A chatbot is a software application used to conduct an on-line chat conversation via text or text-to-speech, in lieu of providing direct contact with a live human agent.
Their main advantages are:
• Reduced costs: Chatbots eliminate the need for labor during online interaction with customers. This is obviously a great advantage for companies that receive multiple queries at once. In addition to saving costs with them, companies can align the chatbot with their objectives, and use them as a means to enhance customer conversion.
• 24/7 Availability: Unlike humans, once we install a chatbot, it can handle queries at any time of day. Thus, the customer does not have to wait for a commercial of the company to help him. This also allows companies to monitor customer « traffic » during non-working hours and contact them later.
• Learning and updating: AI-based chatbots are able to learn from interactions and update independently. This is one of the main advantages. When you hire a new employee, you must train them continuously. However, chatbots « form » themselves (with certain limitations, of course).
• Management of multiple clients: Humans can serve a limited number of customers at the same time. This restriction does not exist for chatbots, and they can manage all the necessary queries simultaneously. This is one of the main advantages of using chatbot, as no customer is left unattended, and you are solving different problems at the same time. There are chatbots companies already working on developing voice chatbot services.
This question was asked in Assignment of Artificial Intelligence of BTech- 2nd sem. For other questions please go through the upcoming post.