The Promise of Chatbots Automation in a Time of COVID 19 Crisis!
As the COVID-19 trend widens and lockdown constraints start to loosen worldwide, companies of all sizes and sectors are planning to grow in a post-pandemic age, one in which several of the traditional business models will no longer be applicable.
But, before the epidemic of COVID-19 overturned the world, risk management wasn’t the primary concern for many of us. But companies increasingly had to rapidly adapt to the global level of the epidemic, often in severe instances, to maintain their business, sometimes with reduced labor and diminishing profits. In this context, several employees turn to technology to address needs across the organization, from technology to customer support.
It is an appropriate moment to consider the potential of artificial intelligence, mightily if an organization is struggling with any of the following points:
1. Have the profits been adversely affected?
If a company seems unable to obtain its accounts receivable, its profitability would be adversely affected. When several companies and individuals face cash problems, the timely collection is more critical than before. For most enterprises, cash collection is a manual activity and will probably benefit from the improved production.
2. Has my Business Continuity Plan (BCP) succeeded as I expected?
Many BCPs are designed for local disasters, so they push back replicates the same human processes in another unaffected area. Few organizations expected that all places could be impacted by a global epidemic such as COVID-19. The current crisis is stirring up severe dust from the BCPs.
3. Has it been adequate to safeguard my cash flow?
A significant number of organizations rely on their citizens to sustain their cash flows. This interaction’s fault is becoming evident to many companies during the economic downturn, as offices and warehouses have been cleared. Large workloads were interrupted and undone.
4. Has somebody had a great customer experience?
How a company manages a crisis exists a lot longer in its clients’ minds than how it works the consumer when all goes right. Many businesses face growing volumes in the support department, which can have either an entertainingly poor or poignantly excellent customer service.
5. Has anyone missed the things that they have stopped doing?
One of the possibilities in a downturn is recognizing what is critical to the business – and what wasn’t. Under everyday situations, this can be difficult to determine ordinary conditions since everything appears to be regarded as business-critical. Nowadays, companies have made tough choices on which work is being done, which is not being done, enabling proper business-critical activities to float up. Businesses should take advantage of this opportunity by studying how they prioritize activities during a downturn or maybe, reducing the burden of certain non-business essential functions entirely—shedding light on the way things were done before COVID-19 struggled to take advantage of this critical learning process.
The present situation provides an opportunity to focus on these concerns and – in turn – to take practical measures to harness automation. ISG research indicates that only 7 % of businesses have made substantial contributions to their smart automation programs, suggesting that most organizations are likely to rely too heavily on people for their critical business processes. It also implies that they cannot make the sudden changes required to maintain in times such as these.
Here are logical steps to help you recognize and minimize threats in your business:
Evaluate the company systems because of the operations you have prevented and those currently happening:
Use it to give preference to what you optimize. Now automated, it doesn’t wait. Rising prices will tend to be too unpredictable for the next few years. Chatbots can be applied rapidly to ease tension and expectations on your human employees and can be scaled up quickly as demand increases. In systems that directly impact cash flow, consider a chatbot designed to take out what you owe and send an email to your outstanding debtors every day before payment has been made. The chatbot tracks the responses using natural language processing and updates the internal framework with the accurate info or forwards it to a person for proper follow-up. Then envision a chatbot that can call your clients and discuss early payment deals, so you’ll get the money you need to manage your activities. These are company procedures that can be quickly streamlined by a chatbot.
Remember not only the savings related to structural chatbots but also the more significant effect on certain company operations:
A current ISG user discovered that by automating a process that took just half of the assigned hours for a full-time employee (FTE), it also reduced manual error as much as possible and contributed to a 20 % reduction in service provider volumes or approximately 40 full-time workers over a week. The goal here is not savings but a decrease in work and a rising inability. If another ISG client streamlined a repetitive manual product delivery process via its website, which was only possible when workers were all in the office during working hours, more customer requests started to be fulfilled and quickly taken out of the door. It is no surprise that 7 % of businesses that have introduced automation focus on rewards other than savings from FTEs as a primary justification for chatbots.
Using chatbots to enhance and thus customize customer experience:
Using chatbots in your customer service will cut down on the time you have to spend with the client in both live and post-contact work by between 30 and 70%. Adding to that the opportunity to use conversational artificial intelligence (AI) to decrease the number of contacts entering the service desk during the first place, and you’re well on your way to counteract your personnel’s dependency and boost the user experience. Incremental capability in several RPA tools enables you to initiate operations using dynamic forms that could be used in applications such as applying for a loan or paying vacation as a consequence of a COVID epidemic, minimizing the amount from the call center without all the complications of creating communication journeys using a chatbot.
Ensure you incorporate these training and optimization plans into your BCP to assure that you can react quickly amid the next crisis:
A BCP should consider various off-site techniques, including virtual replication of staff by working-from-home (WFH) strategies and digital employees. WFH initiatives exploit human employees who rely on corporate-issued laptops working via home broadband networks. They are less efficient and more vulnerable to data breaches than corporate services – mainly in developing nations. A feasible alternative in the BCP is to set out plans to collaborate with a virtual team instead.
Article Contributed By:
Ravi Sharma, CEO of Webomaze – # 1 SEO Company in Chandigarh is a highly enthusiastic entrepreneur. He is a fun-loving person and a keen traveler who always hunts to find adventure in new places.