Businesses using innovative new technologies to stay ahead of the curve is a well-established strategy. It is hardly surprising that more than half of Fortune 500 companies listed in the year 2000 do not exist today. This mind-blowing statistic explains how even seemingly large conglomerates, with massive capital and resource outlay, are vulnerable to the insatiable wolf of the forest lurking nearby - in this case, market dynamics in a highly agile and innovative landscape.
Enter Chatbots - Digital Disruption 4.0
The chatbot present trend has become imperative for businesses today because they can augment human productivity and provide 24*7 support to customer service queries. This helps increase the effectiveness and efficiency of operations and customer service for businesses. In fact, in a leading industry survey, 64% of internet users responded that 24-hour service is the best feature of chatbots. According to industry research, chatbots can cut down the operational costs for businesses by up to 30%. Moreover, up to 85% of all customer interactions are expected to be handled by chatbots by the end of 2021.
Chatbots are highly scalable and can be deployed to target users in different geographies, languages, demographics, and on multiple platforms. You can also automate repeated queries and provide users with an automated walkthrough for your business website or application. With this, it is possible to build customer experience and provide customer support, helping improve the conversion rate and drive effective lead generation, and lead nurturing efforts.
Especially as the COVID-19 push accelerates digitization and the adoption by businesses of digital frameworks and solutions, it becomes more imperative than ever before to adapt quickly. You can do this by adopting these new-age trends. Otherwise, your company risks getting left behind.
Chatbots can Handle More Queries
Within any business, customer service plays a significant role, more so in today’s internet age. Nowadays, people rely more on word of mouth, and any negative feedback has the potential to snowball into a major PR crisis for the company quickly. Chatbots, unlike humans, can easily handle repeat queries in multiple languages without getting affected by fatigue or burnout, while eliminating the chances of inadvertent manual errors. This frees up valuable human time, which can be used for more productive or creative tasks.
Chatbots Help Streamline Customer Service
With rapidly changing market dynamics and constantly increasing pressures on operating margins, your customers today will largely comprise the millennials and Gen Z demographic. They are known for being incredibly tech-savvy, short on patience, and quick to switch brand loyalty. Website chatbots will help you scale your digital presence effectively, allowing you to be at the front and center of your user’s attention and need. In effect, you can build a durable retention net and increase the customer lifetime value (CLV).
By serving an efficient and smooth customer service interface, you are likely to lure your competitors’ customers. Today, a wide variety of chatbot development frameworks - both proprietary and open-sourced- have become available and commonplace. This can make it extremely cost-effective and easy for businesses to invest in this technology and start reaping financial benefits.
Yellow Messenger’s Bumblebee the complete HR Automation takes care of the automated engaging conversations at the front end while at the back end helps agents by providing the necessary information and answers to help better support the employees.
Bumblebee helps in enterprise's efficiency & productivity
The benefits of chatbots for HR include:
Companies that use the chatbots within their HR operations report a greater degree of employee satisfaction metrics since they can address, sort, and automate the rule-based workflow for handling employee grievances. Then, they can direct them to the most appropriate personnel for a timely and effective intervention.
Chatbots are promising to completely transform the HR processes by building more significant and more durable bridges with concerted employee engagement efforts.
Social chatbots can easily take off some of the HR load by automating standard and repetitive tasks. This frees up the time available to HR personnel to make more personal and one-on-one outreach with the employees.
Chatbots can be put to use in the hire to retire cycle of the employee - with significant improvements in productivity and human outcomes.
How Chatbots Help Build Employee Engagement and HR Management
Chatbots, built using sophisticated Natural Language Processing and Sentiment Analytics technologies, can augment the ability of HR personnel to be available and respond to the queries posed by the employees. These typically spike around any major organizational event such as new management hires, etc. Chatbots can also be put to use in employee learning and development courses to guide and keep track of the progress made by employees. However, data privacy will be an issue and a double-edged sword that the organizations need to be especially careful about.
With these myriad use cases, chatbots can transform business operations in an unprecedented fashion and open up new avenues for efficiency and better customer/employee relationship management. For a business braving the unchartered territories of a marketplace characterized by unprecedented disruption brought about by COVID-19, chatbots serve as valuable weapons in the arsenal to forge a successful market capture, retention, and market size growth. 50% of respondents in a survey of several small to medium scale enterprises in the US revealed that they are prioritizing investments in chatbots overbuilding mobile applications. Yellow Messenger is there to help you to ride this wave of transformation successfully and durably.