In today’s world and technology a lot of companies are facing pressure to adapt to the Artificial Intelligence system. Artificial intelligence, or AI, is everywhere right now.Businesses are implementing efforts to include them into their day-to-day operations. It is imperative to execute it carefully.The AI system will have a huge impact on the customers and employees. If we rush into its implementation it could affect the quality of customer service and have a negative impact on employee satisfaction.
It is logical to see the impact AI system would have on the whole process.Both external and internal impact on the project is crucial.It is better to achieve overall better quality and assurance on the output of the result through AI integration.Keeping in mind that through AI integration we want to achieve net benefit instead of just simply using AI system.
Competitors who give time and thought process in implementing AI integration and its investment are always way ahead in the market. It is essential to balance human-bot interaction.In this way we can successfully transform our business with AI.
Benefits of AI in Customer Service:
There’s a reason AI is becoming so popular, and that’s because technology in many ways makes our lives better and easier.
There are various benefits of AI in customer service.The most effective tools overall are chatbots, tools that collect and analyze feedback, then tools that assist with routing to the right representative.
24/7 Customer Service:
AI is a beneficial solution in a situation when service leaders and agent-level reps reported that their biggest challenge was having enough time in the day.
The AI tools can make service available all the time and people can have the time to focus on and prioritize tasks requiring a human touch. For example, a customer can chat with a bot while a representative can handle a phone call with an unsatisfied customer.
One of the benefits of AI integration is saving time.It is reported that an average of 2 hours 11 minutes were saved by using an AI system to respond back to the customers inquiries.In Fact saving 2 hours per day can give representative enough time to concentrate and give attention to issues where human touch and understanding is required rather than automated system e.g Escalation Management.
Reduced average handling time:
Customer service teams want a low average handling rate and the customers always expect an immediate response and support.This is where customer support teams could use AI systems(Chatbot) to attend to the inquiries and demands of the customers. Representatives can attend to more urgent issues which the AI integration does not have capabilities to handle.
For a smooth and seamless process call centers can also benefit from AI systems. By forwarding calls of customers to the qualified representatives, we can reduce average handling time.
Humans can make errors due to multiple reasons.Typing the wrong number in a mathematical equation, missing out a line of code or in the case of heavy duty workplaces like factories, bigger mistakes which can lead to injury, or even death.Artificial intelligence can come in handy in the process of fewer errors and making a smooth transaction. Not only can an AI program run constantly, but it also runs consistently. It will do the same tasks, to the same standard, forever.
Analyze large sets of data:
A properly trained machine learning algorithm can analyze massive amounts of data in a shockingly small amount of time.Companies use this capability extensively in Investment Kits, with AI looking at a wide range of historical stock and market performance and volatility data, and comparing this to other data such as interest rates, oil prices and more.
What are the Cons of Artificial Intelligence:
Artificial Intelligence, although has its benefits,it does not come without pitfalls.Obviously there are certain downsides to using AI and machine learning to complete tasks.If we know the limitations we can implement it the right way.The following are the disadvantages of AI system:
There’s always the potential for a never-before-seen variable which sits outside the range of expected outcomes.Artificial intelligence updates information based on previous years and system integration which not always helpful for the current situations and the arrival of new problems.This limitations can cause a negative impact on solutions.New and innovative idea cannot be inspired by AI softwares.AI works very well with grunt work.Human mind have higher potential in creativity and new strategic ideas.
By having our financial analysts come up with an investment thesis and strategy, we can have AI take care of the implementation of that strategy.We need to provide an investment universe for the AI system. We can give parameters on the data points.This will give out ‘good’ investment within the required strategy.
This is a common argument for the use of AI integration.The argument concedes to the fact that in near future AI software will have a huge impact on human employments.Artificial intelligence can replace humans in a number of industries and organizations. In Fact some have even spoken out against its exponential impact and the dilemma it may cause in different industries.
Some uses of AI are unlikely to impact human jobs. For example, the image processing AI in new cars which allows for automatic braking in the event of a potential crash. That’s not replacing a job.
Some may say the future impact of AI systems is controversial.We have to keep in mind that AI in its current iteration is aiming to replace dangerous and repetitive work. This could be benefiel for human employment and career. Human mind is more capable in creativity,innovation and complicated strategic solutions to new problems.
AI softwares will base its decisions on logic and the format they have been programmed with.The parameters will already be given in the algorithm system.This will be a huge challenge to address.
There will room for bias as it will make decisions based on the preset parameters in its algorithm system.There will no room for different emotions such as ethics and morality which can affect the output of the whole system
The biggest and obvious drawback of AI integration is that it could be extremely costly for the organization.No matter what type of AI system you want to implement, the cost changes.It has been estimated that the cost for a fully implemented AI software for most businesses ranges from $20,000 to the range of millions.The initial cost could have a huge dent on the budget of the organization but might be worth the trouble.
FAQS of Artificial Intelligence:
What are the advantages of Artificial intelligence?
-There are different advantages of AI software on any business or organization namely:
24/7 Customer Service
Reduced average handling time
Analyze large sets of data
What are the disadvantages of Artificial intelligence?
The disadvantages of AI are:
Can AI improve customer services?
–Yes, AI can improve customer service in many ways as discussed on the topic of its advantages.It can have a pivotal role on the future aspects of IT boom.Although there are numerous advantages of AI in future and in current era, some have argued it can be dangerous and not as beneficial as we may think right now.
Can AI help improve the customer/agent interactions?
Yes, AI can help improve this role.But as previously mentioned there are two ends to this sword.It can be beneficial for any organization. If the software is introduced and invested with thoughtful consensus we can achieve full potential for both employees and AI systems.
Which companies use AI customer services?
To name a few,Uber, Apple, and Amazon use AI customer services. They use AI customer service to increase efficiency and increase customer satisfaction.
Artificial intelligence depends on human input and supervision to improve their performance.Human agents provide feedback, identify areas for improvement. They also help train AI models to become more effective over time.
With the right combination of human intelligence and artificial intelligence ,companies can achieve a higher level of customer satisfaction.Both in quality and quantity.AI can increase efficiency and effectiveness by doing all the grunt work.AI system can free up human agents to focus on more complex,creative and high-value tasks.This in turn will improve customer service teams overall performance.AI cannot replace human understanding in customer relationships. Empathy, emotion and a deep understanding of each customer’s human needs build trust and loyalty.The employees become aware of the client’s needs through their interactions.Humans can catch subtle clues while dealing with customers.The tone of voice and human pain or minute details during interactions cannot be identified by AI software.
Researched on multiple websites and understood the concept
Topic:Benefits of AI in customer services
The benefits of AI
The disadvantages AI
Will write further details on FAQS and Conclusion tomorrow