with a bots or a person as long as they get a quick response.

Mark Taylor, Head of Customer Engagement, Capgemini Invent, says, “This research establishes that conversational assistants are the future of customer interactions, valued by consumers for their convenience and by companies for the operational efficiencies they enable. Compared to our study released in early 2018, a much higher proportion of consumers now foresee voice assistants as their first choice within the next three years. In the meantime, the expectations of customers are evolving as they progressively use the technology,” he adds, “Privacy and security also remains paramount. Since our last research, it seems there has been little change in consumer concerns about how voice assistants affect privacy and data security. Companies must do more to address both these concerns and consumers’ increasing expectation, as conversational commerce increasingly moves into the mainstream”.

Future of Bots

Bots are not just designed to carry out the basic conversation expertise, but are able to perform cognitive services like converting speech to text, content Moderation, Text Analytics, Speaker Recognition, Computer Vision and more. Though these advancements might snatch away the job opportunity of the youngsters, the evolution of the technology and its added benefits cannot be foreseen. An alternative improvisation made in the education and relevant trainings obtained on pertaining to the technological advancement would surely address the unemployment.

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