The world is becoming digital day by day, the use of conversationalAI is increasing to ease communication between humans and computers. But what is Conversational AI? It is a set of technologies such as chatbots and virtual agents for automated messaging as well as speech-enabled applications. It can communicate like humans by identifying text and speech, decoding different languages, and replying in a way that imitates human conversation.
Main Components of Conversational AI
It comprises five main components that work together to allow computers to understand as well as respond to human conversation:
Natural Language Processing (NLP): It is the capability of a computer to comprehend human language and respond the way humans want. It involves comprehending the meaning of different words, sentence structure, and idiomatic expressions.
Machine Learning: A part of AI, it consists of a set of algorithms and features that constantly improves with experience. With the growth in inputs, the Machine Learning platform gets better at recognizing patterns.
Speech Recognition: It is the capability of a computer to comprehend human speech. It involves the identification of different sounds in a sentence.
Text Analysis:A process of extorting information from the entire text data, it identifies parts of sentences, like the subject, verb, nouns, and adjectives.
Computer Vision: It is all about the ability of a computer to understand digital images. It incorporates recognition of different objects in the image, along with their location and orientation.
How Conversational AI Offers Business Benefits
No doubt, Conversational AI is a tremendously lucrative technology for businesses. Human-like conversations can solve several tasks and problems. Here are some of its prominent benefits:
Easy Accessibility: Companies can be accessible by dropping entry barriers, especially for the users who depend on assistive technologies. Hence, the usual features of conversational AI include language translation and text-to-speech dictation.
Cost-efficient: Hiring staff for customer service can be costly, particularly if you wish to seek answers outside regular office hours. Hence, providing customer assistance through conversational AI can decrease business costs. They respond right away, thereby offering 24-hour availability.
Scalability: It is scalable in the sense that the addition of infrastructure to support AI is cheap and quicker than hiring new employees. Besides, it is useful when products spread out to new geographical markets or during unanticipated short-term spikes in demand.
Enhanced Sales and Client Engagement: Businesses need to prepare themselves to provide genuine information to consumers. It is now possible with the help of Conversational AI. Since it is accessible as compared to human workforces, customer engagement has also become quick. This, in turn, helps in improving the overall customer experience, which gets reflected in additional revenue from referrals.