Natural Language Processing Feeding the 'Real Chat' in Chatbot

By: Retail CIO Outlook | Monday, June 17, 2019

FREMONT, CA: By 2020, it is predicted that 85% of consumer interactions will be handled without a human agent says a report by Chatbots Life. Despite how chatbots’ actions are somewhat limited to scripted conversations and responses, the future of chatbots is life-changing. The standard usage might not require more than quick answers and simple replies, but it is essential to know how much chatbots are evolving and how Natural Language Processing (NLP) can improve their abilities. This feature holds plenty of rewards, putting the ‘real chat’ in the chatbot. Look in what ways!

• Natural Conversations across Languages

NLP can make a relationship between the incoming text from a human being and the chatbot generated a response. The response can be anything from a simple query, action based on customer request or store any information from the customer to the system. NLP can differentiate these different types of requests generated by a human being and thereby enhance customer experience substantially.

• Focus on Mission Critical Tasks

NLP based chatbots dramatically reduce the human efforts in operations like customer service or invoice processing so that these operations require fewer resources with increased employee efficiency. Employees can focus on mission-critical tasks that impact the business positively in a far more productive and effective manner as opposed to losing time on tedious, repetitive tasks regularly. Firms can use NLP based chatbots for internal use, especially for Human Resources and IT Helpdesk.

• Reduced Cost

Cost is an essential aspect for any businesses to grow and increase profitability. NLP based chatbots can significantly assist in reducing costs related to human resources entangled in redundant tasks and expenses on customer retention while enhancing efficiency and streamlining workflows.

• Higher Customer Satisfaction

NLP enables chatbots to understand, analyze, and prioritize the questions according to its complexity, which allows bots to respond to customer queries faster than a human professional. More rapid responses help in building customer loyalty and in turn, more business. It significantly reduces the effort and cost of acquiring a new customer each time by accelerating the loyalty of the existing customers. Chatbots facilitates the customers with the time and attention they want to make them feel valuable and happy.

The future of chatbots is incredibly bizarre. It offers technological advantages to stay competitive in the market by saving time, effort, and costs that further leads to increased customer satisfaction and increased engagements in the business.