Chatbot: The
evolution and
revolution
of the
AI-powered
technology
Automation can uniquely meet
three key operational challenges we’re
seeing today
Customer
demand is
volatile
…requiring the ability to quickly scale up or down
…requiring the ability to quickly scale up or down
20X
spikes in unemployment claims
for example in Insurance industry.19X
spike in mortgage forbearance
requests-
Massive demand spikes for
supplies (e.g., healthcare)
Industries are
being disrupted
…requiring rapid creation of
new products and services
being disrupted
…requiring rapid creation of
new products and services
-
New apps to discount or
restructure debt and payments - New types of loans to help
employees and businesses -
Unpredictable supply chains and
expanded delivery models
Remote employees
are struggling to
get work done
…requiring new capabilities to
remain productive
are struggling to
get work done
…requiring new capabilities to
remain productive
- Face-to-face review/approval
must now be electronic - Paper documents must be
digitized for remote access -
Process whiteboarding must be
replaced with online tools
“The next frontier will be the development of operating models that
embrace resilience: able to withstand shocks and capture emerging opportunities
faster and more effectively than those of their competitors”
survey by McKinsey Building resilient operations, May 2019
survey by McKinsey Building resilient operations, May 2019
Automation is the key to build resilient business operations to achieve competitive advantage while controlling costs. Chatbots are at the forefront of this automation revolution! They are in fact termed as the 4th Industrial revolution helping companies achieve that 10x, 20x, 30x reduced operational costs and at the same time increase revenue by taking the Business to customers on popular channels such as SMS, WhatsApp, Facebook Messenger, Slack, Sametime and more!
By augmenting your workforce with a mix of human and automated work, you can easily increase productivity by more than 50x! One could deploy digital workers to collaborate with humans where workforce gaps are identified and enable employees to focus on higher value work. IBM leads the automation and AI market with its product like IBM Watson ranked #1 in the Gartner and Forrester quadrants. Many companies have benefited from the advantages of such AI powered automation via Bots. For example, The London Borough of Redbridge wanted to simplify communication with residents regarding rubbish collection. The borough launched an AI-powered chatbot (IBM Watson powered Bot) that could answer straight-forward questions and allowed users to find out when their holiday bin collection date was scheduled. As a result of which, the Government entity of UK experienced.
By augmenting your workforce with a mix of human and automated work, you can easily increase productivity by more than 50x! One could deploy digital workers to collaborate with humans where workforce gaps are identified and enable employees to focus on higher value work. IBM leads the automation and AI market with its product like IBM Watson ranked #1 in the Gartner and Forrester quadrants. Many companies have benefited from the advantages of such AI powered automation via Bots. For example, The London Borough of Redbridge wanted to simplify communication with residents regarding rubbish collection. The borough launched an AI-powered chatbot (IBM Watson powered Bot) that could answer straight-forward questions and allowed users to find out when their holiday bin collection date was scheduled. As a result of which, the Government entity of UK experienced.
Royal Bank of Scotland experienced similar results! Their IBM Watson powered AI Chatbot weaved automated assistance seamlessly with human intervention as result of which 50% of customer questions were answered by the assistant without human intervention and there was a 20% reduction in the length of agent / customer conversations. This and many such stories lead us to conclude that indeed the evolution of Chatbots from Web world of the 90’s, Mobile World of the early 2000’s, FAQ based Bot era of the past decade and the current Transaction based Bots world can solve some of the most pressing business problems across industries and domains becoming the new imperative, a must and the go-to solution for all Businesses in the world!
The History and Evolution of Chatbots
The Era of Web to the World of Bot Today
Author: Uzaira Memon, Associate Partner at Streebo
Author: Uzaira Memon, Associate Partner at Streebo
Streebo is an IBM Gold Partner and works in tandem with the IBM to deliver Web, Mobile and AI powered Chatbot solutions around the world. The synergy of IBM’s Watson Assistant, IBM Cloud Paks and Streebo’s BOT Builder allows Streebo to assemble sleek, FAQ as well as Transactional, robust, secure, scalable, enterprise-grade Chatbots in half the development time and cost than the traditional coding methods.
