As the development of AI and machine learning technology continues to shape the world we live in and change society on numerous levels, we thought now would be a good time as any to discuss how it is affecting the world of business communications.
With a recent report predicting the market will grow from $1.38 billion in 2016 to $59.75 billion in 2025, we know that AI is going to have a huge impact on the businesses of tomorrow – but what exactly does this mean for the businesses of today?
What is AI?
Artificial Intelligence is the name given to a group of advanced, progressive technologies that are built with the intention of replicating human abilities such as learning, seeing, hearing and reasoning and using them to help boost efficiency, minimise cost and enable humans to achieve the best of their potential.
Though it is set to have a big impact on the world’s future, what many people don’t realise is that AI already has a huge presence in the world today with consumer apps such as Apple’s Siri and Microsoft’s Cortana being used on a daily basis to improve communications, manage time and help simplify the lives of their users.
However, though already fairly well established in the consumer sphere, with a Forbes report citing as much as 54.6 percent of consumers say they use AI on a regular basis, we are now seeing more evidence of how AI is crossing over into the world of business and creating new and innovative ways for companies to cash in on this rising trend and the benefits it offers.
What can AI do?
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Machine Learning uses artificial neural networks to replicate mechanics of human brain.[/caption]
One of the major developments in AI that is set to have a huge impact on the communications sector (specifically in contact centres and customer service) is chatbot technology. Unless you have been living under a rock for the last 12 months, you will no doubt of heard the term “chatbot” mentioned once or twice, and with a market set to grow at a CAGR of 37.11% during the period 2017-2021 you’ll no doubt be hearing a lot more about them over the next few years.
As an endpoint solution that will engage with customers through an IM interface, chatbots use layers of machine learning and deep learning to provide humanlike responses to questions and can be used to resolve problems autonomously or use their intelligence to route calls through to relevant agents.
As well as saving a great deal of company time by resolving simple problems independently and efficiently directing call traffic through to specific agents when necessary, chatbots are also enable businesses to profit from the vast number of millennials who now prefer to connect with businesses through messaging rather than phone calls.
In an age dominated by smartphones and cloud mobile apps such as WhatsApp and Facebook Messenger, sources have claimed that 75% of millennials would forego the call function on their device as long as they were still able to text, yet only 30% of them are being marketed by businesses through this channel.