Impact of Chatbots on Human Driven sectors of business

Chatbots are Machine Learning and Deep Learning powered programs that can conduct meaningful conversations. Most of them use technical attributes like Natural Language Processing and Context Analysis to converse with a human or another chatbot. The bot is programmed to self-learn as it is introduced to supplementary dialogues and words. In consequence, as a chatbot receives new voice or textual dialogues, the number of inquiries that it can reply and the accuracy of each response it gives increases. A Chabot can converse with the user through self-embedded messaging platforms like Facebook Messenger or through various flagship Assistants such as Google Assistant, Siri or Amazon Alexa.




Nowadays, chatbots are being deployed in fields where their use clearly seemed to be obvious. Firms engaging in Financial Planning, Investment Management and Expense Tracking could reap a wide array of benefits when they make use of this technology. They can have a lasting impact on human-driven sectors such as customer support and inquiry management.
Businesses spend $1.3 trillion on 265 billion customer service calls each year. Chatbots can help businesses save on customer service costs by speeding up response times, freeing up agents for more challenging work, and answering up to 80% of routine questions.

Autodesk, a giant global 3D design software manufacturer, has deployed a chatbot called AVA which routinely answers generic queries like login and payment issues, generates responses for FAQs and handles password changes.

Watson, a natural conversation platform developed by IBM allowed Autodesk to develop this conversational agent. Overall productivity of the customer care division increased as a result:

A 99% improvement in response times: Cutting resolution from 38 hours to 5.4 minutes for most Tier 1 inquiries

A virtual agent that answers and resolves an average of 30,000+ customer support queries per month
A virtual agent that recognises 40+ distinct use cases to quickly resolve simple requests

Chatbots are not bounded by time constraints such as work hours and holidays. They are created to run 24/7. Their Immunity to time enables them to serve users located in different time zones.

Google reported to its developers that it's Google Assistant user base had expanded to well over a Billion users in March 2019. This allows business to surface their support and inquiry systems on a platform that is highly accessible and reliable. Usage of chatbots translates into lower labour costs. A company is essentially freeing up a percentage of their revenue that is used to finance these human-driven sectors.

Businesses can now integrate chatbots into their workflow with limited expertise in the field. Platforms like IBM Watson and Dialogflow by Google
can help businesses to deploy conversational agents on platforms like Facebook Messenger, Google Assistant, Twilio, Slack and Twitter. All of this can be accomplished without writing a single line of code.

However, it's not all sunshine and daisies for chatbots. They do come with their own set of problems:

Most chatbots are programmed to converse in English and appeal to an English First market.
Because many chatbots work from a limited base of pre-programmed responses, they can’t improvise. In other words, if they get confused, the conversation could run in a circle. That can lead to customers who become frustrated.
They aren't human enough for customers to establish a certain degree of trust. Someway or the other, the end customer would dispute the ability of the chatbot to get the Job done

This Leads to an inevitable Dilemma, where Business would be more inclined to use chatbots in the future due to their revenue saving attributes but at the cost of customers having an unsatisfied conversation to resolve their issues, this may lead to a situation where dilution of the customer's interest in the product or service.