As we approach the end of 2023, the term “Artificial Intelligence” has forged a permanent presence into our everyday lives. From local startups to Fortune 500 enterprises, businesses are keen to hire a AI development company given the obvious perks AI has in improving workforce productivity and decision making. But that’s not all.
Truth is:
We have barely scratched the surface of what an AI-driven world would truly look like. In fact, a new breakthrough in “AI innovation” is already helping businesses completely transform their “customer experience” strategy – Conversational AI.
In today’s blog, we dive deep into the exciting world of AI and how the advent of Conversational AI promises to augment the entire business-customer relationship.
# How 2024 will be the year for limitless growth with AI:
By now, we’re all aware that AI-empowered systems eliminate or reduce the need for human intervention across a multitude of business practices. As of 2023, more than 35% of global businesses employ AI technologies.
But what does 2024 have in store for us? Will more businesses join the AI bandwagon (spoiler alert: they will)? What new trends will emerge as AI becomes the norm? How will businesses (and society at large) use the transformative power of Artificial Intelligence in 2024?
Let’s find out –
1. Turning data into dollars:
A minute spent cataloging and analyzing data is a dollar not earned. Today, there are dozens of AI-empowered tools that make data management a cinch. By automating or streamlining activities related to data navigation, mining, cleaning, integration, etc., AI optimizes your data infrastructure.
By working with a pre-eminent AI development company, corporations can derive key business insights using critical data that directly impacts their bottom line.
2. Opening new pathways to career growth:
While the advent of Artificial Intelligence may displace humans in some market segments, it will also create abundant career opportunities. As of 2022, AI directly contributed to 2.3 million jobs across various business verticals. (source: Statista) In 2024, the demand for data scientists, machine learning professionals, and AI gurus will only increase. So, buckle up and start upskilling today!
3. AI to make the world a better place:
For all the talk of “doom and gloom” around AI, it’s easy to forget how the technology is helping usher in a positive change in society. AI is assisting in medical research, drug discovery, monitoring climate changes, and disaster response/ management by using predictive analysis and machine learning.
Furthermore, AI has played a role in making healthcare and education more accessible and cost-effective on a global scale. Ethical AI practices contribute to a multitude of social welfare initiatives.
4. AI to create modern “masterpieces”:
Naysayers believe that AI will spell the end of music, arts, and entertainment industry. Afterall, how will humans compete with the supposed perfection” of an AI-generated painting, tune, or literature? However, the real world is filled with human creators collaborating with AI tools to exceed the limitations of what mortal imagination and skill can achieve.
While the seemingly endless power of AI continues to woo tech and business enthusiasts globally, this is just the beginning. The next evolutionary phase of AI-driven business lifecycle has already begun. For instance, 2024 will witness the next big thing in “innovation through AI”. Enter Conversational AI.
So, what’s this next-gen AI-based tech is all about and what are emerging trends to look out for in 2024?
Let’s take a look.
# Say Hello to “Conversational AI”:
Think of “Conversational AI” as the magic potion that enables you to interact with data like you would with a human. Furthermore, imagine having the power to utilize this knowledge from data to transform the way you interact and serve customers.
Sounds like fan-fiction? It’s not.
Conversational AI is a transformative technology capable of replicating human-like interactions using text, voice, or visual inputs. It is a small sub-set of the entire AI-led digital revolution that uses Machine Learning and Natural Language Processing (NLP) to make shopping more user-intuitive.
As businesses continue to optimize their customer engagement and support, the adoption of Conversational AI will only increase post 2023.
According to Allied Market Research, the conversational AI industry global market is projected to reach USD 32.62 Billion by 2030. Therefore, companies must be proactive and take this next-gen tech on-board to maximize their chances of creating a loyal customer base.
But before you do so, it’s important to learn where the Conversational AI revolution is headed and what practical uses it serves in 2024.
Brace yourself.
# 5 Conversational AI Trends to Look Out For in 2024: –
1. A complete overhaul of “customer service” practices:
It’s 2023, and so, responding to customer inquiries through monotonous chatbots wouldn’t cut the mustard anymore. Real-time query resolution, personalized recommendations, and human-like interactions are key to achieving customer delight. Conversational AI is hence paired with existing technologies (such as CRM and ERP systems), enabling enterprises to offer a seamless and personalized buying experience.
This helps businesses predict and address the key pain-points even before the customer encounters them. The end result? Happy consumers.
2. Enhance pan-hierarchy productivity and workflow efficiency:
Companies must seek proficient Conversational AI solutions to not only reinvent their customer service strategy, but to bolster their in-house workflow dynamics. By facilitating real-time access to critical data, process automation, and reducing dependency on manual tasks, this transformative technology can reshape how the entire company hierarchy operates at a core level.
3. Voice-based interactions for enhanced shopping experience:
We use voice-based virtual assistants for our everyday tasks. Apple’s Siri and Amazon Alexa are the prime examples of how Conversation AI has already come a long way. In 2024 (and beyond), expect this technology to take the next step by incorporating visual interaction (photos, videos, etc.), thus improving the user experience even further.
4. Adept at “multi-lingual customer support”:
In an era of global connectivity, catering to a diverse customer segment has never been more crucial to a business’s overall success. That’s where the next-gen capabilities of Conversational AI can help corporations serve customers better by overcoming language and cultural barriers.
5. Widespread applications across all industries:
As Conversational AI continues to become more popular, accessible, affordable and easier to adopt, it won’t be long before it defines the entire business-customer relationship within the digital realm. Enterprises across all major sectors (E-commerce, finance, healthcare, automotive, education, travel, etc.) are already future proofing their business model using Conversational AI systems.
2024 promises to be the breakthrough year in accelerating the adoption of Artificial intelligence and Conversational AI across all industries and business verticals.
In Conclusion:
AI has truly revolutionized the way a business operates by seamlessly integrating into its day-to-day operations. From virtual assistants generating comprehensive query response to sophisticated customer support systems offering personalized solutions, AI holds the key to a data-driven business landscape.
Conversational AI solutions powered by Digital is Simple are transforming the way businesses interact with their customers.
