How SMEs can leverage AI & NLP for better customer experience
Many widespread technologies like AI and NLP are bringing a revolution to our businesses. Collectively, such technologies can do wonders for companies by simplifying and automating their complex processes. The good news is that these solutions are within the reach of all enterprises, not just tech giants! So how small and medium-sized enterprises can leverage AI and NLP?
According to Statista, the NLP market is expected to reach $43 Billion. The reason behind this exponential growth is the applications of NLP that facilitate businesses in many ways. Google also uses NLP as a part of its search algorithms to show the most accurate results.
Artificial Intelligence – An Overview
AI makes programs and systems self-sufficient by giving them the power to make decisions based on data. The technology is widely adopted by businesses, companies and large enterprises whether they want to increase their sales, secure their systems, or simplify their processes.
A range of AI algorithms is used for training machines to give them decision-making power in a certain area. The behavior of AI-powered software or machines is dependent on the algorithm working behind it.
NLP – An Overview
NLP (Natural Language Processing) plays a huge role in our language communication. It integrates with AI to process language-based data that can be used to bring better results to our audience. It looks for patterns in the language. These patterns act as input, while the processed data brings us the desired results.
This technology is bringing revolution to analytics and knowledge generation. Additionally, NLP is the technology that is used in our voice recognition as well as translation software. The NLP is being used in our search engines to process the meaning behind every search query to come up with the most desirable result.
Research in various fields such as genetics biology and sciences are also evolving by using NLP as their fundamental tool to conduct research. If we see it on the Business side then it is being used in conducting analytical data, text analysis, speech recognition, automatic chatbots, and more.
Leveraging AI & NLP in SMEs
Although Artificial Intelligence & NLP has widespread applications, and both these technologies can help a lot in various aspects of businesses, our main focus will be to provide ease to our customers and take our business to the next level by smart marketing, targeting, and communication.
So here’s how AI and NLP are helping SMEs to streamline, automate and grow their operations without much hassle:
Consumers and customers expect the most personalized experience from all the companies, whether they are purchasing a product or service. Besides, they are more likely to purchase if everything fits within their horizon.
Read more on CX -> 8 reasons why customer service should be prompt and professional
Companies use various tactics to engage their customers for maximum results. However, technologies like AI and NLP are taking things to a whole new level. AI algorithms are well-versed to process collected data from customers.
The data is processed by using NLP and AI algorithms, and then it is sorted, categorized, and saved in the most reliable order. This data is then used to retarget potential customers through smart marketing.
AI is capable of detecting patterns and trends based on provided data. This information is highly useful to predict the sales volume for upcoming months, and that’s how businesses assess demands for various products and services by analyzing the patterns.
Increased Productivity & Reduced Costs
Companies are slowly replacing repetitive jobs with efficient AI software to increase their productivity while reducing their costs. In the current scenario, humans and AI are working side-by-side to eliminate any possible error. However, AI is becoming self-sufficient to flawlessly handle all tasks.
Many big companies like Lyft, Fandango and Spotify are using chatbots to connect with their customers. These chatbots eliminate the need for extra service staff. Also, they increase the efficiency of any business by automating less important tasks.
Utilizing AI Chatbots
According to a SuperOffice survey, over 88% of customers expect a response to their email or message within 60 minutes and 30% of these customers expect a response in under 30 minutes. Companies find it difficult to connect with every customer, hence they have to use some kind of automation such as Chatbots to answer most of their queries.
Solutions such as BOTWISE are capable of handling most of the customer requests by connecting all knowledge bases of your company. Hence, customers can find solutions to their problems by simply typing their questions. These questions are processed by using AI and NLP algorithms and bring back the most relevant and useful answer from the knowledge base.
The service staff might not be available 24/7, but chatbots can be integrated with the company’s website and social accounts to instantly help customers with their issues. Also, chatbots are not just limited to communication, but HubSpot research shows that 44% of the customers also purchase after inquiring from the chatbots.
Chatbots make the best use of their knowledge base, and they connect various knowledge sources of your business to help customers get instant support.
Deep Business Insights
The AI helps in predictive analysis to analyze the current demands and trends to fulfill future needs for your customers. Such deep insights and analytical data is gathered by using NLP, and then it is processed by AI algorithms to craft useful output information.
Moreover, these technologies can be integrated into a CRM system to generate actionable insights for increasing your business value. Companies run through various analytical processes to actually understand their customers to serve them in a much better way. It is crucial because 91% of unhappy customers will complain about their experiences.
Hence, companies have to rely on data collected by customers to give them a better personalized experience. AI and NLP are capable of bringing this personalization, fast communication and ease of business to benefit both the customers and companies.
The correct use of AI and NLP can take customer’s experience to a completely different level. When companies give priority to their customer’s time by offering them personalized services and rapid communication using chatbots such as BOTWISE then customers are more likely to come back and recommend you to others.
Read also -> Case study - Santander Bank
In like manner, customer satisfaction depends upon the knowledge base and data that you feed into AI and NLP software to obtain the best outputs. Thus, organize your scattered data in a single knowledge source for optimal results!