Nowadays we can collect huge volumes of data within minutes thanks to the tremendous growth of mobile technologies. For instance, there are over four million Facebook likes, three million tweets, and two million Snapchat snaps made in a single minute. When calculating for a full day, there are about 2.5 quintillion bytes of data produced which is really a massive figure.
I Quintillion = 100000 Terabytes or 102,400,086 Gigabytes
Speaking from a business perspective, large volumes of data are an added advantage to businesses. They can get useful insights into consumer behavior, competing products or services, and more using this. Yet, a company can produce large volumes of data that it is unable to efficiently use. This is where chatbots come into play as they are capable of handling complex data with ease.
Chatbot can scour large volumes of data quickly and offer real-time, effective use of that data. This is why chatbot is extremely helpful for many businesses and in some cases; using chatbot effectively helps the company to stay ahead of the market. However, some businesses gain more from chatbots than others. Take a look at the use of chatbots in companies with different data volumes.
Where can businesses use Chatbots?
- To Simplify Payments
- Building a Customer Resource
- In Streamlining Sales
- To Influence Buying Decisions
- Answering Customer Queries
- To Increase Social Media Engagement
Marketing to New Customers
In traditional online advertising, a click of an advertisement or play of a video is called as engagement. In contrast, Engagement with a chatbot is an active conversation with a user. Thus, chatbot can help you market products or services to new customers with ease.
Marketing to Existing Customers
Active conversation and rapport-building are considerably more effective than a simple advertisement. The interaction creates an entertaining experience for the customers and a better understanding of the brand.
Operations & Customer Service
With Chatbot, you can connect with customers on a deeper level allowing them to feel in command of the conversation. Chatbots can remember and refer to personal information of a returning customer in future conversations to further customize a user’s experiences. By simply referring to the customer’s name for connecting with the CRM, you can customize the conversational experience and improve the operational efficiency.
Which Business can benefit the most from Chatbots?
Usually, Businesses with huge amounts of data benefits the most from chatbots. This includes major credit card and insurance companies like American Express that gathers huge amounts of data from its customers. The main advantage of chatbots for these companies lies in the amount of data the company can generate. Larger the data volume means more opportunities for the chatbots to help the business.
Take an electronics manufacturing company as an example; they could deploy a chatbot on their website to answer complex customer queries as it can quickly search through hundreds of thousands of products and provide individual details of a specific product. Consider this process of answering such questions for a year; you can clearly understand the importance of chatbot for these companies with large amounts of data.
Chatbots reduce the workload of employees at high-data generating companies by handling key business functions that involve scanning through large volumes of data
Businesses with lower volumes of data
From the above statement, it is evident that companies with large amounts of data gain more from the use of Chatbots. In the case of companies with smaller volumes of data, the benefits that chatbots bring to the business are very limited. After all, the main purpose of chatbots is to help business use their data more effectively.
Chatbots are becoming more and more powerful and are used by many large companies to help them save a lot of money and to speed up business processes. The amount of data that your company collects and analyzes is the key determiner for deploying chatbots in your business. TVS Next provides Custom Chatbot solutions for its customers. Have a look here