Xenonstack Recommends

What are Chatbots and Why are they Important?

Acknowledging Data Management
          Best Practices with DataOps


What are Chatbots?

It is a well-known fact that technology is evolving very fast. As a result, the range of technology increases day by day and results in low-cost computing. The technologies developing such as Machine learning, Deep learning, Natural language processing (NLP), and Big data analytics have provided a new speed accelerating fuel to Artificial Intelligence. As a result of which it is possible to implement conversational Interface Intelligently. These Intelligent (loaded with logical ML/DL models) conversational interfaces, which use Machine Learning, Deep Learning as their backbone. You can also learn more about Botnet in this insight. It is unnecessary for these Chatbots Applications always to be textual. These interactions can be Voice and Image-based.

Chatbots are a competitive advantage because they generate leads and respond to questions all the time. By interacting and providing answers in real-time.

Source: How To Use Chatbots To Grow Your Business

Chatbots or Automated Intelligent Agents

  • These are the computer program you can talk to through messaging apps, chat windows, or voice calling apps.
  • These intelligent digital assistants resolve customer queries in a cost-effective, quick, and consistent manner.

Why Are Chatbots Essential For Business?

Chatbots are critical to understanding changes in digital customer care services provided and in many routine queries most frequently asked. Bots are useful in a certain scenario when the client service requests are specified in the area and highly predictable, managing a high volume of similar requests, automated responses.

What are the Features of Chatbots?

Listed below are the various features of Chatbots.
  • Conversational Maturity: Beyond everyday understanding and interaction, a great chatbot has specific natural language processing ( NLP) capabilities to understand the context of a multi-lingual conversation. It can also define the intention of a question – what is needed – to provide a useful first answer and suggest options for confirming or clarifying intent. The best bots have advanced conversational capabilities and can proactively search for details, and even if the dialog is not linear, they can ask clarifying questions.
  • Omnicapable: For a smooth experience, the chatbot converses seamlessly through various digital platforms and maintains data and meaning. If necessary, even passing that information on to a live agent in the best cases.
  • Emotionally Intelligent: During an interaction, the chatbot can infer customer personality traits and understand feeling and tone to deliver a personalized experience or, where necessary, escalate to a live agent.
  • Free to Explore: The chatbot can reach, consume, and process vast amounts of data — both structured and unstructured — to gather relevant data from any source to solve customer problems quickly.
  • Pre-Trained: Without human intervention, the chatbot can execute complex reasoning. An excellent service bot, for example, should be able to infer solutions based on the relevant case history.
  • Autonomous Reason: The chatbot is pre-trained to understand information and words unique to the brand or industry. Perhaps better, addressing rising customer requests from a specific sector is pre-configured.

Read more about the 3 Best RPA Tools for the Right Robotic Process Automation.

How Does A Chatbot Work?

  • Knowledge Base - It contains the database of information used to equip bots with the information needed to respond to customers' requests.
  • Data Store - It contains the interaction history of a bot with users.
  • NLP Layer - It translates user's queries (free form) into information that can be used for appropriate responses.
  • Application Layer - The application interface is used to interact with the user.
Bots learn each time they interact with the user trying to match the user queries with the information in the knowledge base using Machine Learning.

How does Chatbots work?

Design a perfect architecture with all the components rightly placed in it. After that, decide on architecture. The critical elements of the architecture are -

  • Conversational UI (Face of the bot)
  • Speech to text converter (Ear of the bot)
  • Text to Speech converter (Mouth of the bot)
  • Bot logic model (Brain of Bot)

Why Chatbots matter?

  • By the year 2022, over $8 billion in cost savings are expected in the banking industry, with Chatbots expected to save banks between $0.50 and $0.70 per interaction.
  • Bank of America, JPMorgan Chase, Capital One, MasterCard, and American Express are just a few banks that have implemented bots.
  • Original research by DigitasLBi conducted by Harris Poll showed that more than 1 in 3 Americans would be willing to purchase a bot. Consumers spend an average of $55.80 per purchase.
  • Chatbots substitute for significant and expensive call centers while providing 24/7 support. Bots remove the tendencies for human errors since Artificial Intelligence doesn’t have a bad day and takes it out on your customers by shouting at them halfway through a support call.

Natural Language Processing (NLP) is “the ability of machines to understand and interpret human language the way it is written or spoken.” Source: NLP Techniques and Applications Overview

How to Adopt or Use Chatbots?

Machine learning, Deep learning (both require training of the model), and Natural Language Processing are the indispensable components of any bot architecture that requires the following components mentioned in the architecture.

Components to adopt the usability of Chatbots

The main components which should be essential to adopt a Chatbot for using it are -

  • Train the bot
  • Conversational UI

Training the Bot - Machine Learning and Deep Learning techniques work on the model's training, which conceptualized with the following diagram's help.

Conversational UI - To accurately implement a UI to support a bot, one has to consider the following factors divided by three categories, which are the pillars of a conversational UI -

  • Users features
  • Agent features
  • Tasks features

Benefits of Enabling Chatbots Applications

  • Increase availability time and response time as bots are supposed to work 365 days a year, 24 hours a day without any pay.
  • These bots are exquisite weapons to tackle three main V’s of big data: Volume, Velocity, and Variety.
  • Chatbots are tools that can also be used to know and understand a respective company's customers.
  • After having top advantages, it also has a superior power that it has a low maintenance cost.
  • The data generated by Chatbot Applications can be saved and used to perform analytics and predictions.

Best Practices of Chatbots

  • Graphical Botflow
  • Fluid Conversation
  • Rich & Interactive content
  • Natural Language Processing
  • Supervised learning
  • Human handover
  • API Integration
  • Language Support

Read more about Artificial Intelligence Overview and Applications.

Best Chatbot Tools and Applications

Use frameworks related to ML/DL such as Tensorflow, Keras, etc. Specific tools for the particular purpose of designing a Chatbot divided according to functionality.

Chatbot Prototyping Tools

  • BotSociety
  • Botmock
  • BotPreview
  • Both frame

Chatbot UI Kits

  • Bots UI Kit
  • Layer UI Kit
  • ConvoInterface

Chatbot Frameworks

Chatbot Marketing Tools

  • Bonobo.ai
  • Fred

Chatbot Summits Tools

  • Chatbot Summit
  • ChatbotConf
  • Botness
  • Talkbot

Chatbot Monetization Tools

  • RadBots
  • Waves
  • Waylo

Chatbot Job Platforms

  • Botunity
  • BotJobs
  • Botified
  • Botgig

Concluding Chatbots

Chatbots proposes solving a complex technical problem and creating a machine that can certainly mimic human interaction and intelligence. In reality, this is a version of the so-called Turing test, which tests whether a computer (or any other machine) has the ability to display human characteristics and intelligence. In building bots that frequently come close to moving the Turing test, engineers can create better user experiences and drive vital value for a diverse range of businesses. To know more about chatbots, you are advised to look into the below steps:

Related blogs and Articles

Overview of BizDevOps Architecture, Tools and Benefits

Service Design

Overview of BizDevOps Architecture, Tools and Benefits

What is BizDevOps? BizDevOps is a software development approach that promotes everybody to work together to increase revenue. The ability to take an idea that was conceived by the business. It produces value from that software idea. BizDevops next deploys it to clients to make them understand the significance of the conceived idea. When the developer team and operation team work together with...