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Using Chatbots To Grow Your Business

| November 5, 2020

Business is always looking for optimal ways to cut costs and labor is usually one of the biggest targets – rather than employing teams of people to handle matters in various departments, companies are turning to chatbots. It’s a great idea to consider supplementing your staff with powerful systems driven by artificial intelligence (AI) that will add value and convenience for your end-users.

It’s important to understand what capabilities these systems can provide your business. As such, we’re going to look at some scenarios where applications benefit different industries.

Why use chatbots?

Achieving the leanest operational model possible is always the goal. The learner your operation, the greater impact revenue has on your bottom line. As luck would have it, chatbots can effectively replace human interaction in several scenarios across a variety of industries which translates to more profit.

We see a huge impact on customer service where chatbots are deployed. The last time we discussed the matter in-depth, we looked at how AI-driven chatbots save money in customer service. These tools can do everything from handle service-related issues to make recommendations through organic conversation. We pointed out that some operations observe as much as a 33% savings with everything considered.

In other industries, costs can be reduced by implementing similar technology but for other roles. Mostly, chatbots serve to circumvent the human interaction process – we understand that to some, this sounds like a recipe for disaster. But rest assured: when the AI is properly programmed and configured, it produces some remarkable results.

Examples of practical, cost-effective applications for chatbots

Different industries see value in this technology when the design and programming are on point. We’re going to look at some instances in different industries where these tools can provide value.

1. Chatbots in healthcare

Filling out forms for healthcare intake is usually a straightforward process and even when it isn’t, a chatbot built with NLP that can parse unstructured data can add substantial value. Healthcare facilities can reduce the time that office admins or receptionists spend on the phone and face-to-face when performing new patient intake as a chatbot can collect all information required through a series of questions, even those with complex responses. 

Interoffice communication can be reduced as well by implementing a chatbot. In one example, computer vision can help when transferring patients between offices when there are different EMR systems in use. A chatbot connected with a computer vision app can “scan” documents it receives, visually extrapolate information from the document, and determine which field to place the data it reads as well as store files like MRI, X-ray, or CAT scan images.

2. Chatbots for Travel

Traveling, while enjoyable, requires some planning for everything to go off without a hitch. People will often use multiple sites or apps to book flights and lodging as well as schedule other events, be it a tour or some other event.

When building a chatbot for travel, it needs to be programmed to behave as a virtual travel agent or concierge service. A chatbot can be programmed to handle tasks like booking travel, hotel, and events independently or it could be set up to do all of the above. While we haven’t seen any successful services do exactly this just, it’s entirely possible to create an all-inclusive app that features a chatbot that handles every element of a trip. The best examples we have at the moment are Expedia, KLM, and where each provides a certain travel-related function.

3. Chatbots for real estate

The real estate industry is one that has experienced a significant amount of digital transformation in the US, Canada, and other parts of the world. Today, many agents rely on their website to collect leads, typically via a contact form where a potential buyer initiates contact.

Rather than manually respond to each individual, a realtor could take advantage of an app like the Realty chatbots. This and other similar solutions perform intake via digital conversations that both securely collect information as well as vet potential buyers for the homes they’re seeking. This saves agents and prospects a lot of time by removing the need to exchange emails or have drawn-out conversations on the phone, at least during a customer’s early phase of seeking out a new home.

4. Chatbots for B2B

In this industry-agnostic example, chatbots can provide value by acting as a first-line when negotiating deals between two organizations. One way these deals can go faster is by putting a chatbot on the frontline of the sales process. Other businesses and vendors can more easily get a hold of products or services by first using the chatbot to detail what they need and the price they’re willing to pay – in some instances, this can be sufficient to complete a sale but in others, the information provided will help to serve to help a human who sits just behind the chatbot.

Because sales are generally commission-based, chatbots serve to expedite teams, allowing members to swoop in and close deals quickly. In this case, chatbots serve to increase the pace of sales teams which leads to an improved revenue churn.

5. Chatbots for HR

In another industry agnostic solution, chatbots can play a key role in navigating HR matters. HR staff, especially in larger organizations, often receive substantial communications on issues from multiple departments. Much like in other circumstances mentioned above, chatbots can act as a first-line in fielding all these requests.

An HR department tasked with handling internal projects such as onboarding new employees or as the centrifuge of change management endeavors can feel overburdened to the point where staff becomes less effective. A conversational chatbot can act as a FAQ resource that helps employees resolve issues themselves as well as behave as an intake system that reduces the time HR staff needs to spend collecting data. By using NLP on the backend, chatbots can disseminate unstructured information from conversations that gives HR extra insight before diving into a matter that can’t be resolved by the AI alone.

Blue Label Labs builds chatbots for the future

We keep up with shifting market dynamics like meteorologists monitoring the weather – insight into complex marketplaces enables us to design and build around current and future developments for the lifecycle of a digital product. Blue Label Labs sees a lot of untapped opportunity for chatbots in a breadth of applications plus, we’ve had big wins with products like inHouse that received an honorable mention in the Webby Awards AI category. Get in touch with us to discuss your idea for a chatbot.

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