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7 trends in AI that impacts on Business

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The deployment of increasingly smarter chatbots, AI-powered virtual assistants, and conversational AI technology has enabled organizations to extend customer engagement, save resources by efficiently scaling their customer-facing operations, and ultimately make their customers and end-users more satisfied.

But now, with ever-smarter and context-aware chatbots, advancements in fields like predictive analytics and speech recognition, and integration of those technologies into end-users’ devices, we witness how data scientists, engineers, and AI entrepreneurs are taking things to the subsequent level.

The trends considered during this article have supported the insights provided by the conversational AI leaders and innovators who have so far participated in our conversational AI interviews. for every trend, we discuss the impact and opportunities for businesses to leverage the subsequent generation of conversational AI.

 

Announcements

We invite NLP and Conversational AI innovators to participate within the survey to be featured in our upcoming article “Inspiring People in Conversational AI to Follow in 2020“.

Here are the 7 Conversational AI Trends and their Impact on Business.
Brands anticipating customer must provide seamless experiences

Massive developments in NLP, integration of predictive analytics technology, and data sources will soon allow enterprises to develop an inside-out understanding of their customers’ needs.

Josh Comrie, Co-Founder, and CEO of Ambit observe: “The combination of predictive analytics, integration with key data sources (effective CRM) and omnichannel servicing. In other words, having the ability to understand your customers intimately, service them when, where, and the way they need, seamlessly, through great technology and style. Once the industry nails this, we win the hearts and minds of consumers .”

On an identical note, Seb Reeve, Director International Go-to-market at Nuance Communications, observes that “data-driven personalization alongside prediction algorithms will offer the power to style experiences for consumers that are genuinely easier“, and he envisages “a world where we’ll not get to reach bent brands fairly often in the least – instead, we will expect them to anticipate our needs”.
Impact on business

Brands are going to be ready to increase revenue and reduce costs with more accurate and timely marketing efforts while ensuring a seamless and pleasant experience to their customers.

Cognitive chatbots that understand context and dialogue, not just single queries

There is convergence amongst several experts’ opinions that the huge advancements within the fields of tongue Processing (NLP) and tongue Generation (NLG) will soon allow chatbots to more deeply understand the context of a conversation and more effectively hold entire dialogues with their users.

Abhishek Thakur, Chief Data Scientist at boost.ai and world’s first Kaggle Triple Grandmaster, foresees subsequent generation of “AI virtual agents to require on advisory roles, helping customers with choosing a pension account or giving advice on mortgages”.

On an identical note, Peter Voss, Founder and CEO of Aigo AI, compares current chatbots to candles within the pre-electricity era, and cognitive chatbots to light bulbs: “one candle provides barely a hundredth of the illumination of one 100-watt light bulb. Cognitive Chatbots are the sunshine bulbs and therefore the year 2020 is that the dawn of the Cognitive Chatbots.”

“As technology continues to mature, the market will see more sophisticated dialogue management and transactional functionality. there’ll even be continued innovation around how these solutions improve with both human and machine learnings also as ways companies can fit this into internal workflows”, says Chris Ezekiel, Founder, and CEO of Creative Virtual.

Satish Medapati, Founder and CEO of Intentico, says “Advances of NMR (neural machine translation) will probably start taking shape this year blurring the barrier of language completely for bots”.

Dinesh Sharma, Co-Founder and CTO of AskSid.ai, states that “Recent developments and contributions from Google, Microsoft, and Facebook in tongue understanding, the Conversation AI has become more contextual, more understanding, and ready to support multi-turn conversations.“.

Impact on business

Conversational AI technology which will understand the context of a conversation and generate language that’s not distinguishable from human-produced language will enable businesses to deploy virtual assistants during a whole new range of applications.
The rise of voice-enabled assistants

Nithya Thadani, CEO of RAIN, observes massive opportunities in creating “voice-enabled, employee-facing applications … like voice-enabled employee onboarding – and sometimes it’s something much more specific, like hands-free solutions that increase safety for workers at construction sites.”

Similarly, Dr. Catriona Wallace, Founder and executive of Flamingo AI predicts “everyday people will have their own AI Virtual Assistant in their smartphones” controlled with voice and gestures to finish “tasks like annual product renewals, new purchases, appointment bookings”.

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