SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

How Artificial Intelligence is redefining industry

The Artificial Intelligence industry is growing at an exponential rate and the artificial intelligence market is projected to grow in value to $191 billion by 2024 with a CAGR of 37%. Artificial industry has the capability for machines to make decisions based on logic, data, and information from the past is impacting several industries. From self-driving vehicles to chatbots, thus transforming the way business is done on a global scale. Read more at: https://www.business2community.com/business-intelligence/artificial-intelligence-is-redefining-these-5-major-industries-02232853

 

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MACHINE LEARNING OPTIMIZING CUSTOMER EXPERIENCE

Machine learning applies artificial intelligence to automatically learn and improve from experience without being explicitly programmed. Machine learning applications are generally applied to those areas which involve processing lots of a data; a field where humans aren’t well-equipped. Machine learning applies discovered insights in ways that can optimize the customer experience. Chatbots provide effective solutions by stimulating an interaction with a customer service representative or resolving simple inquiries. Machine learning helps chatbots learn when to give specific responses, from where to gather necessary information and most importantly when they should hand off a conversation to a human agent. Virtual assistants, with the help of machine learning focus on specific areas where they can provide assistance to the customers. In order to continually optimize, customer service needs measurable analytics. Machine learning can help add a predictive element to support analytics. Thus machine learning helps in delivering better customer experiences. Read more at: https://www.business2community.com/brandviews/zendesk/how-is-machine-learning-being-used-in-customer-service-02215814

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Convenience in using Chatbots for Customer Service

The ultimate goal of any customer-facing department is to provide an advanced, instant and trouble free customer support. This real time customer support wasn’t as possible as it is today. With the advent of innovative chatbots, businesses can now offer their clienteles a convenient and self service solution. They have not only cut down on the long periods of time when customers had to wait both physically and virtually to have their queries addressed but also have cut down on the necessity of speaking with humans for the same. The question that arises in this context is that whether buyers are really comfortable in interacting with chatbots. Yes, it is true that many people found it pretty strange to speak to a bot initially, but as more people learned about the benefits of the artificial tools, the more convenient it appeared to them to communicate with chatbots. Chatbots can collect data based on recent interactions and respond to a message or a solution that directly suits the needs and preferences of the customers. The combination of humans and chatbots have always been successful in providing a results driven and around-the-clock hassle free service thus enabling them to increase productivity and customer satisfaction.

Read more at: https://www.clickatell.com/articles/customer-relationship-management/consumers-chatbots-customer-support/

 

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Chatbots At Their Best

Chatbots and AI are being reshaped everyday for a better outcome. They are available 24/7 for specialized customer service. They are better at engaging with customers. They are intelligent and hence can provide support to customers. Chatbots provide many advantages with their highly-capable functionalities. Find out all of them at: 

https://www.smartdatacollective.com/ways-chatbots-changing-customer-service-cycle/

 

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Artificial Intelligence at your Service

In the current scenario, AI is a big game changer in customer service, interaction and transitions. It uses data to effectively target the right audience with right content for best consumer experience. It has made Customer Relationship Management smarter then ever. AI-enabled chatbots render an ideal customer success paradigm. AI uses knowledge-base for customer success team. It improves customer success automation. Read more at: 

https://www.smartdatacollective.com/how-ai-play-crucial-role-in-customer-success/

 

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Chatbots Are Here to Stay

Artificial Intelligence has come to a new dawn. The future truly relies on AI. From Eliza to Google Assistant, AI chatbots have come a long way now. But how are they helping to strengthen the marketing efforts. Find out at:

https://www.smartdatacollective.com/ai-chatbots-help-strengthen-marketing-efforts/

 

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How chatbots are helping in business

Business requires you to be as productive as possible so that the overhead costs are lower and profits are higher. But, not all business utilizes the tools they could be to make that really happen and one new tool that is gaining popularity, however, is not yet used by all businesses are the chatbots, a computer suite that interacts with humans over the internet. Their replication of human language and behavior provides several benefits that can be used in your business. They are: Saving time, saving money, providing greater customer satisfaction, increase customer base, cutting down errors etc. Read more at: 

https://www.business2community.com/business-innovation/6-benefits-of-using-chatbots-in-your-business-02060310

 

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Why chatbots are becoming important

Chatbots really have revolutionized the way small businesses handle customer support. Chatbots help to provide 24-hour support with zero costs. It is a fact that businesses use chatbots to communicate with a company than using an app. A research says that 37% of Americans also prefer to use chatbots in case of an emergency to get a quick answer to their questions. In the last few years, there have been great advancements in chatbots and AI technology.  This article explores the use of chatbots to generate leads, grow your email list, and boost sales. Read more at: 

https://www.business2community.com/strategy/how-to-use-chatbots-for-lead-generation-4-tips-02051972

 

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New Digital Marketing Trends

Digital marketing has become a possibility and now they are being measured in terms of magnitude. There is a constant change in the digital marketing trends. Mobile phones have become a key part of our daily lives, so businesses have to take care of the mobile element of their business. Chatbots are also taking place in the world of technology. A new emerging trend is of Everything Videos. These are videos which contain description of everything that the customer would want to know. Companies take to social media platforms to engage in one to one chat with customers. Marketing is also done via influencers who have considerable level of influence over people. Read more at: https://www.entrepreneur.com/article/305549

 

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Chatbots Inability

Major reasons why chatbots fail is their inability to understand the context if someone is being sarcastic. They fail to decipher if customers try to mix two languages or more. More than aiming for convenience, it ends up harming the user experience. Trying to make the bot answer every query rather than on a particular area makes it dysfunctional. In many cases, bots may fail to have human intervene into a problem or escalate the issue that it is not able to answer. It is more about how the chatbot is deployed. Disconnect occurs when businesses put chatbots without thinking through the customer or internal user journey. Nonetheless, chatbots would still make sense for functional activities for e.g. looking for nearby restaurants, flights between two cities, weather etc., instead of evolved transactions like choosing products and adding to cart that’s more suited to a browser experience. The technology is here to stay but it is not mature currently. In next three-five years, there will be a  lot of industry segments replaced by chatbots. Read more at https://www.entrepreneur.com/article/297633

 

 

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Banks acquiring customers through data analytics

With the stress towards financial inclusion by the Indian Government and adoption of online banking and digital payments, a greater need to manage huge data arises which increase revenue and bank’s customers’. Data analytics can manage greater systematic risks. Also, effective engagement with customers is possible with technologies like chatbots. Innovations would attract new customers in a dynamic and competitive environment. Profiling as well as looking at the life cycle of each customer would create opportunities for more avenues of revenue and thereby minimizing risk of defaults. Getting a market overview by means of data analytics would help banks in deciding on their business strategies. Read more at: http://analyticsindiamag.com/data-analytics-expedite-financial-inclusion/

 

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 Two Aspects of AI: Consumer Intelligence and Enterprise Intelligence

Consumer Intelligence is largely focused on improving customer behaviour and enhancing consumer products which are tailor made to match consumer expectations. AI helps industries to introduce new product features by finding patterns in huge datasets. There are two types of categories in consumer AI : front end bots and AI assisted human agents. Chatbots take care of customer text queries. AI in enterprises has been useful in Enterprise Resource Planning. Enterprises are conducting predictive analytics in developing AI applications. Enterprise AI can be of two types- Applied AI and Artificial General Intelligence. Though comparing these two enterprise AI is complex and requires much more expertise  than consumer artificial intelligence. Read more at: http://analyticsindiamag.com/enterprise-ai-vs-consumer-ai-understanding-two-differ/

 

 

 

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