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Everybody from Microsoft CEO Satya Nadella, Google CEO Sundar Pichai to Facebook co-founder Mark Zuckerberg have touted chatbots as the next big thing in the world of technology. Chatbot is a type of conversational agent, a computer program designed to simulate an intelligent conversation (through artificial intelligence) with one or more human users via auditory or textual methods. Chat bots are used in applications such as ecommerce customer service, call centers and Internet gaming. Chat bots used for these purposes are typically limited to conversations regarding a specialized purpose and not for the entire range of human communication.
Potential: Chatbots as a concept is going to evolve and become meaningful. They will create more opportunities for new companies to explode from nothing into prominence. They will create many new business strategy opportunities. Chatbots have already been incorporated in some popular messaging services such as China's Wechat. Tech giants like Microsoft and Google are also working to bring this technology to their platforms. Chatbots will bring the revolution in online and consumer-based industries which deal in the product and service sectors where millions of customers, buyers and sellers interact with limited sales or service executives to resolve their basic queries. Successful customer service teams will soon be a blended alliance of chatbots and human experts.
Indian context: But back home, popularity of chatbots could lend a significant blow to the Indian Business Process Outsourcing (BPO) industry. Chatbots, are making their debut on Facebook, Google and Skype and function as robotic customer service representatives for a host of companies such as taxi, e-commerce, news, weather etc, and are increasingly being deployed globally and in India. Given that they can take over traditional customer service functions, chatbots could spell significant loss of revenues for BPO firms along with leading to erosion of low-end jobs. While there are no exact estimates, experts peg low-end jobs to be anywhere between 5-6% of the overall revenues of the BPO industry which stood at $28 billion. While the concept is still in its infancy, rough assumptions would suggest that the scope for automation would be 5-6% of the total $28 billion industry out of which domestic BPO is between $2-3 billion. It would hit the commoditized basic tasks the first and the hardest.
A few years ago, a majority of the voice business of the Indian BPO industry moved to countries such as Philippines due to availability of cheaper and better talent. The industry captains recouped after the initial blow by moving to high-end tasks such as data analytics. As technology evolve, transactions will become more complicated and need for human intervention will arise for different kind of jobs.
It is too early to predict the serviceableness of chatbots in the industry because it is based on AI which works on the simulation of available words and sentences in a dictionary which is far behind human intelligence. Artificial intelligence isn’t equipped to deal with more complex or more nuanced situations that customers face on a daily basis. So although it’s perfectly fine to get excited about bots, it’s also critical to remember that the main reason people love messaging is because of the human being on the other end. The need for human interaction is innate and won’t be replaced any time soon. Creating meaningful engagements that breed long-term connected relationships is crucial to driving loyalty, which in turn delivers its own business benefits. Chatbots don’t spell the end of human customer service agents, quite the contrary. The introduction of chatbots provides an opportunity to refocus on true quality service and delivery.
Eventually, chatbots will be omnipresent but initially, they will be less than perfect. AI has many linguistic and sentiment-oriented programming requirements. Those requirements are going to be different in various regions of a country like India so a universal chatbot that covers the world with glory will be several years away.
Practice Question: Chatbots are taking the customer engagement world by storm. Are chatbots the future of online businesses? Comment
By: Dr. Vivek Rana ProfileResourcesReport error
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