Cost reduction and scalability driven by chatbots

Cost reduction and scalability driven by chatbots

In a time where businesses keep automating most of their processes, leaders are slowly starting to acknowledge a tool that promises to upgrade company-client relationships. This new modern instrument is called a chatbot, and it has the capacity to resolve customer issues in a more efficient and faster way.

Indicated as one of the most important business opportunities in the digital Era, these new virtual assistants not only have the power to reduce costs, but also to improve customer service.

But how do companies find the return on their investment?

It’s a relevant question, although the answer is not that simple as it depends from company to company.

Globally, companies spend 1.3 trillion dollars annually on customer service calls, according to IBM data. Alternatively, Chatbot Magazine indicates that, on average, companies can benefit from a 30% cost reduction on customer service after implementing a chatbot system.

The customer care departments, usually dedicated to speaking to clients via social media and telephone, can be costly. Apart from that, it’s not easy to retain employees in these types of services, as they usually get bored of answering the same questions repeatedly.

One of the best features of chatbots is their ability to free employees to target bigger client challenges – the kind that are not as easy to solve and can’t be answered by a chatbot.

Here’s an example of this technology’s potential: according to Autodesk, a software corporation that already implemented a chatbot system, half of the questions that clients have when they contact their support lines can be answered by chatbots.

Added to this, these virtual assistants can be connected 24 hours a day, seven days a week and they can solve multiple issues at once – hence their scalability potential. And even when chatbots can’t answer their questions during out of office hours, the system will leave a ticket so that human agents contact the client when they get the opportunity. Although the client will not have their question answered immediately, the assistants will follow up, already knowing what the issue is and will reach out to the client with a solution.

Cost reduction will be higher in the Banking, Retail and Healthcare sectors

A study by Juniper Research concluded that in 2023, banking, retail and healthcare sectors will save 11 billion euros per year with the introduction of chatbots. The market research enterprise estimates that consumers and professionals of these sectors will save 2.5 million hours with these kinds of systems.

Although this is driving cost reduction and scalability, the biggest return companies will get from its implementation will be customer satisfaction. Consumers will always have a virtual assistant dedicated to answering their questions.

Do you think this technology would do wonders to your business? Reach our team via info@visor.ai and let’s improve your customer experience together.