ChatGPT may be synonymous with conversational AI tools, but there are many other options available to businesses who want to leverage this technology to secure a competitive advantage in the market.
By emulating human-like conversations, conversational AI platforms can facilitate a myriad of business processes, ranging from customer service to internal operations. In this article we provide an exploration of some of the top conversational AI platforms on the market, so you can find the solution that will position your business at the forefront of your industry, driving growth, efficiency, and a superior customer experience.
Why should businesses consider conversational AI tools?
Many consider ChatGPT to be the quintessential conversational AI solution, offering AI accessibility to all through a simple chat interface. However, there are many other options available that can allow businesses to leverage machine learning and natural language processing capabilities through conversational platforms.
Businesses can choose to use an off-the-shelf conversational AI platform such an ChatGPT or use a more advanced software tool to build a custom virtual assistant, chatbot or other conversational AI platform to meet their needs. Regardless, when businesses make use of a conversational AI platform, they can expect to see the following benefits:
- Easy access to information: At their core, conversational AI platforms use natural language understanding to mimic a human conversation. Employees can use these tools internally to quickly sift through vast repositories of data by asking a simple question in natural language.
- Improved customer satisfaction: When deployed in a customer-facing environment, a conversational AI platform can offer real-time interaction 24/7 that is tailored to individual customer needs. This high level of service afforded with artificial intelligence technology can not only increase customer engagement but also foster brand loyalty.
- Increased revenue: Streamline customer interactions, automate conversations and guide customers effectively through the sales funnel ith the help of a conversational platform. With conversational interfaces handling customer interactions in a streamlined manner, businesses can ensure a smoother customer journey, leading to increased conversion rates and, consequently, increased revenue.
- Competitive advantage: Companies that employ the best AI technologies that cater to their unique industry and business needs often have a competitive edge. Conversational AI platforms, with their capacity to provide personalized, efficient service both internally and externally, allow businesses to differentiate themselves from their competitors.
- Data-driven insights: Enterprise conversational AI platforms can help teams harness the power of AI to analyze complex data from customer interactions. The insights derived from this analysis can be invaluable for businesses, informing strategic decision-making and aiding in the development of more targeted marketing strategies, product improvements, and service enhancements.
Top 5 Conversational AI Platforms
The conversational AI tool market is diverse, offering solutions that range from open access, all-purpose AI chatbots to custom, conversational AI platforms that are built and trained on business-specific data. It's essential for businesses to choose a conversational AI platform that aligns well with their specific needs, budget constraints, and tolerance for time-to-launch. To assist in this decision-making process, we've compiled a list of five leading conversational AI platforms:
ChatGPT
AI chatbot developed by OpenAI that revolutionized direct, public access to large language models through natural language.
What you need to know:
- Built on top of OpenAI's GPT-3.5 and GPT-4 foundational large language models
- Has been fine-tuned using both supervised and reinforcement learning techniques
- Crossed 1 billion users in March 2023 and has a growing set of plugins that extend its functionality
- Used in many custom software solutions
Kore AI
Leading enterprise conversational AI and intelligent tool that provides timely, personalized service experiences to an enterprise’s customers and employees.
What you need to know:
- Suite of tools available for Experience Optimization (XO), Customer Experience Optimization (CxO), and Employee Experience Optimization (ExO)
- Provides project implementation services to help enterprises design, develop, configure and optimize their conversational AI platform to avoid business disruptions
Omilia
Conversational AI platform software designed to enhance customer service fulfillment by providing access to virtual assistants, conversational chat platforms, and insights into customer support data.
What you need to know:
- Pretrained for financial services, insurance, retail, utilities, and food service industries
- Integrated with the biggest contact-center-as-a-service (CCaaS) providers and messaging platforms to expedite go-live timelines
Avaamo
Platform that allows enterprises to quickly deploy AI virtual assistants that deliver industry-specific customer and partner support.
What you need to know:
- Virtual assistants have built-in conversational AI technologies, deep integrations, and feature enterprise-wide security, compliance, and data encryption
- The company is investing in integration with GPT and other LLMs to provide natural language understanding within conversational AI solutions
- Designed to meet strict HIPAA compliance requirements
Boost AI
Conversational AI platform that provides enterprise-level automation for customer support and sales teams thanks to its multi-lingual support, virtual agent tool, and simple implementation.
What you need to know:
- No-code integration tools available to help business-focused teams launch their conversational AI technology faster
- Custom conversation AI platforms can be built in just a few days
What technologies enable conversational AI platforms?
With a variety of conversational AI platforms available on the market, understanding their practical applications becomes crucial for businesses seeking to leverage this technology. While their potential applications are vast, they can be particularly transformative in areas such as:
- Customer support: One of the most common uses of a conversational AI platform is in customer support. A conversational AI platform like chatbots can provide instant, round-the-clock responses to customer queries, resolving common issues without human intervention. This not only improves customer satisfaction but also reduces the workload on human customer support teams.
- Sales and marketing: A conversational AI platform can play a vital role in guiding customers through the sales process. It can provide personalized product recommendations, promote special offers, and upsell or cross-sell products or services. Moreover, the data the tool gather can help businesses refine their marketing strategies and make informed decisions.
- Booking and scheduling: In industries like hospitality, healthcare, and services, conversational AI can automate the process of booking appointments or reservations. This improves efficiency, reduces the likelihood of human error, and provides a seamless experience for customers.
- Data analysis: By analyzing customer interactions, a conversational AI platform can provide valuable insights into customer behavior and preferences. These data-driven insights can inform strategic decision-making, helping businesses enhance their products, services, and marketing efforts.
- Internal operations: Apart from customer-facing roles, a conversational AI platform can also be used to automate internal operations. This includes tasks like managing databases, providing quick responses to employee inquiries, or assisting with HR functions, thereby improving overall operational efficiency.
Conclusion
In today's competitive AI in business landscape, leveraging conversational AI tools has become crucial for organizations aiming to gain a competitive advantage. By harnessing the capabilities of conversational AI, businesses can streamline operations, enhance customer experiences, and differentiate themselves in the market. Choosing the right conversational AI platform that aligns with their requirements will empower organizations to stay ahead of the curve and drive growth in 2023 and beyond.
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