What KPI should be taken into consideration during the implementation of AI Chatbots?
Many revolutions in history have encountered fierce opposition. Copernicus, Darwin, Galileo certainly didn’t have it easy when they published their status quo disrupting theories. Fortunately, in the 21st century, we can roll out revolutions without growing pains.
Every revolution should a certain amount of approval or acceptability. Before any product appears on the market, someone must make decisions concerning its design, investment returns, business model, sensible implementation and marketing strategy.
In the context of this decision making, many questions appear along the decision-making hierarchy. With these questions, uncertainties also appear during this process.
When will this new service cover its implementation costs? In what amount of time? Will our customers benefit from a new utility? How will this new service influence the quality of our customer engagement?
How can one demonstrate KPI and other key business indicators for Chatbots and intelligent customer service automation?
This is a very individualized assessment. Determining what KPIs are most relevant is dependent on the industry of the company, as well as the way that it currently uses new technologies.
A company with just a few dozen employees, a large corporation, a municipal organization or an administrative body dealing with a massive number of applicants will individually necessitate different metrics and goals for assessing performance.
Many clients ask us what effects implementing Chatbots and intelligent automation have on their business. They ask us about what results they can expect to see in the long term.
These questions are important but need to be taken into the context of the dynamic solutions represented by services like Chatbots. If for instance the role of artificial intelligence is sales, then gauging their performance by monitoring their sales revenue is a straightforward solution to KPI. Assessing the need for human operators may be a useful metric for determining an AI-centered customer service module.
From our experience working on over 150 projects, we view a 3-5% return on investment as a safe and realistic assumption.
Finding ways to save money is part of the fundamentals in tech-oriented decision-making. In making a detailed analysis of a firm’s costs and quality of service, we can take this as a tremendous opportunity to make smarter solutions that do just that.
Current market data shows that implementing Chatbots decrease customer queries via emails by 20-25% and customer service call lines by 7-10%. What does this actually show?
If we want to save time and money, there aren’t currently many methods that would both reduce time needed for maintaining a high level of customer service while reducing overhead for communication between companies and their clients (CUSTOMER ENGAGEMENT?).
Do Chatbots influence the pace of customer service automation?
Yes. Just as with assembly lines in factories, Chatbots have a similarly important role in allowing for smarter solutions in automating customer-provider interactions.
Currently, customer service is reliant on human resources. Customer contact, accepting applications, executing tasks, all of this takes place via person-to-person lines of communication. Today, we are beginning to see that customer service no longer needs to be so person dependent as it once was.
Of course, physical workers will still be an integral part of customer service, but Chatbots and other smart solutions will work to increase employees’ productivity in solving clients’ problems, especially in terms of query-to-solution time and an employee’s number of customers helped.
From our experience, we’ve learned that the time to help one client can be decreased by as much as 30% when services such as Chatbots are employed. That’s also why it is especially important to incorporate the right solutions for allowing employees to use their time efficiently. Chatbots and other AI technologies allow for this to happen in a way that has presently not yet been achieved.
Every dollar spent to automate customer service gives savings in time and money, increases employees’ productivity and improves the quality of customer service.
It’s crucial to not overinvest in the beginning. Artificial intelligence should be added to a business stepwise. Full control and continual analysis of its operations, to optimize and verify its behavior, are a priority during the implementation of new technology.
Analyzing costs, conversations, customer queries and generated answers – these elements must be observed and tested. By carefully implementing intelligent Chatbots, businesses inevitably make improvement of customer service their primary goal. And that is a smart solution.