As Conversational AI emerges out of its early-adopter phase and becomes mainstream, organizations need to deploy AI or risk being left behind.
Next month marks 30 years since the creation of the first website. Although several companies created their own websites in the few years that followed the browser becoming publicly available, at the time, having a website was very much in its early-adopter phase.
Compare that with today, when you would be hard-pressed to find a store, law-firm, telco, bank or travel-company without a website. What was once a shiny new object is now standard technology for businesses. Today, AI technology is following a similar trajectory.
In 2017, PwC analyzed more than 150 emerging technologies and categorized AI as one of the “Essential Eight” transforming all industries. Companies today are adopting AI and automation technologies at accelerated rates, partially as a result of the rush-to-digital caused by the COVID-19 pandemic. A survey conducted by Amelia, in partnership with Censuswide, found that 88% of organizations added or scaled up AI technologies since the beginning of the global pandemic.
Not only are companies adopting AI at accelerated rates, but they are also already experiencing the benefits of their AI investments (part of a trend we call AI2ROI). In June 2020, Sterling National Bank deployed Amelia, the market’s leading Conversational AI, to improve customer experiences in their contact centers. Today, Amelia (renamed “Skye”) handles 100 percent of incoming customer calls for Sterling, automating around 100,000 calls end-to-end each month.
Conversational AI is out of its early-adopter phase and is quickly solidifying its place as a mainstream enterprise technology. In a recent IDC PlanScape, Conversational AI was referenced as a business-critical technology, suggesting that organizations that do not deploy AI run the risk of falling behind their AI-empowered competitors.
Learning From Others’ AI Deployments
If your organization has yet to deploy AI, particularly Conversational AI, don’t worry — it’s not too late to catch up to competitors that have already done so.
As the AI market matures and more use cases are developed across all industries, companies at the start of their AI journeys can refer to the successes of other organizations to plan, build and deploy their own successful Conversational AI solutions.
In fact, to provide organizations with a business case for deploying AI, IDC recently reported on three of Amelia’s clients, across three unique industries. The report reviews how these companies deployed Conversational AI and how they are measuring and experiencing ROI.
Bankia, one of Spain’s largest banks, deployed Amelia to provide conversational support for customers through their mobile app and to automate customer-facing service interactions. The bank initially deployed Amelia internally and used employees’ feedback to develop Amelia’s capabilities before rolling out the technology to customers, saving them time and money throughout the implementation. Bankia saw immediate ROI in the way Amelia handled incoming customer calls.
Kenneth S. Nugent, P.C. Attorneys at Law, deployed Amelia as a digital legal assistant to handle internal- and customer-facing interactions. Amelia delivered significant ROI across several dimensions, including more 4- and 5-stars on Google reviews and generating an estimated $250,000 initial savings in 2020.
Telefónica, a Spanish multinational telco, hired Amelia as an intelligent call center agent to reach their initial goal of 24/7/365 customer service availability. Amelia now handles round-the-clock support for Telefónica with 90.2% intent recognition.
Don’t Risk Falling Behind
Conversational AI technology is capable of driving real, bottom-line business value across all industries. This includes the travel and retail industries, both of which were significantly altered by the global pandemic.
Passenger and transit employees' expectations have shifted dramatically toward wanting contactless and self-service experiences. For airline companies to match these expectations, Deloitte recommends reimagining touchpoints along the customer journey by leveraging “cognitive automation and digital enablement.” For example, Conversational AI can be used to guide users through mobile self-service apps for check-in, itinerary changes and other services.
In retail, the ability to make mobile app payments increased in importance for consumers by 80% as a result of the pandemic, according to a recent report by McKinsey. This is one of many areas where Conversational AI agents can be injected into the retail customer experience journey, as the technology has a proven track record of helping customers make, track and troubleshoot digital payments. As McKinsey advises, “the most successful retailers will be those that connect with consumers in new ways by leaning in on their digital, omnichannel, and in-store technology ambitions.”
Conversational AI technology is established, the benefits are tangible, and the possibilities are endless. Don’t risk falling behind your competitors by waiting to innovate, and grow your business, with Conversational AI.