Business Cost Cuts Of Up To By $8 Billion By 2022 Expected to Be Achieved By Use Of Chatbots

A surge in automated customer service programs as companies move to embrace artificial intelligence (AI) is anticipated by a new research which could end up by chatbots helping in trimming of business costs by more than $8 billion per year by the year 2022.

The market research study which was published Tuesday from analysis firm Juniper Research suggests estimated that all set to benefit most from the new technology are the health care and the banking industries that regularly need to manage large volumes of human interaction.

A total cost savings of up to $0.70 per interaction could be the result as predictions from the research suggest that within the next five years, between three-quarters and 90 percent of queries in these two areas of business will be dealt with by “chatbots”.

“We believe that health care and banking providers using bots can expect average time savings of just over 4 minutes per enquiry, equating to average cost savings in the range of $0.50-$0.70 per interaction,” the research company said.

The research also noted that despite the ability of chatbots to deal comprehensively with human problems is limited, at the present moment, they account for business cost savings of $20 million globally. And with just a 12 percent success rate in the healthcare sector, the rate of bot interactions – those interactions that are completed without relocation to a human operator, in that sector is quite low compared to the potential.

However, in the very near future, the ability of bots to deal comprehensively with human health care queries could increase to 75 percent with the development in technology, Juniper has mentioned in its report.

The research further suggests that more sophisticated health care diagnostics, such as monitoring and analysis of mental health, could then be included in the services available from chatbots.

In addition to a reallocation of resources to other business areas, developments in this space could result in improved response times, it is hoped, the report said. But the report also states that threats of jobs within certain sectors is undermined by this prospect.

“As artificial intelligence advances, reducing reliance on human representatives undoubtedly spells job losses,” the Juniper note stated.

AI would improve customer satisfaction and allow industries to concentrate on more “innovative and creative” tasks, said Accentia’s Head of AI and Emerging Technology, Leticia Kyoto, while speaking to the BBC Radio on Tuesday.

“(Customers) want an answer, they want their problem solved, and if a robot is helping that to happen faster and smarter they actually do enjoy that experience,” she said.

London is at present hosting an Artificial Intelligence summit which aims to look at how technology can improve the country’s productivity level and the research report comes while that events is on.

(Adapted from CNBC)

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