‘50% of all customer contacts with be conversational AI in 5 years’ Source Deloitte
Businesses are looking to conversational AI to improve customer service, but barriers to entry and legacy systems makes this a challenge. Enterprise software providers (think big SaaS providers) are all introducing Conversational AI, but with big price tags and will not interoperate with other systems. So, for this blog, I thought it would be interesting to share more details on the conversational AI landscape and the opportunity for businesses.
What is Generative AI?
‘90% companies reported faster complaint resolution and 80% increased call volume using conversational AI.’ Source MIT
Generative AI is an Umbrella term using AI techniques that can learn from existing artifacts, to generate new artifacts on demand e.g., can produce text, images, program code, poetry, blog posts etc. There are three fundamental building blocks for generative AI, foundation models, Large Language Models, and the Data. Conversational AI is the exposing of Generative AI in a conversational communication channel such as chat, messaging, or voice.
The hyperscalers (Google, Amazon.) are investing heavy to own LLMs & Foundation Models with billions of dollars in investment. According to Gartner, Google, Microsoft (and OpenAI partnership), IBM and Amazon are the leaders here.
What Verticals are most impacted by Conversational AI?
‘Up to 70% cost reduction for customer interactions deflected into Conversational AI enabled channels’ Source Deloitte.
There are two excellent studies here on the functions that are most impacted by Conversational AI. Accenture looked at the percentage impact on Industry Worktime because of generative and conversational AI. Whereas McKinsey and Company study looked at the total impact on industry vertical in monetary terms. We have summarised the findings of these reports in this table where we show side by side the impact on the different verticals.
Software & Platforms
Travel, Transport & Logistics
Admin Professional Services
Which job functions are most impacted by Conversational AI?
‘In 5 out of 22 occupation groups, Generative AI can affect more than half of all hours worked’ Source Accenture Gen AI LLM
The Accenture study also looked at the job functions are most impacted by generative AI, and found that Support, Sales & marketing, and business & financial Operations.
Table: Job functions impacted by AI
Source: Accenture Gen AI LLM - A new era of generative AI for everyone
Can I use ChatGPT for my business?
In November 2022, OpenAI.com introduced a model called ChatGPT which can answer queries in a conversational way, allowing the Chatbot to answer follow up questions, admit when it responds incorrectly and even challenge incorrect statements or reject inappropriate requests or questions just like a human would do. Most people assume Conversational AI is only for very large businesses, but what ChatGPT model has shown is that anyone can use Conversational AI from students, small businesses to the largest organizations. So, in short Chat GPT is very helpful for businesses with content creation, ideation, research etc. But using ChatGPT for customer support, this would not be appropriate as the results would not be predictable, accurate or business specific. Also, there is issues of Ethics and Copyright that must be also factored in.
"ChatGPT is incredibly limited but good enough at some things to create a misleading impression of greatness. It's a mistake to be relying on it for anything important right now. It's a preview of progress; we have lots of work to do on robustness and truthfulness."
Source Sam Altman CEO of OpenAI
Is Conversational AI for my business?
OMNI channel messaging and WhatsApp business platform has transformed the way businesses engage with their customers and are streamlining various aspects of their operations.
According to a survey of 1,000 business and technology executives, ‘improving customer experiences’ was the area in which they realized the most value from AI initiatives.
ChatGPT was successful because it provided a simple chatbot access to generative AI, this is called conversational AI. Engaging customers on their preferred channel for personalized customer support to reminders, is what we do at Payemoji with our Conversational AI support product. Payemoji platform empowers businesses to deliver personal, interactive, and safe communication. With our developer APIs we integrate into Enterprise IT systems and into Enterprise AI services, so customers can be handed off to an AI agent or AI co-pilot where needed.
Sounds Interesting – Get in touch now.
We would love to chat with you about how your business could benefit from Conversational AI and OMNI channel messaging and WhatsApp business platform. Get in touch with us at firstname.lastname@example.org and we will schedule a call.
So go ahead and join the conversation by taking advantage of the 23 hours that consumers spend per week on their Messaging Apps and use that to grow your Business.
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June 12, 2023