Five Predictions On The Impacts Of Conversational AI In The Coming Year

Post written by

Ram Menon

Ram Menon is the Founder and CEO of Avaamo, an AI enterprise software company.

Artificial intelligence is, without question, a hot sector of the tech economy. Based on the “Artificial Intelligence Investment Monitor 2017” report by ABI Research, which looks at artificial intelligence (AI) investments, trends and developments by country, investors spent $4.4 billion on AI startups in the U.S., with a global increase of 150% from 2016. A considerable part of this uptick is likely the market for conversational AI, a system where computers can talk to humans in lifelike ways.

As the founder of an AI enterprise software company, I have noted that one of the biggest adopters of conversational AI is enterprise, which looks to both cutting costs and freeing human employees to take on more time-intensive tasks that are easily automated.

A report by McKinsey found that “While few occupations are fully automatable, 60% of all occupations have at least 30% technically automatable activities.” An essential component of this automation will be conversational AI-powered applications that span workflows, customer service, the supply chain and mundane parts of business operations.

With the widespread adoption, conversational AI is poised to change many facets of our lives -- how businesses interact with customers, how packages are shipped, how patients access health care. I believe many of those changes will be felt in earnest in the coming year. Here are few of the most significant:

1. Services like Alexa will become ubiquitous.

Services like Alexa are still a novelty as we wrap up 2018. People are still laughing about asking these voice assistants inappropriate questions.

In the coming year, I predict voice assistants will take over consumer tech and business and become part of everyday human-computer interactions. Conversational AI will be as much a part of our routine as the browser. Voice interfaces will be embedded in our lives, and the novelty factor will wear off.

2. Conversational AI will execute business processes.

Conversational AI started as something task-based: “Alexa, please buy me some soap.” In the upcoming year, I envision interactions between virtual assistants and humans will become continuous, especially in the enterprise.

Virtual assistants may soon be able to answer claims inquiries, execute medial diagnostics, prepare insurance quotes, troubleshoot your computer or help with changing your phone plan.

3. Conversational AI will put a ‘human face’ on automation.

I am seeing signs that, in the coming year, large companies will add virtual assistants to their user experience -- on both websites and mobile apps.

Automation, so far, has been presented as a monolith “march of the machine.” But virtual assistants can actually put a human face on this automation revolution with almost human-like emotions and qualities and the ability to understand and respond with empathy.

4. Every brand will have a ‘voice.’

Take a look at how technology has changed companies in the 21st century. First, brands sought an online presence. Then, they found an e-commerce presence. Now, I predict brands will strive for a voice presence.

Brands will likely have a website with a component that allows for human-computer interaction using conversation. As this shift occurs, voice assistants will move forward from switching on the lights to executing business transactions and voice-enabled business processes.

5. Conversational AI will help remake service desk, health care and insurance processes.

Industries that have struggled to provide excellent customer service -- particularly via telephone or computer -- will be changed for the better in the coming year, based on my predictions. For starters, companies will be able to cut costs on their service desks and still provide better service to customers. Virtual assistants will increasingly handle mundane tasks like password resets and checking balances on bank accounts once handled by people, freeing human service for higher-level jobs.

Patients may eventually be able to easily make appointments and locate the correct medical provider. They may track medication use and report symptoms and even ask a voice assistant if they should seek medical attention. Insurance can also be improved with conversational AI. Insurers may no longer need to ask consumers to navigate a confusing website or fill in lengthy questionnaires. Instead, a virtual assistant could be programmed to walk you through the enrollment process.

Don’t Jump Too Soon

As a business, one critical component of adopting conversational AI is making sure that you and your employees are up to speed on technology. It’s also important to partner with a company that is evolving with the industry.

There are still many companies stuck in the thinking that a “bot” is the answer to all of their business problems, but a basic voice service that executes simple commands won’t help your business evolve. You need to adopt a conversational AI system that can mine your data -- even data in legacy systems -- and learn how to best solve consumer and business challenges.

Every day, we read about the promise and potential of artificial intelligence to change how we live, how we are healed, how we conduct business and how we shop. The novelty factor will eventually fade, and it will then be about the smart and practical applications of AI for solving challenges.

Embracing conversational AI early -- before it is an expectation -- will position you for success and the even greater technological shifts ahead.

