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How AI is empowering the world around us and what CEOs have to say about it

  • 5 mths ago

We are in an era where AI is gradually introduced in all the sectors, be it businesses, gaming, gadgets, sports, farming, medical, or health tech. 2021 is around the corner and we are all set to enter into a new year. To cherries the last month of 2021 we had an interaction with founders, and CEOs of several companies from different sectors to understand how AI is empowering the world around us and what will be the future. 

In a conversation Gaurav Singh, Founder, and CEO, Verloop told us, AI or rather Conversational AI has been dynamically changing the way brands connect, interact and engage with their customers. It helps organizations meet customer demands – be available 24×7, respond quickly, personalize the interaction, and most importantly, provide options for customers to choose their channel and language of communication as per their convenience. There are four essential elements of Conversational AI, namely Machine Learning, Natural Language Understanding, Automatic Speech Recognition, and Text-to-Speech and Speech-to-Text. Using these elements, Conversational AI interacts with customers through chatbots and voice bots and enhances their experience. With the help of these contextual, natural conversations, customers can find relevant information, resolve queries, transact, track orders, and so on.

Another advantage of using Conversational AI is that it offers a consistent experience across channels. Most customers don’t like to hold or wait for long to connect with an executive to resolve their query. Conversational AI plugs the need gap in this regard by offering a fast response along with adding a personalized touch. For a lot of customers, personalization is an important consideration. With the help of AI-powered customer service, brands are able to maximize their customer satisfaction scores. It is a proven fact that satisfied customers are more likely to offer repeat sales. Not only is conversational AI a cost-effective tool for customer satisfaction and retention but also helps in maximizing sales. 

As these chatbots continue to evolve, conversational AI is also now moving towards adopting voice-based assistance. The market for voice assistants is growing rapidly as it helps consumers to move towards hands-free mode and allows them to multitask.

Gautam Virk -Co-Founder & Chief Operating Officer at NODWIN Gaming expressed his views saying, “AI for long has been in use to create highly complex, responsive and adaptive non-player characters that can match or surpass human intelligence. While that's the case for most RPGs and other story-based games, AI in esports is used in various other aspects.”

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