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IAC London 2016 Day 1 – Pioneering the 4th Industrial Revolution

By Gianandrea Gaetani, Junior Knowledgebase Engineer

With all the talk revolving around the convergence of Artificial Intelligence, the present and future implementations of Intelligent Agents, Robotics, identity and biometrics, quantum, nano bio tech, and 3d printing, the Intelligent Assistants Conference held in London on the 26th and 27th of April left participants debating where we all stand in tech matters. Is it too soon to talk about the 4th Industrial Revolution just yet?

Whether we want to believe it or not, businesses today are left to navigate the chasm in an ever changing digital world. Digital and biological worlds tend to get closer with every passing year and static businesses and websites seem to be coming alive through the implementation of Intelligent Assistance.

As the Channel Owner of Swedbank, Martin Kedback, stated, in our present day, people are engaging with companies like never before. Users seem to now be logging into banking services through mobile devices 21.4 times per month on average. This data calls for a re-design of the way businesses interact with their customers. There is a strong demand for new channels of interaction that has not yet been fully addressed effectively. There is a need to hyper personalize customer experience and deliver it to the users in a quick, trustworthy and efficient way. We live in a world where the very use of our technology will be moulded by a level of hyper personalisation that can only be achieved through Intelligent Assistance.

We now live in a place where the instant access and sharing of information can determine the success or failure of an enterprise. Virtual Assistants will be playing a key role in this personal information economy. These implementations will not only have to be proficient at managing knowledge, but will also have to guarantee an increasing degree of trust, security, and satisfaction.

As silos of information everywhere are opening up to create a wider and faster world, there is a need to establish ways to effectively respond to the task at hand. The new “quick and cheap” chatbot trend seems to be providing a solution that does not guarantee any sort of satisfaction and security in the long run. These unstable solutions and a sharp 57% increase in the number of IA companies trying to enter the market today seem to be calling for the establishment of “best practice” in terms of virtual assistance. The need to respect norms of human behaviour such as permission, respect, mutual value, and trust, must be met with efficiency and security by virtual agents.

Intelligent Assistants ConferenceDuring the first day of IAC London 2016, the team members attending from Creative Virtual really felt the need to address two questions: Where do we stand, and where are we going as a global company? As our Founder and CEO, Chris Ezekiel stated, our expertise in knowledge management, agility, compatibility, technology, and the wealth of having an experienced team with an open mind, will push Creative Virtual to stay at the very top of this evolutionary wave. With regards to the future, during the Executive Summit panel, Chris pushed forth the idea that “we see the personal and commercial assistants converging in the future”. It is this mentality that makes Creative Virtual a leader in the field of Virtual Assistance.

Be sure to follow Creative Virtual on Twitter for more from Day 2 of IAC London 2016. Not able to attend the event but want to know more about our innovative virtual agent technology? Contact us to learn more!

I Have Live Chat. Why Do I Need an IVA?

By Karen McFarlane, VP of Marketing (Americas)

Great question and glad you asked! The answer is quite simple. To start, think about why you employed live chat in the first place. Was it to:

  • Reduce volume to your contact center?
  • Provide online customer assistance?
  • Increase customer loyalty and reduce barriers to engagement?

All of the above reasons have significant monetary benefits – reduced costs, higher retention, increased sales – and demonstrate that live chat is a wise investment. In fact, a Forrester survey showed that “44% of respondents said that having a live person answer their questions while they were in the middle of an online purchase was one of the most important features a website could offer.” This is a great stat., but how can you make live chat work better?

Another great question! To find the answer:

  • Think about the human resources that are needed for your current live chat system and determine ROI. (You probably have this figure.)
  • Identify how many customers your live agents can handle at one time, and determine how that affects your wait times. (Check out this blog: Live Chat Is All Too Human.)
  • Analyze your live chat transcripts to learn more about the questions that are being asked by your customers, and ask yourself what portion can be answered by an automated system? 10%, 20%, 30% or more.

This is where an intelligent virtual assistant provides tremendous value. What if you employed an IVA to answer 10, 20 or 30% of your live chat conversations? IVAs can converse with thousands of customers simultaneously in virtually any channel – web, mobile, SMS and IVR – and effectively “partner” with live agents to answer customer questions. Using sophisticated machine learning and natural language technology, an IVA can hold meaningful conversations with a customer and oftentimes resolve any issues without involving a live agent. However, if the issue requires human-assisted service, the IVA can easily escalate the customer to a live agent passing the entire exchange through so that the customer has a seamless experience.  To that end:

  • All interactions are personalized and relevant
  • All interactions are seamless no matter the channel or escalation path
  • Inquiries can be answered quickly, accurately and with great satisfaction anytime, anywhere

Now that’s what customers want. And when you pair live chat and intelligent virtual assistants together – you not only give your customers more of what they want, you can exponentially increase call deflection rates, decrease call handling times and improve the productivity of your workforce. Ah ha – more monetary benefits to your business. Now, that’s how you make live chat work better.

So now that I’ve piqued your interest a bit, here’s your next step. Download our 10 Point Checklist: 10 Ways IVAs Complement and Support Live Chat Systems. If at least three of the points speak to you, then your next action is to contact us. We’ll give you a demo, help you estimate ROI for an IVA, and answer any more questions you have about pairing live chat with an intelligent virtual assistant.