One of the Gartner
Reports clearly highlight that RPA Software revenue is going to hit $2 Billion
in 2021. There is an evident growth of 35.2% annually in the bot market and the
experts are expecting a clear growth in double-digit rates by 2024.
Why there is a sudden boom in AI, RPA, and the Automation technology world? One of the major
factors may be credited to the COVID Situation that is hitting the global
economy. Most of the companies are drooling for digital transformation for mere
sustenance in the market.
If you are looking
for investment opportunities in an otherwise slow market or struggling to
retain your customers in this crisis situation, this blog will help you take
advantage of the new technologies that are emerging in the Automation world.
Let us jump into
our 5 reasons why your business needs Chatbots, RPA, and other Automation technologies:
Chatbots as service
According to a HubSpot report, business is said to grow its revenue 4% to 8% more than
their market rates when they provide better customer experiences.
Most of the
customer queries are repetitive and easy to answer. Companies who answer such
customer queries have the habit of documenting such queries for future
reference most probably in a digital format. Also, the most famous segment of
FAQs are usually made available to customers so that they can understand the
company’s offerings better.
Can the customer
query process be automated? Of course, yes! Since 80% of the queries are
repetitive in nature and FAQs are fixed set of questions with pre-defined
answers, this process of customer
query handling is the perfect use case for
Hyper-intelligent Automation.
By training the bot with every new query, the AI bot will learn and replicate the scenario
better with time. Hence, a perfect blend of chat or voice bots can be designed
to directly converse with the customers and provide them with first-lever
support.
Benefits of using Chatbots or Voice bots are:
1. Easy Implementation of the process flow with
limited effort.
2.
Simple, intuitive, user-friendly bots can be
developed as per the customer’s requirement.
3.
Solve simple first-level Support queries or
relatively less complicated inquiries
4.
With AI Integration, language patterns can be
recognized, and hence, a valid answer can be responded to any form of query.
5.
The bots can interact with the customers around the
clock.
6.
Any urgent queries from the customer can be
immediately responded to without making the customer wait for any service staff
to tackle the situation.
7. Bots require low maintenance, are 100% accurate, and are in a continuous process of learning and implementing to provide efficient customer service and elevate customer satisfaction.
With Chatbots in
place, the business is bound to work more effectively in the customer service
segment but, along with that, even the service time will acquire more time to
provide second-level support to the customers.
Using automation in Marketing
How to attract
your customers to your products or services? This is the biggest challenge
every business faces and invests a lot of their funds to run various marketing
campaigns?
But, how many such
campaigns are successful or bring a good number of customers immediately after
the campaigns are done? Very few conversions, right?
But, here is a full-proof idea to quantify your marketing strategies? Yes, you heard it right!
Marketing automation is the solution for all your marketing problems!
Marketing Automation:
1. Supplies relevant information individually to
customers with very little effort.
2.
Enables one-to-one relationships with the
customers and develops trust.
3.
Provides complete support from automatic lead
scoring to qualifying interested parties.
4.
A measurable outcome with actions of the interested
partied weighed and stored with values.
5. Immediate ROI with the faster acquisition of customers and leads.
Voice bots can be a partner in sales
One of the best
tools for the Sales Domain is Customer Relationship Management. It helps establish
a long-term relationship with customers with little effort. But, to build this
type of relationship, the business has to enrich the tool with all the customer
data that it can possibly collect.
But, with the global crisis that all the businesses are facing, there is no much connection
built with face-to-face interactions and to interact with the customers via the
internet or phone, the employees have to be proactive in updating the customer
information and make it handy whenever the customer tries to communicate with
the.
The underlying
manpower efforts to facilitate this process are difficult and need quick alternatives to make this process more efficient.
There is a
solution for all problems and this particular problem, the voice bots are the perfect package to deal with this.
With Voice Bots:
1. Quick and easy data maintenance.
2.
Faster interaction with customers and available
24*7.
3.
Seamless integration with existing SAP Sales
Cloud.
4. Control everything from the appointment system to follow-up of appointment in one's language without having to open up a mask in the SAP system.
Supporting smart commerce
One statistical report points out that 70% of the customers feel chat-bots can support them in
ordering their e-commerce products.
Due to recent crises, many brick-and-mortar stores have brought their business online including different wine traders, food traders, fashion stores, pharma companies. So, how can such stores immediately capture the attention of their customers and provide a differential shopping experience for their customers?
One way is to integrate their shopping websites with chatbots to support purchasing and placing order process. Smart commerce experience can be shared with the customers using chatbots because of these functionalities:
1. Bots bring customers directly to the destination
page of their products and can also make recommendations based on the
requirements shared by the customers.
2.
Bots can be used for up-selling and cross-selling.
3.
Bots can collect information, needs, and feedback,
store them and use them for remarketing and retargeting strategies.
4.
Bots can advertise products based on consumer
needs and behavior whenever the customer revisits the website.
Using chatbots,
customer experience will be enhanced effortlessly and a sudden increase in
sales can be expected with very high ROI.
Intelligent processes in the back office
One of the most popular Automation processes is the Invoice process. Integrating back-office
processes like invoices, sorting mail and emails, opportunity scoring, with
automation and AI will make the entire workflow more efficient, accurate, and
less human intervention. With high-cost savings and low to zero errors, Hyper-intelligent
solutions are very optimum for back-office
workflows.
Also, employees
can be released from the manual, repetitive process and can be used for more
productive jobs which required analytical and decision-making skills especially
during these crisis periods.
Chatbots satisfying the customer experience
Chatbots and
automation processes can be integrated with most of the horizontal domains in
the business to improve the overall efficiency of the business and provide an
enhanced customer experience with limited efforts.
Chatbots can be used in marketing, commerce, and service systems
as quoted in the above sections of the blog. Even a chatbot in back-office
processes can elevate the customer experience. Wondering how? Generating bills,
completing the customer requests quickly without making the customers wait is
some activities that will make increase the customer experience.
Not only this, if
the chatbots can help sales representatives through CRM system or help other
employees by reducing their manual process and provide them with the necessary
information immediately, then the employee experience will increase
tremendously.
Employee
satisfaction is the key to enhanced customer experience. A happy employee will
think out of the box to serve his customers which are bound to make the
customers happy.
Every Process, every bot, or automation idea can make the business life easy for employees and customers. This will increase the overall efficiency of the business and lead to cost-saving and optimized business solutions. It is time to extract this potential to the maximum especially during these pandemic days.
