Locally and globally, every business is affected by Covid-19. But those that come out the other side better prepared to cope and grow will be the winners in future years. Here are the primary ways that your company can start planning for a better future. Beyond the grim health situation and the shocks to global markets, the Coronavirus provides a space for businesses to: Understand their strengths and weaknesses. See how dramatic changes take place across businesses, verticals and industries. Understand what customers really want and need. See how technologies provide key benefits. Analyse producer and supply chain inefficiencies. Any business with a strong core should survive in 2020, but those with the foresight to build an agile return-to-growth strategy will be the real winners in 2021 and beyond. To build that strategy, there are plenty of lessons to learn from what is happening around the world today, from simple
“Cometh the Hour, Cometh the Chatbot” is an odd phrase to hear, but these are strange times we live in. Search for ‘chatbot’ and almost every country is launching one to act as a contact and information point to ease the load on health services during the spread of the Coronavirus. Of course, politicians would like to tout these bots as big deals, which is why Donald Trump jumped the gun on Google’s health division efforts, forcing this response. “Statement from Verily: We are developing a tool to help triage individuals for Covid-19 testing. Verily is in the early stages of development, and planning to roll testing out in the Bay Area, with the hope of expanding more broadly over time.” Yet, from Goa to Italy, Pakistan to all corners of the States and across Europe, chatbots and other tech tools are launching at a frenetic rate to help deal
Leveraging chatbots in customer service is gaining popularity. Why? Chatbots can engage with your existing customers and potential buyers via chat and voice conversations. Using chatbots can help reduce your customer support costs. In fact, by integrating chatbots, both businesses and consumers can save about 2.5 billion customer service hours by 2023. How can chatbots help businesses and consumers? Chatbots offer a fair share of benefits to businesses and consumers. Chatbots can help businesses: Improve their conversion rates Boost their customer service efficiency Gather data and insights about their customers Save on operational costs Chatbots can help consumers: Get instant responses Take advantage of 24/7 customer service Get assistance while shopping on or checking out a website Get support in their language as AI chatbots offer assistance in multiple languages Challenges of using chatbots Using chatbots also brings some challenges such as: Mis-interpretation of messages: It isn’t always easy for
Innovation reigns in eCommerce, making it a dynamic industry. With the e-retail sales predicted to hit US$ 6.54 trillion in 2022, every eCommerce business owner should embrace the trends that continue to influence success. Over time, more brands are joining the market, which translates into growth and competition. To outdo the competition, you should always track and follow the trends. Regardless of the age and size of your store, if you don’t embrace the current patterns in the industry, you risk getting out of business. Here are the top eCommerce trends to consider: Voice search With the development and use of personal assistant devices, such as Siri and Alexa, voice search continues to be popular. In 2020, at least 50 percent of search queries will be based on voice search, according to ComScore. More customers continue to shop online using personal assistant gadgets, which presents a massive opportunity for eCommerce.
Everybody, each business and many nations are losing something during the coronavirus pandemic. But there are a few bright spots for those in the technology sphere, helping show how people and technology can work together, provide support and keep people smiling through some very tough times. Travel bans, no socializing and a wipeout across sports and entertainment are just some of the impacts around the world for those suffering or impacted by the coronavirus. And while most companies are trying to minimise the damage, a few are making headway, even as global stock prices dive. While all eyes should be on the human cost and medical response, some digital heroes are rightly being recognised as helping us through this latest mess. E-Sports for the win As the traditional sports calendar gets massacred, with no team sports, motorsports and even events like golf and horse racing being impacted, people are looking
It is easy to highlight the success from the major verticals; hospitality, aviation and retail when highlighting the growth of automation and bots. However, even in the stuffy corridors of law and the courts, automation is helping pick up some of the hefty workloads across all parts of the overloaded system. The legal profession has a big problem. Mention the words discovery, compliance and governance, and while their eyes light up at the billable hours involved, the practicalities of researching and finding supporting evidence in the big data era can prove a nightmare. They are key issues, even large law firms with an army of paralegals and recent graduates to do the leg work. Which makes the rise of lawtech applications a hot topic for both legal firms and any company with a need for legal services (pretty much all of them). An age of e-discovery Ediscovery tools have long
Phones are a blessing and a curse in modern business. They enable the personal touch, but at the wrong time (and any time can be a wrong one when we’re all busy), they can sap productivity and annoy your customers more than they add value, especially with chatbots and other tools taking up the slack. There is a trend among companies, especially among digital businesses. Many do not choose to list a contact number on the about me page of their websites, some business cards just have an email or Messenger contact, and there are entire organisations that have ditched the desk phone, either for a softphone on the laptop or going straight to mobile, or using social media or chatbots as contact points. Naturally, this trend depends on the business. A global cloud firm with a distributed business model, connected customers and all-digital services has little to no need
Regardless of where you are sat in the world, and what your business needs to do to achieve its goals, Covid-19 creates new and alarming challenges. Rapid reaction to these challenges is helped by IT, automation and bot services to limit the risk to your staff, customers and bottom line. The unfortunate historical phrase, “if Wall Street sneezes, we call catch a cold” has taken on a menacing 21st-century update recently, “if China gets an easily-contractable virus, the world goes to heck.” The high-profile aviation and tourism sectors are first in line to take a battering when they can’t operate, but the impact hits many other markets and businesses. Business is interrupted, while commuter and public transport systems become a point of alarm. Global events take a battering, from major car shows, religious festivals, trade events and sporting showcases. Already cancelled are MotoGP races in Asia and the Chinese Formula
Not every business needs a chatbot for the usual tasks, but plenty of firms, charities and action groups are finding them useful for non-traditional uses. Here’s how a chatbot or AI can make a difference when it comes to marketing, politics, non-profits and other areas. As people get used to bots, they are starting to notice that most of them look alike, “talk” alike and offer the same sort of services. But some bots are doing things differently or being used in novel ways to help make the world better or smarter. A recent Guardian article highlights just one way that chatbots can be deployed, not for profit or time saving, but to help sway opinion, and prevent crime and abuse. A Seattle non-profit used the bots as part of fake adverts for sex workers to help highlight the plight that many girls faced from slavery to abuse and harm.
The drumbeat message that AI is taking over in business as a key asset is unmissable, but proof can still be rather thin on the ground. Here are 10 use cases and proven examples of them in action to highlight how smart systems like AI advisors, chatbots and planning tools can help make your company more efficient. 1 AI makes insurers smarter Risk is all about mathematical judgment, something AI is very good at handling. Insurers increasingly rely on AI to handle the level of risk automatically, providing customers with a faster quote and adapting the company thresholds or algorithms automatically to make further refinements to policies. Zest Finance is one example (PDF) that uses AI to enables auto lenders to acquire more borrowers at lower cost and with reduced risk. It captures the benefits of machine learning-based underwriting quickly and safely while also satisfying compliance needs. According to the