Picking up from where we left off with part one of this blog series – “Conversational AI – What Is It & Where Are We At Today?”, here are the most important benefits, challenges and limitations and our thoughts on the future of Conversational AI.
Important benefits of Conversational AI
These are the most important benefits that Conversational AI offers businesses:
- Automated 24/7 support, which can be taken over by an employee at any time if required
- Communication and accessibility on the channels preferred by your customers
- Increased interaction and opening rates
- Automated lead generation
- Efficient use of resources as employees are relieved and productivity increases
- Innovative competitive advantage
Challenges and limitations
Honoring all euphoria – a discussion on Conversational AI cannot overlook its current limitations and challenges. There are a few of them, apart from the often exaggerated hopes that are generally put in artificial intelligence.
This begins with speech recognition (or Natural Language Understanding), where there are still numerous challenges to overcome, which range from problems with dialects, group settings, background noises to poor context recognition.
However, we see the greatest need for action and optimization in the second dimension, knowledge processing, and modeling. Everyday work in companies shows that internal knowledge is usually not sufficiently structured. There is often a lack of awareness that this is a prerequisite for developing effective voice assistants and chatbots.
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Promising future – Where is the journey for Conversational AI going?
What is the future of AI-based, automated dialogue systems? While no one can predict it, of course, here are our thoughts on what developments the next months and years will bring for this young technological sector.
While text-based chatbots still dominate today, a clear trend towards the use of voice assistants will establish over the next few years. An estimate by Juniper Research indicates that by 2023, more than 8 billion voice assistants will be in use. It should be noted that even today more than 1 billion voice assistants can be attributed to Google’s Android devices.
In the coming months, companies’ interest in adopting conversational AI solutions will continue to grow. So will the awareness that structuring your own knowledge base is a prerequisite for developing a company-specific bot.
Conversational AI and voice search become mandatory for companies
Another important aspect that we will have to deal with in the future is monetizing voice-based search, known as “voice search”. All eyes are on Google, waiting for them to announce where and when paid voice ads will be available. Other important players in the field of smart homes, such as Samsung, might present exciting alternative approaches here. In fact, completely new business models around chatbots and voice assistants will emerge, which we can hardly even think of today.
It is also clear that companies can no longer escape the trend of Conversational AI. 66% of consumers would like to interact with businesses via Messenger and voice search will further promote this preference. What users nowadays want is speed – they want to have access to all kind of information right away and no one is willing to wait for minutes or even longer anymore. Thus, the pressure on companies to provide chat and voice-based solutions increases.
Due to the technological and economic development, possible applications have become almost limitless. From the intelligent banking bot, which advises clients in finding appropriate financial investments, to the HR bot, which answers job seekers’ questions – we will see all of these and many other use cases soon.
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