In the next 4 years, thanks to the use of Chatbots, companies will go from saving $20 million to $8 billion
Artificial Intelligence, more specifically Cognitive Intelligence, makes Chatbots capable of replacing many routine tasks, until now performed manually. This currently saves a lot of costs for companies in different sectors.
According to a study by Juniper Research, by the year 2022 companies are expected to save more than $8 billion in business costs compared to $20 million saved in 2017 due to the implementation of Chatbots.
“Business savings due to the use of Chatbots will increase by 40.000% over the next 5 years.”
Through its research, the company affirms that the sectors with the greatest impact and most prepared for its implementation are banking and finance. Today, many companies in these sectors already use this technology for basic operations, such as assisting internal users with technical queries, answering common questions or updating customer information. Other sectors that are strongly promoting this technology are the insurance sector, tourism, health and e-commerce, among others.
85% of customer services will be operated by Chatbots by 2020
The fast evolution of machine learning techniques and artificial intelligence used in the development of bots, are achieving that today these tools are able to recognize and understand different tones of voice, linguistic nuances and even understand sarcasm and irony in conversations with consumers (both written and spoken). In addition, they learn autonomously in each conversation with clients. This solves one of the main concerns that brands had about this technology.
Today a quarter of companies already use conversational Chatbots to communicate with consumers as revealed by a recent study by Ovum (12% of Spanish companies according to the consulting firm IDC). The study also indicates that significant improvements can be noted in customer services and their impact on the companies’ revenues.
Quite far from that 25% current implementation of Chatbots, Gartner experts forecast that by 2020 more than 85% of customer support services will be operated by Chatbots.
As for the impact on companies’ investment in this technology, Gartner says that by 2020 more than 50% of companies will spend more budget per year on creating Chatbots than on traditional mobile apps.
Chatbots will become the main source of consumer information in 2020
Companies have shown great interest in recent years to implement Chatbots to their customer services, complaint portals and other managements. Because in addition to saving millions of costs per year, they have many other advantages for companies, such as the speed of response or the collection of customer data.
According to Wunderman, Chatbots will be the main source of user and consumer information for businesses in 2020.
“Thanks to their ability to learn and process information in volumes and times that a human could never reach, Chatbots allow brands to know the concerns, consumption habits, needs and behavior of customers / users / fans,” says Andrés Narváez, president of Wunderman Spain.
If you know your customer, you can give them a personalized service, know how to treat them, what to offer them or how to make them loyal.
In addition, the complaints, suggestions, comments and ratings of users are a great source of ideas and possible improvements for a company. Bots collect, analyze and classify all this information so that companies can use it usefully and effectively.
“At the same time that we help our clients, we can learn from them thanks to Chatbots” says Narváez.
As we have seen throughout the post, it is clear that offering so many advantages and saving so many costs to companies, Chatbots are going to become an essential technology for companies in the coming years.
And how can decide help you? Our team specializes in the creation, implementation and optimization of Chatbots, totally customized for your company and your customers.
Thanks to our deep knowledge of artificial intelligence, data analysis, machine learning and cognitive processing, and our extensive experience in the sector, the result is almost a work of technological art.