Gartner predicts that by 2025, 50% of knowledge workers will use a virtual assistant daily, up from 2% in 2019. It is a pretty bold prediction considering Virtual Assistants and Chatbots have been around for a while and have up until now left a lot to be desired in terms of mimicking natural human behavior. That being said, Gartner isn’t known for pulling numbers out of thin air, and the prediction could probably be due to the fact that the virtual assistants we see today are unlike any Chatbot or Conversational UI of the past.
Modern AI Assistants aren’t limited to structured data and can use semi-structured or even unstructured data to provide valuable insights and recommendations. Additionally, as opposed to the primary decision tree rules of the past, modern AI assistants rely on deep learning, semantic technology, intelligent process modeling, optical character recognition, and a host of other AI capabilities to make complex decisions, much like a human would. Unlike humans, however, AI assistants work tirelessly on infinite volumes of data without losing any efficiency, accuracy, or speed.
There are several additional advantages to having an AI assistant on your team. For example, in customer service teams, AI assistants help tackle the high volume, repetitive questions that customers ask, allowing customer service representatives to focus on the more complex or critical tasks that require human judgment. A good example is the Turabit CX AI Assistant which has already had over a million engaged conversations with customers and boasts an 88% increase in CSAT and ESAT as well as an impressive ROI of $3-$4 for every $1 spent. It also features an NLP and AI-Driven conversational experience that resolves support requests autonomously over the phone.
Real-World Applications and ROI
In the case of The Construction Store (TCS), an online store for construction and home improvement equipment that was looking to extend its user base as well as its customer service capabilities. Adopting Turabit’s CX AI assistant helped them achieve 24/7 customer support overnight (as this feature is provided out-of-the-box) and helped the organization generate new leads, 85% of which led to increased revenue. Additionally, TCS also reported a 90% auto-resolution rate and a 70% reduction in the time it usually takes to respond to customers.
Another interesting example is the case of Gujarat University, one of the largest Universities in India, catering to over three hundred thousand students across 235 different colleges. It isn’t hard to imagine the nightmares associated with administration with volumes that size, especially when it was all being done manually. By adopting Turabit’s Smart AI Assistant, Gujarat University implemented immediate self-service support for the majority of queries. It also reinforced the admission support system with a chatbot that provides information related to admissions and courses. Additionally, the Turabit Smart AI Assistant also helps students write resumes, apply for jobs and prepare for interviews with an ROI of 3$ for every $1.
Now while AI assistants are quickly revolutionizing the way enterprise organizations respond to any service request or inquiry from customers, partners, or employees, the clincher is that it’s a much cheaper option than human employees. Using the customer service example again, in addition to agent salaries and employee benefits, we’re looking at several day-to-day costs that include licensing fees for desktop platforms, overhead costs, hardware, and, most importantly, training. Add to all that the customer service industry has the highest attrition rate, and you’re essentially looking at repeated expenditure on training and re-training.
In such a scenario, the advantages of an AI Assistant are twofold, not only does it reduce attrition and make the workplace more endearing by reducing repetitive and tiresome tasks, but it also increases productivity without the need to hire additional staff. To quote Tushar Dudhat, IT Head of UpRizeNow (a human cloud platform),” Turabit’s Service Desk AI Assistant has helped our employees resolve over 45% of IT Level-1 issues within seconds thereby increasing our employee productivity and reducing Service Desk support need by 30% to 40%, making my team and employees extremely happy.” UpRizeNow reported an ROI of 4$ for every 1$ spent on Turabit’s Service Desk AI Assistant.
Versatility across industries
Many people refer to the new age of virtual assistants as VxA, where the x is a variable that can be replaced with any industry across the planet. These AI assistants are versatile and can be programmed for virtually any task that follows business rules. Even in Human Resources, the last place you would expect to see an AI Assistant due to the personal nature of this industry, we’re already seeing a number of HR bots being implemented to do everything from screening potential applicants to onboarding new employees. With AI assistants all set to disrupt industries at an unprecedented scale, the time to maximize your ROI with Turabit’s AI Assistants is now!