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AI-Powered Chatbots – What they Can impact Per sector and function?

Chatbots are booming in every business known to man. In the post COVID era, nearly 75% percent of businesses are looking to invest or deploy in AI-chatbots in the coming years. The exciting part is that Chatbots comes with different skills and accomplish a different purpose in each sector.

Chatbot – what does it means and why important?

A chatbot is an artificial intelligence (AI) application that can simulate a conversation (chat) with a user in simple language via websites, messenger like whatsup, skype, mobile applications & through the voice (telephone).

A chatbot is often defined as one of the most intelligent and talented expressions of interaction between humans and machines. On the technological point of view, a chatbot only signifies the natural evolution of ‘Question and Answering’ system using Natural Language Processing (NLP)

Here are some Chatbot – real world use cases for various sectors:

RETAIL Sector:

Retail sector can acquire great value from AI-powered chatbots. They can use  chatbots to interacts with their consumers and offer them advice on what to purchase, help with customer support. and they can offer a more personalized retail experience. These retail chatbots eliminate customer wait time and drive higher business ratings, responding 24/7; 365 days. Also, with the help of machine learning powered chatbots, they can learn from the previous customer conversations and behavioral patterns.

INSURANCE SECTOR:

AI powered chatbots can bring efficient – faster, automated claim management and underwriting tasks, that require more human hours. Further the insurance chatbots are taking the role of insurance agents, analyst, advisor, and other roles that can eliminate humans to do far more forward-thinking tasks.

BANKING AND FINANCIAL SECTOR:

With the help of AI-powered chatbots, banks can streamline their operations, offer rich customer support, deliver financial advice, prevent fraud and cross-sell other banking products. Customers can be served 24/7, 365 days. In addition, banking chatbots also encourage customer self-service like accessing their account, which is cheaper to the human based intervention.

HEALTHCARE SECTOR:

AI powered healthcare chatbots can deliver tailored experiences to your patients for diagnosing their illnesses, scheduling doctor appointments, informing Patient caregiver about disease symptoms & knowledge, monitoring the health status, update the care assistant from time-to-time and more. Patients get a faster response to their health/disease related questions and can get help with insurance claims.

MANUFACTURING SECTOR:

AI powered manufacturing chatbots offer a reliable knowledge source for their employees to get accurate information regarding various operational processes and production parameters quickly. They streamline many labor-intensive and routine, tedious tasks. In addition, they can help manufacturing business owners to get better insights regarding their products, processes, and customers. On the supply chain side, these bots can offer Improved inventory, shipping, optimize labor and resources. 

HOSPITALITY SECTOR:

AI powered hospitality chatbots could offer guests with quick & fast 24/7 assistance, personalized offers and real-time recommendations, all of which would ultimately increase guest loyalty. Attending customer questions and navigating them through the route is a vital task that consumes a great deal of time and resources in hospitality sector, chatbots can take over this profile with zero need for human resources.

LEGAL SECTOR:

Legal sector deals with loads of documents every day with multiple document structures, analyzing these documents is a high time-consuming process for lawyers. AI powered legal chatbots can analyze complex legal contracts quickly and more proficient than human resources.

Finally, chatbots have different degree of adoption among different sectors. They’re here to stay and will evolve going forward. The next generation industries demand great things for AI based virtual assistants (chatbots). This is the right time to Implement them, this will give ample time to test their capabilities and integrate them properly into your business strategies to win over competition.

Author:

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Manickavel Muthusamy                                                      

Entrepreneur, Co-Founder & CEO

Expert Solution Technologies Canada Inc.

Toronto, Canada

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Bio -Manickavel Muthusamy is the CEO & Co-Founder of Expert Solution Technologies Canada Inc.  

An Entrepreneur with in-depth understanding of Sales & Marketing of IT Services, Outsourcing and Global Delivery, worked with leading MNCs in multiple geographies including India, Canada and USA in his career spanning over 22 years. Currently owning a software firm in Canada helping Small & Medium Size business with a wide range of accounting technology solutions & services.

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