Are bots the new gold rush?

Don’t we all just love and want the latest technology craze, to be part of the buzz created by the latest gadget or tech? And isn’t it interesting how our personal preferences affect the decisions we make within business too, not wanting to be left behind, we sometimes invest in cool tech or software just because it’s the hype of the season?

Bot fever

The sheer number companies that have invested in bots as a new channel for customer service has the industry in a frenzy, comparing it to the likes of the goldrush. This is intriguing, as brands are not usually so quick and willing to experiment with customer engagement through a new channel.

Facebook reports that more than 33,000 chatbots have been created on its platform. Respondents in a study by Business Intelligence – when asked which emerging technologies they were using and which they intended to implement – had 80% say that they already use or plan to implement chatbots by 2020. In addition, 42% of participants stated that automation technologies will most improve customer experience within sales, marketing and customer service.

The reason for this may be because basic AI has become such an integral part of our lives. In fact, most people would find it difficult to imagine living without smart devices, informing us of how long it might take to get to work, the weather or what music we might like to hear.

So, with bot technology the ‘golden’ opportunity enabling us to do away with web and app communication interfaces, what does this really change and why should you care? Will bots make other customer contact channels redundant and how essential is it to invest in this new framework?

Fool’s gold?

Once gold is found, hundreds of thousands flock together to share in its delights. However, Fool’s Gold which invariably appears under the same conditions as gold, has often caused heartbreak with it being mistaken for the precious metal. With every other start-up claiming to be a bot expert, it’s not difficult to get caught up in the hype surrounding AI. But here’s the thing. Although natural language processing refers to one of the methodologies under AI, not all NLP technologies are classed equally. In fact, there are big differences between an intelligent FAQ search engine, chatbots and virtual agents.

Businesses wanting to include this technology in their customer experience strategy might first want to consider not ‘HOW’ to invest, but rather ‘WHY’.This whitepaper explores if a bot might be the right fit for your business or not.