By now, you must have heard about the concept of AI chatbots. With the fast-paced rise of artificial intelligence, the AI-powered chatbot has become a topic with a lot of traction for people, including businesses.
In general, implementing an AI chatbot in your business can be beneficial in many aspects. From providing your customers with a more enhanced and personalized customer experience, to being able to focus more on value-added tasks, while the AI-powered chatbot can take care of your repetitive daily processes.
In this blog, you will learn everything you need to know about the concept of an AI chatbot. We will cover what an AI-powered chatbot is, how it has impacted industries so far, what the specific benefits are for different industries, and how you can get started with an AI chatbot.
Where are you waiting for? Let’s begin!
What is an AI Chatbot?
Before diving into the benefits of an AI Chatbot for various industries, let’s first quickly discuss what an AI Chatbot actually is. First, let’s have a look at the meaning of a chatbot. A chatbot is a developed software programme that is able to simulate automated conversations. Making it feel as if you are having a conversation with a real person.
Although chatbots have existed for years now, what makes an AI chatbot so different from a non-AI powered chatbot?
A non-intelligent chatbot follows a predetermined script when answering your questions, while a chatbot powered by AI makes use of applications from fields such as natural language understanding (NLU), natural language processing (NLP), and machine learning (ML). This makes it possible for the AI chatbot to continuously learn from their conversations, resulting in the AI chatbot being able to adapt to different scenarios, which will provide users with a personalized conversation as if it is your own personal virtual assistant.
What impact are AI Chatbots making in industries today?
Nowadays, AI Chatbots are seen everywhere and becoming an indispensable tool for businesses and changing their way of operating. Take for example, the application ChatGPT, created by OpenAI, which really became a game changer and showed many of us the power of AI.
The introduction of custom-made GPTs in ChatGPT, which can be found in the so-called ‘GPT Store’, made it easier to create custom-made AI Chatbots with the right expertise. From efficiently creating custom slideshows to booking your own vacation in ChatGPT, it is all possible with your custom AI Chatbot.
It is easy to observe that the demand on custom made AI Chatbots is growing significantly, where different industries would want their own specialized chatbots. This is also observed in day-to-day business of organizations, where there is an increasing demand for customized chatbots, which makes it easy to chat with your databases.
So how can AI chatbots be used in different industries? And what are their benefits? You will find these answers below!
Benefits of AI chatbots in Healthcare
The healthcare industry has always been on the ride for the newest technologies and tries to keep on innovating continuously.
The arrival of Artificial Intelligence has already had a significant impact on the industry. AI is being used for various areas, from increasing the safety and effectiveness during surgeries to answering patients’ questions more efficiently.
The latter can be done with the use of AI chatbots, so let’s see the potential of an AI chatbot and discuss which other benefits it has in healthcare.
24/7 availability for patients
The AI chatbot is designed to answer simple and non-urgent questions from patients. This reduces problems during rush hours and makes it possible for patients to get their questions answered at any point of time, even outside business hours.
In this way you reduce waiting time of patients standing in line or waiting for their email to be responded to, which is both beneficial for you and the patient.
Reduction in waiting time
Not only will a well-programmed AI chatbot be able to answer a patient’s question at any point of time, they are also capable of answering these questions faster, and sometimes even better, than a human assistant.
Moreover, an AI chatbot is able to recognize when a patient is in a critical situation and will redirect those to a doctor when in need of immediate help.
Appointment assistance
Are your phone lines constantly ringing with patients wanting to make or reschedule an appointment? Do you want to ease this process for both you and your patients?
Then an AI chatbot is the perfect tool for you to automate and fasten this process. Aside from scheduling appointments, the AI chatbot can also help the patient to prepare for their appointments by providing them with important information and sending them reminders.
More personalized service and care
One of the biggest concerns when integrating an AI chatbot in healthcare is that the care will not be personal anymore. However, due to the rapid evolution of AI chatbots, this is the contrary. Nowadays, well-trained AI chatbots are able to give personal advice based on the patient’s information and medical histories.
Moreover, the AI chatbot can remind patients of their prescription refill, to take their medication and which vaccination they need when they are going to travel. This personalized and rapid service will lead to an improvement of the overall satisfaction of the patient.
Benefits of AI chatbots in Customer Service
Nowadays you see it everywhere, companies integrating customer service chatbots powered by AI on their website, asking if they can help you with your online purchase.
According to a 2022 survey by BCG, 95% of the surveyed global customer service leaders already expected their customers to be served by an AI chatbot within the next three years at some point.
But what are actually the benefits behind these AI powered chatbots for your customer service? Let’s find out!
Improve motivation and productivity
Also in the customer service industry, AI chatbots can be programmed to answer simple and repetitive questions.
This makes it possible for your skilled employees to work on more value-added activities, increasing their motivation and improving the overall productivity.
Faster response time
We are currently living in a fast-paced world where everyone wants to have an immediate response to their questions and issues.
Implementing an AI powered chatbot on your website or your customer service center, can help you with customer inquiries and issues. With this, customers can finally say goodbye to those long waiting times on the phone.
Increase global reach
As customers can reach out for help 24/7 with the AI powered chatbot, it makes the purchasing process for people in different time zones easier and more enjoyable.
Due to the fact that the AI chatbot uses natural language processing, it can also provide immediate translation in multiple languages to your customers. Which improves their experiences and enhances your business to expand globally and reach non-english speaking regions.
Customized support and recommendations
With the increased opportunities of AI, customer service chatbots are able to remember customer inquiries, providing customers with a more personalized experience.
However, this is not the only opportunity for customization. If you integrate the AI chatbot with other systems such as your CRM database, you can also personalize the information you show to your customers. In this way, you can alter your recommendations based on what they’ve purchased before or recommending new customers popular items.
Benefits of AI chatbots in Banking
The wide implementation of Artificial Intelligence can also be seen in the banking industry. According to a global survey of the Economist, 80% of the surveyed banking executives believe that increasing your value with the help of AI will help to identify the winners from losers. So where are you waiting for? Let’s discover how a banking chatbot powered by AI can be beneficial for you.
Educate customers
For some customers it can be difficult to understand certain financial processes and/or products, as well as finding the information about it. Therefore, an AI banking chatbot is a beneficial tool for banks to provide your customers with the necessary information.
Moreover, the AI chatbot can provide the customer with personalized financial advice based on their financial information such as their purchase history and spending habits as well as providing a customized investment advice.
This can for example be done through incorporating the AI-powered chatbot inside of the banking app. In this way, sensitive information will still be secured and stay inside of the environment of the customer.
Enhance security and detect fraud
Well-trained AI chatbots are able to detect any suspicious questions, which could imply possible fraud. The AI-powered chatbot can be programmed in such a way that when it identifies unusable behavior it will immediately alert the user.
Also, the AI banking chatbot can help customers to check any kind of documents, from invoices to messages, to identify if there is fraud. This will help the customer to better secure their banking accounts.
Transaction management
With the AI banking chatbot, financial institutions can automate daily processes. It can simplify tasks such as checking balances, processing transactions and initiating funds.
This makes room for your customer service team to focus more on complex tasks and improving customer relationships.
Reduce banking costs while increasing operational efficiency
As AI-powered chatbots for banking can automate routine tasks, it leads to a win-win situation for both parties. Banking personnel can say goodbye to constantly answering phone calls and emails about basic customer inquiries, and customers can have access to 24/7 assistance.
This cuts down the support costs by reducing the need for employees to perform basic tasks, and focus on more value-added work.
Moreover, AI chatbots are able to process data faster and make fewer mistakes compared to humans, hence, increasing operational efficiency.
Think for example about taking customers their contact details during a phone call, where sometimes mistakes are made due to not hearing it correctly. By implementing an AI-powered chatbot, these kinds of mistakes can be prevented.
Benefits of AI chatbots in Education
The popularity of AI chatbots has been rapidly increasing among students and educators. With low entry tools being available, like ChatGPT, it becomes more and more tempting for students to use AI-powered chatbots for their assignments.
But despite that, instead of restricting the use of AI chatbots to students, it is better to embrace this fast-paced world of AI and to benefit from it.
With the right resources and implementation of an AI-powered chatbot in education, student’s success can be enhanced.
However, a well-trained AI chatbot is not only beneficial for students but also for teachers and other stakeholders in the educational sector, read more about it below.
Reducing the teachers’ workload
The shortage of teachers is a worldwide issue, and we don’t want to burn out the ones that we already have, right?
The AI-powered education chatbot can help educators with repetitive tasks such as assessments, keeping track of projects and assignments, and checking attendance.
Therefore, these AI chatbots can assist teachers in their routine tasks and take off a part of their workload.
Personal virtual tutor
Not only can an educational AI chatbot assist teachers, but also the students themselves.
This can consist of providing the student quicker access to information, so that they don’t have to read all of the information. But also identifying which topics a student struggles with and providing them with extra material.
Smoothen the introduction period
Starting at a new educational institution can be challenging and raise a lot of questions at the beginning.
A well-trained AI-powered chatbot can help by answering frequently asked questions of new students or their parents such as “ which courses can I take this semester”, “what scholarship options are there?” or “where can I find my schedule?”.
This virtual assistance will help to make the introduction period run smoothly as it has a 24/7 availability, it’s fast responding, and it’s available in multiple languages.
Collect data to improve education
Student’s feedback is essential to keep on improving the quality of education and enhance students’ learning process.
An educational AI chatbot can be used to collect students’ feedback and other data which can be analyzed, in order to contribute to the improvement of education.
Benefits of AI chatbots in Hospitality and Tourism
Slowly we are saying goodbye to the brick and mortar travel agencies and welcoming the online travel agencies. People from all over the world have started traveling again after the COVID-19 pandemic, and there is a significant increase in international customers wanting to do business with travel and tourism organizations.
But you might wonder, if hospitality is all about human interactions, how can AI chatbots be effective? Is that not contradicting? Well keep reading below to know the benefits of AI chatbots in the hospitality and tourism industry.
More efficient booking processes
Nowadays making an online booking is made as easy as possible for customers. However, sometimes the customer still remains with some questions and unclarity, resulting in leaving the website and not completing the booking process.
An AI chatbot can help customers in guiding them through the booking process as smoothly as possible, by answering their questions. Which will also contribute to achieving higher conversion rates.
Build stronger customer relationships
An AI chatbot in the hospitality and tourism industry can also help to build stronger customer relationships.
The well-programmed AI chatbot can create customer profiles, which makes it possible to offer the customer personalized recommendations before, during, and after their trip. You can think about notifying the customer about the best deals, informing them about the status of their trip, and creating a travel plan for their next travel destination.
Shorter queues during peak hours
In this fast-paced world, people immediately want their questions answered and their problems to be solved.
With the help of an AI-powered chatbot guests can check in or out by themselves, not needing to pass by the front-desk. This enhances the guests satisfaction by decreasing the long queues at the front desk during peak hours.
Timely responses to sudden changes
Imagine, it is the day before you go on your well-deserved vacation and something comes in between, resulting in you not being able to leave the next day.
The AI chatbot is able to help you go through the cancellation and/or refund processes with ease. It’s even capable of notifying you when your flight is being canceled or if there are changes in your hotel reservation.
Benefits of AI chatbots in Recruitment
AI has been impacting a lot of industries, including recruitment. With the use of an AI chatbot, the hiring process becomes easier and more efficient. Think for example of going faster through a large number of candidates, in order to make a better analysis of the top few candidates. It can even help with predicting the candidates success and if they would fit in with the work culture.
Faster applicant screening
Are you also tired of spending hours going through piles of resumes? With the use of a well-trained AI chatbot this will become history.
The AI chatbot for recruitment can quickly go through significant amounts of resumes, screening for the job requirements and asking crucial questions to the candidates which can not be found on the resume.
Moreover, the AI chatbot is objective and unbiased giving every candidate a fair chance.
Enhanced candidate sourcing
Not only can the AI chatbot for recruitment help with screening applicants, it is also beneficial in searching for (passive) candidates.
It can match candidates’ skills and experiences to the job description and incorporate previous hiring practices to better assess who might be suitable for this position.
Automate repetitive tasks
Besides the screening of potential candidates, the AI chatbot can help you, as a recruiter, to take over other repetitive tasks. For example, scheduling interviews with applicants or answering commonly asked questions. In this way you are able to spend more time on strategic tasks.
Optimized candidate experience
With the use of the AI recruitment chatbot you can improve the candidates’ experience. Compared to a real recruiter, the AI-powered chatbot can respond and provide the candidate quicker with information. This improves the communication with the applicant and therefore optimizes their experience.
Some candidates might even feel more comfortable chatting with an AI chatbot instead of a recruiter as it feels that they are less devoted.
All of this can result in both an increase in the number of applicants and the possibility of candidates accepting the job once it’s being offered to them.
Get started with an AI chatbot for your organization
This blog provided you with the benefits of an AI chatbot in various industries. Regardless of the industry, an AI chatbot is beneficial as it can provide your customers with 24/7 assistance with quick responses, a more personalized service. In addition, it can handle your repetitive tasks, which at the end results in cost savings.
Interested in implementing an AI chatbot in your business? But you have no idea where to start or you need some advice? Don’t worry, we at DataNorth can help you with this process!
We provide consultancy services from an inspirational demo to motivate your workforce about AI up to development and implementation of custom AI solutions.
Besides our live demos we offer comprehensive AI Training & Workshops. In these workshops we help your business explore all of the possibilities of AI and teach you on how to incorporate it within your business. We can help you answer all of your questions related to AI, ChatGPT, Machine Learning, and even Natural Language Processing.
So do you want to enhance your business with the power of AI, contact us here!
