Unlocking the Impact of Conversational AI

Table of Contents

1. Introduction
2. The Power of Conversational AI
3. The Value of Customer Engagement
4. Misconceptions about Virtual Agents
5. The Impact of Conversational AI in Industries
6. Boost AI: A Solution for Enterprise Organizations
7. Success Factors in Conversational AI Implementation
8. Measuring the Impact on Customer Satisfaction
9. Scaling Effectively with Conversational AI
10. Creating a Business Case: Benefits, Costs, and Risks
11. Case Study: Total Economic Impact of Boost AI
12. Conclusion

Introduction

Welcome to this webinar with Hovador Olson, the Chief Delivery Officer of Boost AI. In this webinar, we will be discussing the total economic impact of using the Boost AI platform in Enterprise organizations. We have commissioned a study conducted by Forrester that explores the benefits, costs, and risks of implementing conversational AI. Today, we have two experts from Forrester, Will Mickey, an Infrastructure and Operation Analyst, and T. Formula, a TEI consultant and the author of the report. They will be presenting the findings of the study in more Detail. Before we dive into the study, let's start by understanding the power of conversational AI and how it can transform customer engagement.

The Power of Conversational AI

Over the past decade, there has been a drastic change in how people communicate with large organizations. Conversational AI, powered by technologies like virtual agents, has emerged as a driver of this transformation. However, it is important to note that conversational AI does not aim to fully replace human interaction. Instead, it supports human agents and other technologies to Create excellent customer experiences. Virtual agents can automate routine inquiries, freeing up human agents to handle more complex tasks that require human support. The real power of conversational AI lies in its ability to be a part of a wider digital strategy, where automation and customer experience are balanced effectively.

The Value of Customer Engagement

Customer engagement plays a critical role in the success of any organization. With the rise of conversational AI, companies are leveraging this technology to enhance customer engagement and drive growth. According to Accenture, 56 percent of companies believe that conversational AI is driving disruption in their industry. Gartner predicts that by 2023, 40 percent of all enterprises will have adopted conversational AI. Capgemini also reports that certain industries experience a 20 percent decrease in costs due to conversational AI. These statistics highlight the value that conversational AI brings to customer engagement.

Misconceptions about Virtual Agents

There is a common misconception that virtual agents hinder good user experience by preventing customers from talking to a human agent. However, at Boost AI, we believe in the opposite. Virtual agents are designed to complement human interactions and elevate the overall customer experience. By automating routine inquiries, virtual agents can reduce wait times, increase availability, and improve efficiency. This not only leads to cost reductions for our customers but also helps improve their customer satisfaction scores. Virtual agents are most effective when integrated into a wider digital strategy that strikes a balance between automation and human support.

The Impact of Conversational AI in Industries

Conversational AI is disrupting various industries, driving innovation and improving customer experiences. In the banking industry, for example, many Nordic banks now report self-service rates above 95 percent. Conversational AI enables customers to quickly resolve routine inquiries, freeing up human agents to handle more complex tasks. Similar benefits are seen in other industries as well, including retail, telecommunications, and healthcare. By implementing conversational AI, organizations can improve customer satisfaction, automate inquiries, and drive growth through upselling and generating pipeline.

Boost AI: A Solution for Enterprise Organizations

Boost AI is a leading provider of conversational AI solutions. Our platform enables Enterprise organizations to automate a wide range of inquiries across different topics and levels of complexity. With over five years of experience, we have built more than 550 virtual agents for over 400 organizations, automating more than 60 million customer inquiries. Our customers have experienced a return on investment within the first three months of production. Our no-code platform allows customers to automate at Scale, with low dependency on external resources or developers. By leveraging Boost AI, organizations can improve customer satisfaction, automate inquiries, and drive growth with a low total cost of ownership.

Success Factors in Conversational AI Implementation

Implementing conversational AI successfully requires considering several critical success factors. One key factor is scalability. Organizations need a platform that can handle a wide range of inquiries and integrate with their existing technical ecosystem. Scalability ensures that the virtual agent can cope with the growing number of inquiries and maintain its efficiency. Alongside scalability, it is essential to integrate human support into the chatbot pipeline. If the solution is unable to understand a user's request or cannot resolve it, human agents should be available as a backup to provide assistance. This integration allows for continuous improvement of the virtual agent through data feedback and training.

Measuring the Impact on Customer Satisfaction

Customer satisfaction is a crucial metric when evaluating the success of conversational AI implementation. Organizations should track customer satisfaction scores and analyze key indicators such as drop rates, resolution rates, and response times. Additionally, collecting feedback from users on their experience and willingness to use the virtual agent again can provide valuable insights. By continuously monitoring customer satisfaction, organizations can make improvements and ensure that the virtual agent meets user expectations. Customer satisfaction is directly linked to loyalty and retention, making it a vital aspect of conversational AI implementation.

Scaling Effectively with Conversational AI

Scalability is a significant factor in maximizing the benefits of conversational AI. Organizations must choose a solution that can scale effectively to meet growing demands. Failure to scale can result in losing up to 50-70 percent of potential value from automation. When implementing conversational AI, it is crucial to have wide knowledge coverage and seamless integration with the organization's technical ecosystem. Boost AI's platform offers the scalability required to handle complex inquiries and adapt to the evolving needs of Enterprise organizations. By choosing a scalable solution, organizations can unlock the full potential of conversational AI and achieve significant returns on investment.

Creating a Business Case: Benefits, Costs, and Risks

To create a compelling business case for conversational AI adoption, organizations need to consider the benefits, costs, and risks involved. Benefits include automating routine inquiries, reassigning human resources, and generating income uplift through cross-selling and upselling. Boost AI's platform enables organizations to automate responses to routine inquiries and reassign employees to value-added tasks. These benefits result in cost savings and revenue growth. However, it is essential to evaluate the costs of deploying and operating the platform. This includes the cost of the platform itself and the internal costs incurred by the organization. Lastly, organizations must assess the risks associated with implementing conversational AI, such as language accuracy, user adoption, and platform maintenance. By carefully considering the benefits, costs, and risks, organizations can build a robust business case for conversational AI implementation.

Case Study: Total Economic Impact of Boost AI

A case study conducted by Forrester assessed the total economic impact of Boost AI's conversational AI platform. The study focused on a financial services organization that operated five virtual agents, supporting three million chats in the first year. The organization experienced challenges in handling the increasing number of inquiries, which led to long lead times and employee burnout. By adopting Boost AI's platform, the organization achieved significant benefits, such as reassigning human resources, improving work quality, and proactively communicating with customers. These benefits resulted in a three-year return on investment of 293 percent and a net present value of $19.9 million. The study also highlighted additional benefits, including improved resolution rates, response times, and customer satisfaction. For a detailed breakdown of the study, please refer to the complete report available on Boost AI's Website.

Conclusion

Conversational AI presents a tremendous opportunity for Enterprise organizations to improve customer engagement, automate inquiries, and drive growth. By implementing Boost AI's platform, organizations can realize significant returns on investment, enhance customer satisfaction, and reduce costs. However, successful implementation requires considering critical success factors such as scalability and integration with human support. It is crucial to measure the impact on customer satisfaction and continually optimize the solution. By creating a robust business case, organizations can effectively demonstrate the value of conversational AI and make informed decisions. Boost AI's proven track Record and commitment to delivering value make it an ideal choice for organizations seeking to leverage conversational AI. Begin your Journey to improved customer experiences and increased operational efficiencies with Boost AI today.

FAQ

Q: How does conversational AI improve customer satisfaction?
A: Conversational AI allows organizations to automate routine inquiries, reducing customer wait times and improving response times. By providing quick and accurate resolutions, conversational AI enhances the overall customer experience and increases satisfaction.

Q: Can conversational AI completely replace human interaction?
A: No, conversational AI is designed to complement human interaction, not replace it. While it can handle routine inquiries, there are instances where human support is necessary, especially for complex issues. The key is to strike the right balance between automation and human assistance.

Q: What are the benefits of scaling effectively with conversational AI?
A: Scaling effectively with conversational AI allows organizations to handle a growing number of inquiries efficiently. It ensures that the virtual agent can cope with the increasing demand and maintain its effectiveness. This results in cost reductions, increased availability, and improved customer satisfaction.

Q: How can conversational AI be integrated with existing systems within an organization?
A: Boost AI's platform offers seamless integration with an organization's technical ecosystem. This allows the virtual agent to access Relevant data and systems, providing accurate and valuable responses to inquiries. Integration also enables continuous improvement through data feedback and training.

Q: What are the risks associated with implementing conversational AI?
A: Some risks include language accuracy, user adoption, and platform maintenance. Language accuracy refers to the virtual agent's ability to understand and respond accurately to user inquiries. User adoption is crucial to ensure that customers embrace and utilize the conversational AI solution. Platform maintenance involves keeping the virtual agent up-to-date with the latest information and resolving any technical issues that may arise.

Q: How can organizations measure the impact of conversational AI on customer satisfaction?
A: Organizations can measure customer satisfaction by tracking customer satisfaction scores and analyzing key indicators such as drop rates, resolution rates, and response times. Feedback from users on their experience and willingness to use the virtual agent again can also provide valuable insights into customer satisfaction levels. Continuous monitoring and improvement Based on these metrics are essential for enhancing customer satisfaction.

Q: How does Boost AI's platform enable scalability in conversational AI?
A: Boost AI's platform offers scalability by providing a no-code solution that allows organizations to automate a wide range of inquiries across different topics and levels of complexity. The platform can handle a growing number of inquiries while maintaining efficiency, ensuring organizations can scale effectively and meet increasing demands.

Q: What are the financial benefits of implementing conversational AI?
A: Implementing conversational AI can lead to significant cost savings by automating routine inquiries, reassigning human resources, and generating income uplift through cross-selling and upselling. These benefits contribute to a positive return on investment and increased profitability for organizations.

Q: Are there any industries that have seen particularly significant benefits from implementing conversational AI?
A: Conversational AI has shown benefits across various industries, including banking, retail, telecommunications, and healthcare. In the banking industry, for example, many Nordic banks report self-service rates above 95 percent, demonstrating the transformative impact of conversational AI on customer engagement and operational efficiency.

Q: How can organizations create a compelling business case for conversational AI implementation?
A: Organizations can create a strong business case by evaluating the benefits, costs, and risks associated with implementing conversational AI. This involves quantifying the potential cost savings, revenue growth, and other benefits, as well as assessing the expenses and risks involved. A well-rounded business case that considers these factors will provide a clear justification for implementing conversational AI.