It’s hard to overstate the impact Artificial Intelligence, and Machine Learning have had on us. We’re living in unprecedented times with breakthrough innovations happening at such frequency that we fail to realize the weight of these creations. In this article, we share interesting statistics on AI-powered self service
1. Only 33% of consumers think they’re already using AI platforms
2. Employees spend 16% of their time in internal communication and collaboration while more than 19% spend it on researching and gathering information
3. 2.5 billion hours are expected to be saved by using chatbots by 2023
These savings are derived from reduced time spent on customer service inquiries. Chat dramatically reduces response and interaction times.
4. The banking, retail, and healthcare industries stand to save more than $11 billion a year if they employ chatbots in customer service
Huge burdens on budgets, and staffing demand that industries adapt through the new breed of digital experiences powered by AI.
Source: Insider Intelligence
5. By 2024, 80% of technology products and services will be built by those who are not technology professionals
As technology platforms mature, better tooling comes to a broader ‘less technical’ audience.
6. Chatbots handle 68.9% of chats from start to finish
As conversational technologies get more advanced each year, they can handle more complex interactions.
7. 33% of consumers would like to use chatbots for reservations
At least a third of customers booking hotels and restaurants would prefer an automated conversation vs speaking with a staff member.
8. 55% of businesses that use chatbots generate more high-quality leads
The availability, and speed of using conversational tech to advance a prospect to a customer is a trend that will likely increase.
Source: Startup Bonsai
9. 34% of online retail store customers accept AI chatbots, more so than in any other industry
Other industries like banking are at 20%, but expect those percentages to increase year over year.
10. 46% of consumers think chatbots are being used to stop them from reaching a live agent
It’s true contact centers are ‘cost centers’, and companies are always looking for savings. A great experience provides easy options to self serve while allowing human interactions when needed.
So what areas of AI or Machine Learning are allowing these breakthroughs?
User’s can freely speak through a microphone with near real-time transcription.
Human-level transcription is about 95%, or a single word error for every 20 words.
State of the art AI powered transcription is at that level in a lab environment, and above 80% in many production systems.
Natural Language Processing and Understanding. The understanding of a user’s natural language.
The task of tokenizing language into a set of vectors.
Transformer technology released in 2017 advanced the capabilities greatly.
Text-to-Speech has matured using deep neural networks to create human-like simulations.
The ability to sense the tone of the user. Through their use of phrases, sarcasm, and keywords…the technology has the ability to improve the experience by escalating frustrated users to a human agent.
Also great tools for analysis to improve future interactions.
Natural Language Generation, the summarizing or completing of text.
Useful for simplifying complicated numeric data into a text summary, or generating dynamic response based on user input.
Many self-service tasks are question answering.
Leveraging content from your website and other sources of knowledge…you can provide answers to users instead of hearing ‘I don’t understand’, or ‘I don’t know that one’.
The 2020s will be the decade when these technologies work in concert to provide amazing customer service that users will prefer. Here are some of the most popular use cases:
- Question answering
- Account status
- Order status
- Billing and Payments
- Document requests
- Step-by-step instructions
- Lead Capture
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