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Conversational AI Doesn’t Have to Be a Risky Investment: Step 2

By Mandy Reed, Global Head of Marketing

Innovative, cutting-edge, ground-breaking – these are all words used regularly to describe conversational AI technologies. Being the organization that deploys an innovative technology typically requires being comfortable with a high level of risk. However, most companies don’t have the financial flexibility or company culture to take that degree of risk, whether real or inferred.

Deploying conversational AI solutions like chatbots and virtual agents can be risky but doesn’t have to be. You don’t need to be an early adopter of innovations to benefit from the technology. These solutions have been used by businesses for over two decades as part of their customer engagement and employee experience strategies, and you can take advantage of those learnings to deploy reliable, successful projects.

In this three-part blog series, I’m sharing three steps for achieving conversational AI success while minimizing the risk for your organization. Last time, we delved into Step 1: Be selective when deciding on a vendor and technology. If you missed that post, I recommend you read it first before moving on to the second step:

Step 2: Build a business case with realistic goals.

Embarking on any business project without identifying the goal is always a risk, so it is essential that you have a realistic business case and clear objectives for your conversational AI project. An experienced vendor will be able to assist you with this process by performing a textual analysis of your existing data, such as live chat or contact center transcripts, to identify what queries can and should be automated with conversational AI.

Starting with this analysis immediately reduces risk because your business case is being built around your own data. It’s combining the vendor’s expertise directly with the information that is unique to your customers, employees, and company. Instead of guessing your users’ self-service needs or taking a generic approach, your business case is customized to you and your pain points from the start.

Follow that initial analysis with a consultation workshop to review the results and collaborate with the vendor to identify your key performance indicators (KPIs) and set realistic goals. These business objectives will directly inform how your chatbot or virtual agent is built and implemented. Having clear goals and deciding how you will track progress and measure outcomes minimizes the danger of investing in a project that won’t really meet your needs.

The key in this step is to build your conversational AI business case around realistic and obtainable goals. Being practical about what you are automating and setting sensible targets for your solution creates a solid foundation for your project. It keeps your investment focused on reliable, reproducible outcomes and business benefits.

In the third and final installment of this series, we will talk about starting your conversational AI project with a pilot and the best approach to minimize risk while rolling out a full deployment. A great resource for better understanding the financial investment needed for a successful virtual agent or chatbot is the Guide to Enterprise Conversational AI Pricing: Calculating the Cost of a Successful Chatbot or Virtual Agent. Even if your company isn’t at the enterprise-level, this guide provides valuable insights into budgeting and calculating ROI that’s useful for all organizations.

Setting Course for Success in 2021: It’s all about people and relationships

By Chris Ezekiel, Founder & CEO

Happy New Year!

We all know how tough things have been, and indeed continue to be, with a lot of uncertainty still. And the festive period was very different for everyone. But a new year brings new hope, and we can see the dawn of the vaccines rising above the horizon. I’m sure 2021 will be remembered as the year that we defeated this awful pandemic. Hats off to the remarkable scientists, their teams and the vaccine trial volunteers! Whilst we reflect on the devastating suffering and loss of life, let’s hope that some of the good things, like the renewed community spirit, stay with us forever.

On the one hand we are reminded of the vulnerability of human life when there’s no defence against a virus wreaking global havoc, and on the other hand we have come so far considering the incredible vaccine progress and comparing that with other pandemics over the centuries. Education and curiosity are what drives human endeavour. When you consider the world’s greatest inventions and advancements, whether it’s been down to lone genius or collaboration and teamwork, one thing is for sure: the education and business environment needs to be right to enable such individuals and teams to flourish.

It’s been a tough period for every organisation. At Creative Virtual we are very fortunate to have fantastic customers and partners, and it’s been truly incredible how everyone has pulled together. When I founded Creative Virtual 17 years ago, I put long term relationships at the centre of our Creative Virtual DNA and taking a longer-term view on things has never been more important than this past year.

Whether it’s about the company or helping in the community, it all comes down to the people. I’m so proud to lead a company with so many amazing people! Teamwork has certainly been the operative word this past year! We talk about the importance of our people in our ‘Focus on Experience’ whitepaper. Innovation is another key characteristic of our company, and during the past year we have been investing significantly in the next generation of our products.

Governments around the world have had to put unprecedented amounts of money into supporting economies. Eventually, the books will need to be balanced, but we owe it to the generations to come to maintain a healthy environment where our scientists and innovators can flourish.

As we embark on a new year, let’s celebrate the quirky ones who dare to try new and unconventional things. And let’s remember that quite often we need to fail before we can succeed. Let’s support individuals and businesses that are changing the world for the betterment of mankind. That would be a fitting legacy to the pandemic of 2020.

Onwards to 2021! Happy New Year!