What are Chatbots and Why are they Important?

October 21, 2018 

What are Chatbots and Why are they Important?

What is Chatbot?

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.

It is not necessary for the interactions with these Chatbots could be textual always, these interactions can be Voice and Image-based.

How does Chatbot 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

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

  • Bonobo.ai
  • 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

Chatbot Advantages

  • 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 a 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 can be saved and used to perform analytics and predictions.