AI-powered smart machines have fascinated us for decades and the most iconic example of such a machine should be the duo of 3CPO and R2D2 from Star Wars.
No matter where you live or what profession you are in, chances are you must have heard about Artificial Intelligence (AI) and Data Analytics. AI-powered smart machines have fascinated us for decades and the most iconic example of such a machine should be the duo of 3CPO and R2D2 from Star Wars. In the modern digital era, AI machines have emerged from the fiction realms and entered different industries and day-to-day lives, and this is just the beginning. Artificial Intelligence and Data Analytics go hand-in-hand when it comes to digital automation of processes across diverse industries and use cases.
McKinsey Global Institute predicts that we already have tech that can automate nearly 30% of all tasks that make up for nearly 60% of workload for contemporary industries. One doesn’t have to be a CEO or a high-flying tech expert, as we are seeing AI-powered machines being used day to day in fields such as banking, finance, mining, healthcare and transportation etc.
The talking machines are here, and there have been predictions that people might talk to them more frequently than their own family members or spouse in the years to come.. Chatbots, apps, voice bots and messenger platforms of the day are some of the most visible conversational AI solutions. Let’s take a look at how the Conversational AI and Data Analytics tools are making positive changes to various industries:
Conversational AI and Education are inseparable today. According to Forbes, AI is likely to power about 47% of tools in digital education. The market will reach $6 billion by 2024. Conversational AI stimulates smooth communication and with help from natural language processing (NLP), it can deliver human-like responses to students. A key attribute of Conversational AI is its ability to undertake real-time data analytics. It generates signals based on customer interaction and by analysing those signals, the system can provide a customized and personalized learning / selling experience and even automate all administrative work. Through analytics, Chatbot-mediated learning can help assess individual learner characteristics and thereby improve student engagement. This is because it allows students to ask questions which they may otherwise feel hesitant about in front of the class and records the pace of learning. Conversational AI enables delivering of the right feedback to students and teachers and fills up the gaps in the process of teaching and learning.
This is an intensive segment as healthcare services are expected to be unfailingly accurate and fast. This is where the integration of Conversational AI is highly promising. It can be deployed to serve a number of needs such as analysis of diagnostic reports to detect illnesses, disease management through smart monitoring and analysis of inputs such as the patient’s vitals, movements, eating patterns etc. Similarly, these analytic tools are playing a major role in calculating the potential impact and outcome in areas such as drug management and even robotic surgeries. In the post-pandemic scenario, a number of healthcare chatbots and voice AI helplines have come into the picture to address commonly asked questions on COVID-19 and other lifestyle diseases’ management. Conversational AI can also transform digital experience, enabling people to obtain accurate information through intuitive tools. This paves the way for a more personalized and frictionless experience and enables healthcare call centers to answer consumer questions in a more efficient manner.
Retail and e-commerce
One of the most comprehensive and technologically complex usage of AI is in the field of retail and ecommerce. Smart AI analytics and conversational tools accompany a customer throughout the journey on most leading ecommerce portals. By tracking the search & past purchase history of the customer, the inbuilt AI analytics tool dynamically offers similar product suggestions. Through such an advanced integration Voice AI and Data Analytics significantly enhances the chances of a sale, cross-selling and up-selling. Thus, AI-powered carts and chatbots are turning out to be great revenue generators for retail and ecommerce firms.
Banking and Financial Sector
Banking and finance are other key areas where AI analytics is making a lot of impact. The industry is heavily reliant on customer care and customer service operations. Conversational AI is not only enhancing efficiency by helping automate routine customer queries and self-service options, but also augmenting sales and marketing operations. Smart chatbots handle seemingly complex tasks such as filling and analysing loan applications, credit card renewals, queries related to balance information or issuing a new chequebook etc. The data generated from the customer conversations and inputs is automatically analysed by the integrated data analytics algorithms. It not only helps in the identification of problem areas to improve the customer service, but also in generation of new products and services that meet the customer need in a better way. The automatic voice AI assistants carry out database searches and data entries within seconds and provide the right information and support instantly. This enhances customer satisfaction, speed of operations and overall cost-savings for the organization.
We are also seeing tremendous adoption of conversational AI and analytics in sectors such as real-estate, entertainment, food and transportation etc. With an eye on leaner operations and greater productivity as well as revenue generation, there is no doubt that Conversational AI automation will be the standard technology in the years to come!
Source: Business World