15th Feb, 2021 | Vidya S.
A chatbot is a computer machinery and intelligence program that helps to create a communication between the machine and end-user through the voice commands or text medium. It is a software application used to provide information or receive an end-user's request.
Conversational Chatbot is an advanced version of Chatbot. There is a vast difference between “Chatbot” and “Conversational Chatbot”, Chatbots are rules driven and follow a predefined workflow, whereas Conversational chatbots are powered by NLP (Natural Language Processing) and machine learning to understand what the user is asking or looking for.
Machine is capable of understanding, processing and responding to human language. Also, the knowledge-based integration of the back-end system to provide information to the user is different in both chatbots.
The best examples of conversational Chatbots are Alexa, Siri, Drift, etc. If now-a-days you go to any website, e.g. shopping site, school website or financial services site, even food delivery site, you will get pop-ups or link to “chat with us”, “chat” or “virtual assistance”, those are nothing but conversational Chatbots.
When conversational Chatbot is introduced in any software it can then have direct transactional conversations with customers - without needing a person on the business side, as it easily understands the user’s concern or query.
Conversational Chatbots can quickly accelerate support infrastructures with the help of self-service portals for customers. This normally prompts quicker query resolutions. Now the client need not have to wait longer for agents’ assistance and that too at a reduced cost.
It can elevate a customer’s experience into something truly transformative. Your customers must no longer feel the frustration of chatbot primitive solutions that often fall short due to the scope and narrow limits.
It helps an organization in analytics and real time reporting.
Most of the organizations and institutions are changing from chatbots to Conversational Chatbots platforms since they are searching for more intelligent solutions.
So, to conclude, Conversational Chatbots are dramatically changing businesses, by achieving human-level language capabilities in speech-to-text systems, automated customer support, industrial machinery and robots, or personal digital assistants.
As Conversational AI has moved from its experimental phase to its application phase and the technology continues to evolve, we expect opportunities in the space to grow as well.
By 2029, the global chatbot market will grow to $46.64 billion. There is a lot of scope for expansion of conversational chatbots as all traditional chatbots would need an upgrade.
Bombay Softwares has been doing research and development of AI conversational chatbot since the year 2018.
Our team has already implemented the chatbot into the Education, Fitness, Trading industries. In a trice, the team would enter multiple domains like Healthcare, Automotive, BFSI, Telecom & Retail.
The team believes that the introduction of conversational chatbots based on Artificial Intelligence will reduce the cost & efforts upto 70%.
We have already delivered two products based on Conversational AI which contains 3 patents.
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