Chatbots Applications and Benefits - XenonStack

What are Chatbots?

It is a well-known fact that technology is evolving very fast. As a result of which the range of technology is increasing day by day as well as resulting in low-cost computing. The technologies developing such as Machine learning, Deep learning, Natural language processing (NLP) and Big data analytics have been providing 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 are known Chatbots which use Machine Learning, Deep Learning as their backbone. You can also learn more about Botnet in this insight. It is not necessary for the interactions with these Chatbots Applications could be textual always, these interactions can be Voice and Image-based.

Chatbots or Automated Intelligent Agents

  • These are the computer program you can talk to through messaging apps, chat windows or through voice calling apps.
  • These are intelligent digital assistants used to 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 that are most frequently enquired.

Chatbots 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.

How Does A Chatbot Work?

  • Knowledge Base – It contains the database of information that is used to equip chatbots with the information needed to respond to queries of customers request.
  • Data Store – It contains the interaction history of a chatbot with users.
  • NLP Layer – It translates users queries (free form) into information that can be used for appropriate responses.
  • Application Layer – It is the application interface that is used to interact with the user.

Chatbots learn each time they make interaction 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 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 matters?

  • By the year 2022, over $8 billion in cost savings 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 Chatbots.
  • Original research by DigitasLBi conducted by Harris Poll showed that more than 1 in 3 Americans would be willing to purchase a Chatbot. Consumers spend an average of $55.80 per purchase.
  • Chatbots substitute the need for significant and expensive call centers while providing customers with 24/7 support. Chatbots remove the tendencies for human errors since Artificial Intelligence doesn’t have a bad day and take it out on your customers by shouting at them halfway through a support call.

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 Chatbot architecture 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 training of the model, which conceptualized with the help of the following diagram.

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 –

  • Features of the users
  • Features for the agent
  • Features of the tasks

Best Practices of Chatbots

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

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
  • Botframe

Chatbot UI Kits

  • Bots UI Kit
  • Layer UI Kit
  • ConvoInterface

Chatbot Frameworks

  • Bottr
  • BotEngine
  • Microsoft Botframework
  • Botmaster.AI
  • ParlAI
  • Caffe 2

Chatbot Marketing Tools

  • Fred

Chatbot Discussion Forms

  • Open Chatbot
  • Bot Exchange

Chatbot Summits Tools

  • Chatbot Summit
  • ChatbotConf
  • Botness
  • Talkbot

Chatbot Monetization Tools

  • RadBots
  • Waves
  • Waylo

Chatbot Job Platforms

  • Botunity
  • BotJobs
  • Botified
  • Botgig

Benefits of Enabling Chatbots Applications

  • Increase availability time and response time as Chatbots 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 which are Volume, Velocity, and Variety of data.
  • Chatbots are the tools which can also be used to know and understand the customers of a respective company.
  • 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.

Concluding Chatbots

Chatbots propose is to solve a complex technical problem, how to create a machine that can certainly mimic human interaction and intelligence. This is, in reality, 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 chatbots that come frequently 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 below steps: