One of the most recent developments in the field of Artificial Intelligence’s technology is Chatbots. These are the latest tools designed to hit the high spots of human interaction with computers in the present market.
What are Chat Bots?
Chatbot is also known as Virtual Assistants that are software applications based on the technology of Artificial Intelligence. It can be used to simulate or contrive a communication or a conversation (or a chat) with the user in his or own natural language. The platforms of such interactions are often websites, mobile applications, and messaging applications or even through a telephonic call.
It can be perceived as a brilliant representation of the evolution of the applied science of Natural Language Processing (NLP) technology’s Question Answering System. One of the most fruitful and pragmatic applications of the NLP is formulating responses to queries and questions in natural language.
Let us see how Chatbots functions:
A Chat Bot goes through two different tasks that are performed in its core:
• User Request Analysis.
• Returning the Response.
User Request Analysis:
The first task that is performed by a Chatbot in its functioning is the analysis of the demand of the user, identify the objective or expectation of the user and extract the most relevant and identical entities that match the user’s proposition.
The extent of the ability of the Chatbot to identify the user’s intent and extricate relevant entities is the most important exercise that needs to be accomplished, and this is what ensures the effectiveness of the Chatbot.
Returning the Response:
A Chatbot after perceiving the user’s demand and arranging matching entities throws back the most suitable and satisfactory response. The answer that gets returned might be a comprehensive and predefined reply, a scrutinized response based on the details the user has fed into the system, the outcome of a backend application that was being executed by the chatbot, a comeback question to the user so that the proposition could be understood better, etc.
How are Chatbots influential for your business?
The AI-based Chatbots can turn up to be surprisingly helpful when it comes to your business because it can help in revolutionizing the way we interact with a enterprise- big or small. The role it can play in the marketing strategies by integrating them into their trade cannot be limited to just a few plus-points, and it absoultely depends on how they are being understood and employed as well.
Now a business form can never disagree with the fact that the customers can either surge their position in the market or crash land them into a state of absolute insolvency. A Chatbot can help in building your business by rationalizing and consolidating the customer service. Retention of old customers though may be inexpensive but is difficult to achieve. Now ‘retention’ may mean capitalizing on each customer or stakeholders of your business.
Chatbots make it a lot easier to improve a business’s customer service by letting them interact directly with the AI based representatives and they are more appealing to the millennials who are no doubt one of the largest customer bases for any company.
There are deep learning chatbots who access customer information by implementing the technology of personalization. With the process, the bot can even suggest to you various recommendations on the basis of the data that has been gathered from the apps, websites and locations you have been engaged with in a specific period. They can help in delivering the most accurate and ultra-precise commendations.