How Conversational AI Can Reduce Call Center Costs and Boost Productivity

iQuanti: Call centers exist to take calls or queries from customers and respond to them as quickly as possible, ideally answering the question or resolving the incident on the spot. 
Yet according to a survey by TalkTo, the average American will spend 43 days of their life on hold. 
While call centers currently play a significant role in customer experiences with a company, there is a need for increasing operational efficiency and improving productivity. This is why many companies are turning to conversational AI to help reduce costs and improve productivity. Read on to learn why conversational AI takes call centers to the next level for both customers and businesses.
What is conversational AI?
Conversational AI uses natural language processing (NLP), automatic speech recognition (ASR), advanced dialog management, and other machine learning to have what feel like real conversations with consumers. 
Essentially, this AI technology imitates human interactions, recognizes speech and text inputs, and translates their meanings in real-time and accurately, much as an actual human conversation would happen. 
5 ways conversational AI reduces costs and improves productivity
1. Reduces wait time
Unlike humans, chatbots can take multiple calls at the same time without any waiting period. This ensures customers are attended to immediately and can get simple questions answered or issues resolved without having to wait for a representative to answer the phone or being placed on hold.
2. Collects data ahead of transferring
Conversational AI chatbots can collect and store data about the customer through its interaction before reaching a customer service agent. They can then quickly and easily send this completed information to the human expert, saving time and providing maximum support to both the customer and the representative.
3. Available 24/7
Call centers need to be staffed with people, who only work an average of 8-10 hours per day. To be staffed during the day, overnight and on weekends, payroll investment is a significant cost. However, chatbots can operate 24/7 without taking breaks or needing time off. 
Depending on how well the bots are coded, you may not need human intervention at all for many of your calls. Having this conversational AI available overnight and on weekends can help reduce payroll expenses and workforce cost, while also boosting productivity because your agents will be able to have a better work-life balance, and be able to offload simple and routine calls.
4. Upsells/cross sells products
Many organizations can use chatbots to bring in more qualified leads. Conversational AI can predict customer needs, and alert customer service reps to discounts, promotional offers, or other products to mention to the customer. Not only can this boost company revenue, it can improve productivity and efficiency for agents. 
5. Predicts call routing
Instead of the customer service agent having to ask more questions, figure out where the customer needs to go, and then transfer them, conversational AI can do all of that in seconds. Using the customer’s responses to questions, the bot can determine where the customer needs to go and send them there directly. 
This reduces the need for transferring calls or putting customers on hold, which ultimately boosts productivity for agents and improves customer satisfaction rates. 
Source: iQuanti, Inc.