It’s incredible to see the nature and magnitude of transformations over the course of a decade. Automation and AI were still considered the staple of science fiction and were in their nascent stages. Today, AI and automation are at the centre stage of an incredible transformation that is shaping life, industry, and commerce.
As AI assumes increasing importance in the enterprise, many businesses are using conversational AI to maximize business efficiency. For many businesses, technologies like AI chatbots and voice-based assistants are game-changers. Conversational AI today is opening up new avenues for business intelligence and user interactions.
However, with opportunities come challenges. Based on insights from Forbes, let’s take at how the Conversational AI landscape is set to change in the near future.
Digital collaboration with virtual assistants and chatbots
AI is fuelling the use of various stand-alone conversation bots with different capabilities and tools. Presently, the dilemma is to use chatbot and conversational technology to ensure that the organization has operational and strategic consistency. Disparate chatbots in the course of a year shall collaborate with an intelligent layer to enable the aforementioned functionalities throughout the organization. Using back-end technology with deep integration and connectors shall enable chatbots to truly fulfil their potential. Their conversational and analytical capabilities shall lead to more customer experiences that delight. These developments shall also enhance the overall productivity of the organization.
The business intelligence market is growing rapidly and Gartner estimates that it was worth $22.8 billion in 2020.
Fuelling Innovation
Conversational AI is a boon for businesses who are navigating uncertain times and are coping with the unprecedented market disruptions. Especially in case of a remote-working environment, conversational AI solutions can play a critical role in fulfilling many need-gaps. Conversational AI can automate repetitive mundane tasks and help the human personnel focus on the more innovative and strategic aspects of their job. Such an approach can help foster a culture of innovation and strategic thinking. Business problems that were pushed under the rug before are addressed.
It can also enable organizations meet customer requirements of fast resolutions and efficient and quick omni-channel communications. According to Mordor Intelligence, the intelligent virtual assistant market (IVA) is expected to reach USD 6.27 billion in 2026 and is growing at a CAGR of 36.45 % for the forecast period from 2021-2026.
FAMGA rising
Giants like Facebook, Amazon, Microsoft, Google, and Apple are at the forefront of conversational AI developments. They have the ability to use existing functionalities and give it completely new dimensions with conversational AI. Many already have chatbots for their respective platforms or interactive voice assistants. The next logical step would be to have interoperability between conversational AI platforms. A true digital collaboration could lead to exciting possibilities for enterprise platforms. This could result in conversational AI addressing key issues like privacy concerns.
Another key barrier towards the adoption of conversational AI is cost. Developing a conversational AI platform from ground-up is incredibly challenging and expensive. This has created a significant gulf between employees that conversational AI throughout the enterprise and those that can’t. FAMGA could play a critical role in bringing a unified conversational AI platform that is accessible to most organizations. It would mean that organizations would have to invest fewer resources to get started with conversational AI and achieve desirable business outcomes.
Conclusion
We are approaching a conversational AI utopia or a golden age. Start-ups, government organizations, small and medium enterprises are now better equipped to leverage conversational AI to garner the business outcomes that they seek. Conversational AI is a must have tool for the internal and external transformation of organizations in the new normal.
