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Why Are Bots Beneficial For Businesses?

Bots have become a crucial part of online business, especially those involved in tech. They prove helpful in handling simultaneous queries of different departments such as customer service, IT support, etc.
According to a source, in 2019, Marks & Spencer saved £2 million in expenses by using a virtual assistant. It helped to resolve customer issues during online shopping. Likewise, many other businesses have saved money, time, and effort.
 
Simultaneously, unlike humans, bots provide instantaneous responses at any time of the day. Besides this, they offer many other benefits such as high patience, consistency, recording answer, programmability, personalisation, high sales, enhanced customer service, etc.

5 Most Valuable Benefits of Bots

  • 24-Hours x 365-Days Availability

Bots are the most significant solution against waiting in queue to connect with a customer service representative on call. Moreover, humans may respond to a solution after verifying the details. However, a BOT comes with in-built programming, and therefore, provides quick responses.
As per a source, customers expect businesses to remain open throughout the year, which means 24-hours and 365 days. However, businesses incorporating customer service personnel fail to meet this criterion.
On the other hand, tech and non-tech organisations using a BOT do offer the all-around solution. Hence, they achieve more significant sales, customer satisfaction and lower the inbound calls related to a standard product or service issue.
 

  • Cost Saving Solution

Another reason for employing bots is that they offer cost-saving solutions. Startups with a limited budget can recruit a minimal workforce in customer service, IT, HR, and other departments.
However, the human inquiries related to these teams don’t diminish as the customers and workforce keep increasing. Under such circumstances, bots provide a cost and time-saving solution.
Moreover, they even diminish the requirement of hiring additional team members in different departments. According to Juniper Research, UK industries would save more than $8 billion in the current and next year by employing bots.
Also, the cost of building and deploying bots for serving different queries becomes negligible compared to human training and recruitment costs.
 

  • Offer Personalized Services

Chatbots store customers’ digital footprints, such as purchase and search history, preferences, etc., to offer personalised products or services. For examples, a few companies employ bots in quizzes and engage customers with the quiz too.
Therefore, artificial intelligence-driven BOT recognises customer preferences and can provide real-time offers. The personalised experience increases the chances of buying on a particular app or a website. 
Hence, it increases the overall revenue of the organisation with human intervention only required for programming. Moreover, such an experience increases the customer’s loyalty towards the brand and its products or services.
Bots even provide personalisation by viewing interaction history. However, many companies have started improving this area of chatbots for offering better-personalised experiences to customers.
But chatbots deliver a better-personalised experience compared to customer service specialists. It is because they can access and iterate the customer interaction instantaneously as opposed to humans. 
 

  • Increase Customer Satisfaction

Whether it is a ticket to the IT department or a customer searching for a frequently answered question (FAQs), it requires instant resolution. Unfortunately, the turn-around-time (TAT) of such problems can increase with growing tickets or queries.
However, employing bots to provide answers to FAQs, common technical problems, HR queries, etc., can increase human satisfaction. Many companies have started using IVRs on phone calls to select the desired department or answer a personal query.
For example, loan companies with bots provide the best options for 100% guaranteed loans or other customers’ options. The proactive response increases the chances of borrowing money online.
Likewise, travel and hospitality startups with a limited workforce employ chatbots for answering queries in different languages. Therefore, the customer becomes more satisfied with the company because the latter has a caring attitude.
 

  • Diminish Human Errors

The most crucial point of using a chatbot for your organisation is that they offer utmost accuracy depending on human programming. Therefore, the chances of human errors during online conversations completely diminish.
 Additionally, with no human errors, the social trolling of an organisation becomes negligible. As a result, the company maintains its positive market reputation in the online community. 
Moreover, accuracy through chatbots helps to reduce customer phone inquiries about products or services.
Furthermore, error-free communication helps to build long-lasting customer relationships and cross-company sales targets. Besides this, accuracy in information also increases customer trust.
In addition to this, chatbots help to create a hybrid customer experience. At times, the bots might not recognise customer query. Therefore, customer service intervention and interaction becomes inevitable for every organisation. 
Moreover, such instances help to improve the bot capabilities in the long run. Live chat is another tech solution employed that helps to sustain a hybrid customer experience. Besides this, bots also create an engaging environment with the user.
Companies have started using bots to provide a memorable experience to the users besides offering responses to commands and questions. According to a source, bots also enable reaching an untapped market of new customers.
For example, Facebook Messenger and Kik app reach out to customers using bots. These include customers that don’t reach out to the organisation using a phone call or an email. 
Moreover, a Telus International survey revealed that thirty-eight per cent of millennials provide feedback every week through social media.
 

Description

Bots offer five significant benefits to all business. These include full-time availability, cost-saving solution, personalised services, increased customer satisfaction, and diminished human errors.

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