Opening The Door To Opportunities

To say the pandemic changed the world, is to put it mildly. Overnight, individuals, communities and businesses were forced to adapt to a new normal for virtually every aspect of existence. The way we live has changed dramatically, and with it, the way we work. Finding ways to reimagine a business-as-usual environment that minimises disruptions for the organisation requires a fine balance.

A crisis opens the door to opportunities. With the focus on kickstarting economies, the use of technology can be a vital aid in clearing the cobwebs of the last few months and starting afresh.

With artificial intelligence (AI) and machine learning (ML) being the buzzwords of new-age technology, I believe there is merit in discussing the impact that conversational AI can have on business processes.

To keep the business wheels churning: The acceptance of AI across domains is increasing at a rapid pace and conversational AI has emerged as a powerful tool for brands in this regard, enabling them to keep their customer care running during the pandemic. This is vital for maintaining business continuity. AI-powered virtual assistants offer a number of benefits, such as reduced dependency on human agents, increased operational efficiencies, improved customer experience, all of which are particularly valuable to businesses during a time of crisis.

Better customer experience through automation: At a time when anxious customers need instant access to support and swift query resolution more than ever before, poor customer experience does not bode well for any business. An AI assistant is available 24x7 to cater to support requests, seamlessly resolving routine queries end-to-end, with no need for human intervention.

Reducing operational costs: An organisation’s ability to be frugal during a crisis is a crucial part of ensuring business continuity. An AI assistant is capable of automating 80 per cent of an organisation’s customer care, which loosely translates to an 80 per cent savings on support costs. Moreover, it enables brands to scale up support without the need to incur substantial hiring, training and retention costs. These solutions also improve the productivity of human customer care teams.

Platform agnostic: The technology can be implemented over multiple channels and platforms that are now critical for consumers to interact with businesses.

Conversational commerce: Changing consumer behaviour is seeking ‘contactless’ shopping. This is one of the reasons why we have seen the rise of the likes of WhatsApp Commerce. We will see a tectonic shift in the way businesses reach out to customers. The use of cutting edge technology is meant to build a robust and resilient economy while maintaining business continuity. Companies are trying to come to terms with the impact that Covid-19 has on their business. Although the risks are considerable, the crisis also reveals areas where companies can build resilience and reshape themselves for a post-crisis world. Technology is the focal point in this shift towards a new normal.