There are many benefits of having technology with the business. One such technology that has helped businesses a lot is machine learning. Machine learning is a computer program that makes all the processes automated. It learns how to do a task and improve its performance over time. Machine learning has led to the automation of many business tasks that were earlier required to be done manually. The cycle time of starting and completion of a particular task has decreased a lot since the invention of Machine learning. HFT algorithm is also a part of machine learning and has helped in automation in securities market. Machine learning has helped businesses in the following ways:
- Automation of every task that is part of the organization.
- Reducing the time involved in a particular task.
- Reducing the human resource cost that was involved in doing different tasks. Now ML can help do majority of tasks.
- Improved performance and profits of portfolios.
Machine learning comes under the wide scope of Artificial Intelligence. Artificial intelligence is the backbone of software of the organization. The major contribution of finance and technology was devoted to the Artificial intelligence. There are many other areas and features that are covered under artificial intelligence. Some of them are:
- Machine learning
- Deep learning nets
- Chatbots
Chatbot is not known by many but we face them every day when we open any website. Chatbot simply means a chat with robot. Every website and even many applications have an inbuilt feature of chatbot that helps the business uniquely. Some of the benefits of chatbot for organizations are as follows:
- Customer satisfaction: People want to get all the information that might turn them to a fixed customer from a prospective customer. Usually the human resource delays the task of providing information or sometimes they have to wait a lot. But chatbot clears all the information that a customer might want to know and even any queries that he/ she wants to ask. This has provides customer satisfaction and turning them to a fixed customer.
- Saves time: The time that is taken for any verification of customer documents or clearing any query of customer and even other transactions that happen through company website via chatbot is quiet less and saves a lot of time of customers and the organization as well. Saving time also helps the transaction to take place earlier and productivity also increases.
- Decreased cost: The cost of hiring human resource will be quiet high as compared to giving the task to the chatbot. There is only an initial investment after that all the tasks that the organization want the chatbot top perform will take less time.
- Reduce errors: Giving the tasks to chatbot will obviously do that more perfectly than a human employee. This also helps in reducing the error. When the task is performed manually and if an error comes up, the time taken to correct that error might increase the time and cost of that transaction but with chatbot no such error takes place and you can easily perform the transaction and that too with more accuracy.
- Humour: Surprisingly the chatbot is also humorous. It has a humour content that it gives while chatting with someone. This also makes customer feel like they are talking to a human. Also unlike the human employees chatbot will not get irritated or frustrated and will deal all the customers and prospective customers the same way and with politeness.
- Increasing customer base: All the people who go to a particular website to know about the product wants that they should get attention and they should be provided with every details relating to the product. Chatbot helps in giving all the necessary information that the prospective customer ants and makes them satisfied which in turn leads to the conversion of prospective customers into fixed customers.
- Employee help: Chatbot has helped employees by reducing their workload. Also HR chatbot has helped the employees of the organization to come in contact anytime during the office hours. The service of HR chatbot is actually available every day 24*7.
There are some of the key features that must be present in a good chatbot. These are:
- Supporting: The chatbot that the organization is having must be ready to support all the documents and files. Customer should not be guided to visit to some other platform for understanding the files.
- Human like experience: Chatbot should not make the customer feel that he/ she is talking with a robot. Chatbot should be able to understand the questions that customer is asking and should make a reply accordingly.
- Interactions must be small: The interactive session between people should be small so that people must not get frustrated with the information the chatbot is providing. Only that much information should be provided that is necessary for clearing the doubt of the customer.
- Prediction: Chatbot must have a predictive behaviour and must give a valid suggestion that the customer will think of accepting. Being predictive also helps in making the customer to remind of a point or information that he wanted to ask but had forgotten.
- Realistic focusing: Although chatbot works nicely but still it cannot understand all the human emotions and communications. So it is better to be pragmatic and make the chatbot try to point out the major part of the conversation and respond to that. This is better than not responding at all. So this feature must be present in your chatbot.
Chatbot Market have helped in a lot of ways as discussed above. If the above mentioned features are present in your chatbot then there is no doubt that your customer base will increase and even your publicity will too. Artificial Intelligence field has changed the way of looking and doing of a particular tasks and organizations can increase their efficiency and effectiveness of the overall organization. Chatbot is suitable and helpful for both small and big organizations. So do apply it in your organization and witness the growth of your firm.
