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The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience.

10 reasons why business leaders are still using chatbots

Here’s how a CGI-AI-powered assistant can free up staff time and enable a smoother client journey.

10 reasons why business leaders are still using chatbots
Members of Fast Company Executive Board share their expert insights. [Image: Courtesy of the individual members.]

Thanks to artificial intelligence and machine learning improvements, chatbot systems have come a long way. With a user-friendly automated service installed on its website, any business can address its customers’ immediate concerns or frequently asked questions with little to no wait. This helps teams increase customer satisfaction at a higher rate.

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Below are 10 Fast Company Executive Board members to share how installing a chatbot software application to their company’s website has improved the business-client relationships in real-time.

1. ENHANCED CUSTOMER ENGAGEMENT

Utilizing chatbots to improve information access and the speed of routine transactions enables companies to focus their resources on high-value customer engagement, loyalty, and retention. Chatbots are most valuable when they enhance the personal touch that customers feel. Conversely, if one requires personal service, but is relegated to the realm of automation, it will only create frustration and a negative impact. – Chad Latz, BCW Global

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2. SPEEDIER SERVICE

Post-Covid, consumers are expecting instant gratification, speed, and self-service. In talent acquisition, chatbots elevate the candidate experience through real-time Q&A, with speed and wide coverage. – Britton Bloch, Navy Federal

3. FREQUENTLY ASKED QUESTIONS ADDRESSED

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There are many mundane and redundant processes that can be automated for ease of use for not only your staff but the consumer as well. “Where is my order?” This and other questions that are easily answered in frequently asked question sections should be something a customer can get immediately. However, if the answer isn’t what was intended, then a real person should be able to intervene in order to save that interaction. – Tyler Angelos, Angelus Brand

4. POSITIVE SEARCH ENGINE SIGNALS

Chatbots have helped us retain people on our pages more. And in turn, this creates positive signals for search engines and also allows us to engage customers and cater to their needs. There are many ways chatbots build relationships and improve satisfaction rates, however, the impact they create is often invisible and can’t be easily measured. – Syed Balkhi, WPBeginner

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5. PERSONALIZED 24/7 SUPPORT

Our clients value chatbots for their efficiency in engaging and understanding customers’ needs and finding the quickest way to solve their problems, offering 24/7 support, personalization, and freeing staff up to focus on what they do best. For us, both internally and on behalf of our clients, a good chatbot backed up by great people can deliver superb customer service and a smoother journey. – Eric Schurke, Moneypenny

6. LIVE ASSISTANTS

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We use chatbots on all of the websites of our portfolio companies. Our customer portals also use a combination of chatbots and live assistants. In doing so, we have found an average increase of 40 percent in total leads as well as a noticeable increase in customer satisfaction among existing clients and customers. – Tyrone Foster, InvestNet, LLC

7. INSTANT INFORMATION ACCESS AND CONNECTABILITY

Algorithmic and smart conversion funnels can be a game-changer for any business in virtually every industry. Gone are the days of FAQs and Q&As that are too long, users want instant answers or access to the information, which is expected in today’s connected world. New user behavior studies are also uncovering that phone calls are on the decrease in favor of chat and text windows by a huge percentage. – Goran Paun, ArtVersion

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8. DIGITAL HUMAN CAPABILITIES

Real-time communication is crucial, and expected, for customer satisfaction. But chatbot software is just the tip of the iceberg. We take it a step further by working with digital humans that can engage like actual humans. Customers interact with a CGI-created and AI-powered visible person in lifelike conversations, which we’ve seen take satisfaction to the next level. – John McNelly, Quext

9. INCREASED CLIENT SATISFACTION AND ATTAINABLE SOLUTIONS

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Chatbots are an amazing tool to enhance business-consumer relationships and satisfaction rates. As the data collected by chatbots comes from customer interactions. When real support agents have this kind of data, they can personalize the way they respond to customers. Information about the customer can be communicated to the customer service agent in real-time to provide relevant solutions. – Candice  Georgiadis, Digital Agency, Inc

10. USER-FRIENDLY SOFTWARE SYSTEMS

I think that chatbots have improved in terms of building out automated sequences using AI. This used to be wrought with issues and bugs, but now it is easy and intuitive to set up, manage, and improve. – Christopher Tompkins, The Go! Agency

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