Chatbot – the ultimate cost saver

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Artificial technology in all its forms has been changing the different commercial sectors- for better or for worse. Its implementation has been seen throughout different industries, affecting the way of doing business as well as the way in which they communicate with customers. The perfect example of this technology is the chatbot– a type of artificial intelligence that by the use of algorithms manages to respond to the different types of questions that clients have. Through the use of advanced software this tool simulates a real conversation with a human being; while simultaneously improving efficiency and reducing operational costs.This type of artificial technology is currently being used on- websites, applications, and any kind of business or tool that needs to respond to those who require it. A chatbot configuration is divided into two types:

1: Stateless: The simplest form which is able to respond as a normal person.

2: Stateful: The most complex which is able to rely on previous conversations in order to reformulate different types of responses.

The Healthcare Industry

Image result for chatbot healthcare avaamo

The healthcare industry is a rapidly incorporating the use of chatbots into its operations. In general, an average patient spends approximately 30 minutes by trying to get customer support from a local hospital. Here, chatbots can assist by- providing better organisation of patient pathways, handling medication management, helping in emergency situations, and offering solutions for simpler medical issues. kind of software. By using chatbots in the healthcare sector, long waiting times can be significantly reduced, and this will make both patients and hospital staff save time. Besides, hospitals can achieve major cost savings with the help of this kind of software.

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Avaamo is a software company that specializes in conversational interfaces, and offers AI chatbots aimed toward the healthcare industry. By employing Avaamo’s chatbots in this industry, on average over four minutes per inquiry and patient could be saved. This means the average cost savings are in the range of $0.50-$0.70 per interaction and patient.

The 3D Printing Industry

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Another example of the growing success of the chatbot is in the 3D Printing Industry. Virtual assistants lead to faster response times and first call resolution, 24x7x365.

Autodesk, a worldwide innovator in 3D computer-aided design, has a client service chatbot known as AVA. This chatbot is able to respond to queries around the clock. Any time of day, any day of the year, a customer can get help with routine Tier 1 queries such as: location changes, login issues, installment issues, and other frequently asked questions.

The Watson Conversation platform enabled Autodesk to build this virtual agent that delivers significant profitability gains, including:

  • A 99% improvement in response times: Cutting resolution from 38 hours to 5.4 minutes for most Tier 1 inquiries
  • A drop in per-query cost from $15-$200 (human agents) to $1 (virtual agents)
  • A virtual agent that answers and resolves an average of 30,000+ customer support queries per month
  • A virtual agent that recognizes 40+ distinct use cases to quickly resolve basic requests

Voice Assistant Industry:

Image result for alexa amazon chat

Another case showing the success of chatbots can be found in the voice assistant industry. As a market leader in this area, Amazon´s Alexa has proven to be one of the most financially successful chatbots in the company’s portfolio. It is a virtual assistant that is capable of voice interaction, music playback, making to-do lists, setting alarms, streaming podcasts and others. It has 30K + skills, which allows to complete certain voice tasks. Comparing chatbots´ skills with this one is difficult but we can say that with the big development community that Alexa has is more skilled than any other chatbot. With this tool, Amazon increased the revenues in 1,200% (from $197 million to $2.5 billion) in 2017.

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As society moves toward the incorporation of artificial intelligence, more and more industries have adopted this technology into their daily operations. Currently, the use of these chatbots accounts for $20 million in business cost savings worldwide; with the number only expected to rise. Research suggest that within the next five years, between 75 to 90% of search queries will be managed by chatbots. It is evident that these bots have had significant impact on the: health, 3D printing and in the voice assistant industry – with many others following. This AI software has a significant impact on company’s operations and efficiency, and most importantly savings. While companies may have different opinions on chatbots, the majority agree on its ability to save money. We hope that this blog post has given you some insight on how different industries use chatbots to save money- and whether this technology is a good option for your business.

Infographic About Chatbot

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