AI based services are the future, in almost every field imaginable. The benefits are there to be seen by everyone. Tradesocio has been in the forefront of AI based software that help banks and financial institutions of all kinds to bring their business to the future and help them realize a better future for themselves and the world as a whole
One of the examples of AI-powered software solutions is chatbots
Recently, Emirates Airlines have faced a challenge.
In the aftermath of Covid 19, a particular, problem presented it self in the form of increased volume of queries, far beyond the company’s capabilities to handle in terms of manpower. The influx of queries came after travel restrictions were eased up and people figured out they could safely travel again.
Their volume of queries has increased almost 300%.
There had to be an immediate response.
There was no time to go through the process of hiring, training and supervising human based representatives in time to address demand.
The answer came in the form of an AI-powered chatbot. The bot immediately rectified the issue and pretty soon, the benefits were known.
Artificial Intelligence -AI- is a technology that has faced recent breakthroughs which enabled it to take on tasks it was not able to in the past.
AI learned about Emirates Airlines’ business, was fed relevant data, and improved on chat scenarios.
This meant that AI was able to handle every request at any time of the day, regardless of any variables that would have, otherwise, hampered a human representative.
Emirates Airlines were not only able to meet their challenge, but also, save on the costs it takes to respond to customers.
The cost of running an AI chatbot are significantly lower, allowing the company to break even much sooner than any other human based solution ever could while keeping all the benefits.
Another example of AI applications in chat based solutions comes from the USA where a pension firm had employed 27 floors worth of employees in India.
Again, in the aftermath of covid, putting a lot of people in the same building simply wasn’t possible due to health concerns.
Th US based firm managed to deploy an AI based chat bot to handle its immense workload.
The end result was the reduction from a 27 floor building that’s fully staffed to a 3 floor office in addition to recouping their expenditures in AI chat bot in less than a month.
All of these cases and countless other cases highlight the magnitude of change that AI can do. To put it in simple words ; AI was made to accommodate extremely large volumes of demand that is impossible to address with exclusively human based solutions.
The benefits of cost reduction cannot be ignored or understated as well. As demonstrated in the above examples, both companies were able to recover their initial cost much quicker and maintain a much lower running cost of the AI based product, in this case the chatbot.