Technology is advancing at an exponential rate, meaning new ways to increase efficiency and decrease costs are popping up all the time. Amazingly, computer processing speed is doubling every 18 months—and that’s just one example of the many ways technology is thrusting forward at lightning speed.

There are obviously many ways businesses benefit from these technological improvements, but advancements in customer service software may be one of the most notable. Conversational AI software solutions are changing the way companies interact with their customers, making it easier than ever to address the needs of customers in real-time.

Conversational AI Platform Definition

What exactly is a conversational AI platform? This human-like technology is used to create automated messages and voice communication between humans and computers. Using tools like speech recognition and natural language processing, this type of AI can create statements and responses similar to human conversation. Conversational AI uses text, voice, or both to communicate with humans over SMS, web chat, phone calls, smart speakers, and more.

The process is complex and involves listening, understanding, creating responses, and giving the response to the human. Conversational AI also involves machine learning, meaning the technology improves its capacity over time. The best conversational AI is indistinguishable from human interaction.

Conversational AI Platform Examples

Perhaps the best examples of conversational AI are Alexa, Siri, and Google Assistant. These personas are well-known by many consumers who use them every day to turn on music, check the weather, or get answers to simple questions.

These conversational AI platforms are learning and improving every day, and many companies are implementing the same technology for customer service and a variety of other purposes. Conversational AI companies are popping up all the time, with niche services to help with everything from resolving customer complaints to automated workflows.

Conversational AI vs. Chatbots

Conversational AI

Now let’s compare conversational AI vs. chatbots. These terms are often used interchangeably, but they’re not quite the same thing. A chatbot is a type of interface that allows people to interact with a computer. The most common form of chatbot is the live chat application that many of today’s companies have on their website.

In contrast, conversational AI is really an umbrella term to describe many types of technology, and a chatbot is just one type. Other types of conversational AI include voice bots and voice and text assistants, but chatbots are exclusively a text-based form of conversational AI.

How Can Businesses Use Conversational AI?

Now that you better understand what conversational AI is, you may be anxious to see how your business might be able to implement the platform. Here are some of the most popular ways companies are putting conversational AI to use today.

1. Lead Generation

Many companies struggle to keep the leads rolling in, but conversational AI may be able to help with that. By doing all the work of communicating with potential leads and connecting them with the right sales team members, conversational AI platforms can make it easier and more affordable than ever for companies to have a continual flow of new leads.

2. Customer Retention

It’s far more expensive to bring in a new customer than it is to keep an old one, and luckily, conversational AI can help with customer retention, too. Imagine having a tool that checks in with former customers to see how they’re liking the product, and even resolves customer issues if there’s any problem. This can keep customers happy and increase loyalty across the board.

3. Customer Support

One of the most obvious benefits of conversational AI is the role it plays in customer support. Rather than having an agent handle one customer phone call at a time, a chatbot can respond and resolve several customer complaints at once. It also allows many businesses to offer 24-hour support across the globe.

4. Improving Products and Services

Many conversational AI companies provide important insights and reports that make it easier than ever to improve products and services. Some companies have even created bots made specifically for gathering customer feedback. With all of the data the platform can gather, companies can hone their product and increase customer satisfaction.

Is Conversational AI Right For Your Business?

The possibilities are endless when it comes to conversational AI platforms. It’s exciting to watch these technologies develop and make running a business more efficient and affordable. If you’re looking for more effective ways to serve your customers, improve your product, or gather customer insights, conversational AI may be right for you.