Tuesday, November 8, 2016

Expect More Chatbots as Businesses Generate More Data

Since the start of the mobile age until present the amount of data that is being processed and produced is growing at an exponential rate. From famous apps and sites such as Facebook, which is generating just over four million likes per minute, about 350,000 tweets and almost 300,000 snap chats a minute data is being produced at an alarming rate. The article states, “that about 2.5 quintillion bytes of data are generated in a full day.” The amount of data being generated can be a great asset to businesses when targeting consumers, consumer behavior, products and markets. Because there is an extraordinary amount of data to be collected it may be hard to efficiently use it all correctly. The solution is chatbots.

According to the article written by SC Moatti, “A chatbot is a tool that is capable of handling complexity. Chatbots can sift through large volumes of data quickly and provide real-time, effective use of that data.” These chatbots will help analyze the massive amounts of data collected everyday by companies and help them implement their results to improving their business.  Chatbots can also help with tasks such as customer service questions, get sports scores, find a reservation for dinner at a restaurant and even order items. However, companies with enormous amounts of data will benefit more from chatbots than smaller companies with less data. Companies that use enough data where these chatbots will help are companies like: American express and other major credit card, major insurance companies, large banks, and any other companies that generate a lot of data. The reason this chatbots are more helpful in larger companies with more data is because the chatbots than have a greater chance of helping the company. Chatbots can essentially go through and analyze data within seconds where it may take a human much longer to sift through the same amount of data.  The reason these chatbots help companies with large amounts of data rather than small is because it helps the companies with large amounts of data process and use the data more effectively. Where at smaller companies employees can look through the data and be able to analyze it and use it towards their customers and target audience. As data continues to grow and get larger more and more companies may find it necessary to invest in chatbots because not only does it save on costs but also it can help improve their company by using the data to their advantage. Before chatbots many companies did not know how to take advantage of their massive amounts of data, but with the help of chatbots going through data within seconds it makes it easier to implement the data into their everyday needs and help with product development, competition analysis, market research and consumer behavior.

http://venturebeat.com/2016/11/04/expect-more-chatbots-as-businesses-generate-more-data/

1 comment:

  1. Kieran’s article was well written and helped focus on the important usage of Chabots in a variety of industries today. I was not surprised at all when he spoke about sites like Facebook that are generating over four million likes per minute and Snapchat generating almost 300,000 snaps a minute. Society today is all digital-based and consumers have been more tech-savvy than ever before.

    This massive amount of data is being collected and then analyzed and used by Chatbots. I’m a believer in Chatbots and anything that is artificial intelligence based. Even though, Chatbots are not considered to be fully autonomous or artificial intelligence, they still have the ability to filter through data and come up with solutions based off of the preset requirements. Especially how Kieran mentioned, Chatbots can help with tasks such as customer service and reserving a table at a restaurant. Chatbots are designed to increase efficiency and help improve the overall customer experience. Chatbots are also much cheaper to implement and operate, rather than bring onboard an actual human to sit in front of a computer and individually answer each customer’s questions.

    Chatbots are also able to work in a much more efficient manner than an actual human, since humans will need to scan, sift, and analyze through data when the Chatbot can just quickly look up the data based off of its specific requirements. A lot of companies implement Chatbots into its customer service platform. For example, you will see a “Chat With Us” box/bubble on most retailer’s websites where they have a Chatbot available to help answer any underlying questions from the consumer. Then, later on, the company can aggregate all of the Chatbot’s interactions and use the data to figure out how to better serve the customer even more. I believe there will be more and more usage of Chatbots as technology advances and companies will need to keep up with its innovation.

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