Conversational AI | Everything you need to know

Dive into the world of Conversational AI and explore its potential to revolutionize customer interactions, streamline support, and drive business growth. Learn everything you need to know in this comprehensive guide.

Conversational AI | Everything you need to know
April 26, 2022

Conversational artificial intelligence (AI) refers to systems that consumers may converse with, such as chatbots or virtual agents. They utilise big data, machine learning, and natural language processing to mimic human interactions by detecting speech and text inputs and interpreting their meanings across various languages. Conversational Artificial Intelligence is an ever-growing field, with the increased use of chatbots in almost every field there are multiple streams of possibilities that are both being explored or untapped.

Everything you need to know about Conversational AI

Conversational AI refers to a group of technologies that enable human-like interactions between computers and humans through automated messaging and speech-enabled apps. Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems.

Conversational AI communicates like a human by recognizing speech and text, deciphering different languages, understanding intent, and tone, and responding in a way that mimics human conversation, it gives machines synthetic brainpower.

Table of Contents:

  • Components of Conversational AI
  • Application of Conversational AI
  • Benefits of Conversational AI

Components of Conversational AI

Natural language processing (NLP) is the method of analysing language with the help of Machine Learning to be used in Conversational AI. It is the ability of a computer program to understand human language as it is spoken and written and is a component of AI.

Machine Learning is also a component of Artificial Intelligence and consists of a set of algorithms, features, and datasets that constantly improve itself with experience. With the increase in the inputs given/experience the ML algorithm improves its predictions.

NLU stands for Natural Language Understanding, it is a part of NLP that helps to understand and comprehend the meaning of the text.

ASR stands for Automatic Speech Recognition; it comprehends spoken words and converts them to machine-readable text.

Dialog management orchestrates the responses and converts them into a human-understandable format using Natural Language Generation (NLG), which is the other part of NLP.

The image below shows the working of these components for conversational AI.

Source: https://www.interactions.com/conversational-ai/

Applications of Conversational AIThere are several applications of conversational AI, most of which we do come across in our daily lives.

  1. Online customer support: Chatbots are replacing human agents along the customer journey. They can answer frequently asked questions (FAQs) around all topics, changing customer engagement across websites and social media platforms. If you are thinking of building a chatbot for your business, no matter how big or small Conferbot is the right place for you to custom build your chatbot. It is a simple no-code chatbot builder, Increase your conversions, understand your customers & build engaging conversational experiences for them with just a few clicks.

  1. HR: Human resources department’s processes can be optimized and speeded up by using conversational AI, such as onboarding processes, employee training, and updating employee information.
  2. Internet of things (IoT) devices: Most of us now have at least one IoT device, from Alexa speakers to smartwatches to their cell phones. These devices use automated speech recognition to interact with their users
  3. Computer software: Repetitive and basic tasks can be simplified by conversational AI.There are several other applications of Conversational AI in many sectors including the health care sector.

Benefits of Conversational AIThe benefits of incorporating conversational AI into your business are:

  • Higher Customer Engagement

Providing real-time information to customers is a necessity as everyone has instant access to you through their mobile devices, and conversational AI tools can be accessed more readily than human workforces, hence customers can engage more quickly and frequently with brands. It also saves the customers time by not having to wait over a call to connect and communicate with a customer service representative.

  • Cost Efficiency

It helps you save the costs that you may incur while setting up or maintaining a customer service department and allows you to utilise your human resource in other valuable departments.

  • Scalability

Adding infrastructure to support conversational AI is cheaper and faster than the hiring and on-boarding process for new employees. This is especially helpful when products expand to new geographical markets or during unexpected short-term spikes in demand, such as during holiday seasons.

Final Thoughts

While most AI chatbots and apps currently have rudimentary problem-solving skills, over time they can improve cost efficiency on repetitive customer support interactions as they can replicate human conversational experiences, freeing up valuable human resources to focus on more involved ad important customer interactions.

If you are looking to incorporate conversational AI into your business/firm a small and smart first step would be to start with a chatbot and Conferbot can help you with just that. Why Conferbot? They use machine learning algorithms that improve with every conversation and sounds more natural and personalized than ever. You will never miss a query from your customers their bot adapts to any industry, specializes in the challenges you face. They are a one-stop solution.
Similar posts:
https://www.aitrends.com/bots/conversational-ai-making-headway-in-powerful-healthcare-chatbots/
https://www.interactions.com/conversational-ai/
https://www.ibm.com/cloud/learn/conversational-ai#toc-conversati-0zW26VEB


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