Why a Virtual Agent is the must-have catalyst for enterprise business transformation

Transcription

1 Why a Virtual Agent is the must-have catalyst for enterprise business transformation

2 Standing still is going backwards Who knew that Clifford Stoll the renowned US astronomer and author would embarrassingly regret his dismissal of the hype around the internet and its future. Constantly evolving, today, almost 4 Billion people access the web daily. It has become such an integral part of our everyday life, that some would say we can t live without it. Predictions of Virtual Agent technology s gamechanging potential have been circulating since Unfortunately good news headlines just don t propagate the same excitement. Self-serving answers when customers need assistance across desktop, mobile and social channels is not a new concept anymore. This is not news to enterprises either and most will have incorporated - or are looking to integrate - a powerful intelligent FAQ system into their customer service/experience strategy. Just like in 1995, this year has seen AI, in particular bot and Virtual Agent technology, take the crown for creating hype and excitement. Apparently, AI is killing apps, Virtual Agents will take over jobs, in fact, it s on a mission to change the world. These headlines are not only worrying, but might have those of us within the customer care industry believe that contact centre support positions will soon join the likes of the dodo, along with other support-type employment that include the repetitive answering of simple customer queries, that could be automated. So, what s the deal with Virtual Agents? Virtual Agents are not only upping the personalisation stakes. The hybrid approach of blending AI with human support enables contact centre agents to focus on complex customer queries and transactions requiring an emotive connection. A Virtual Agent, when deployed correctly, with a set of specific goals, can generate leads, increase sales, and grow a business in a big way, switching on an entire additional support channel, and this is only the beginning! Unravelling the hype from the practical application Views on the maturity of this type of AI technology as shown in Gartner s Hype Cycle might have many businesses wondering if they should wait to invest or not at all. Although Gartner also predicts that by 2018, 30 percent of our interactions with technology will be through conversations with smart machines. Consequently, market movements are already showing strong signs of businesses within a variety of sectors moving towards this type of AI technology in order to remain applicable and competitive. The truth is that text analysis and natural language processing are getting better all the time. The list of queries that can be answered, and tasks resolved without human interaction, is growing.

3 Opportunity and expectations All Virtual Agents are not created equal. A Virtual Agent - a personalised, goal oriented answer engine, designed specifically, to deliver customer value in both sales and service engagements - should not to be confused with a chatbot. A chatbot is mainly focussed on a single purpose, like providing simple answers in a very linear fashion. Less scalable and robust than a Virtual Agent, a chatbot might not a great option over the long term, as frequently they lack reliability, analytics, and learning. The Chief of Facebook Messenger, David Marcus says that 34,000 bots have been created in the name of customer experience, since its launch. However, he acknowledges that many early chatbots are really bad. Intelligent Virtual Agents Back in 2001, before the now bot-rush, Synthetix were building Virtual Agents for the likes of the BBC, Ford, LOCOG (the London 2012 Olympics) and Acas, to name a few. From our experience as early pioneers of Virtual Agent technology we understand the reason so many businesses shield away from adopting a Virtual Employee is that they feel that Virtual Agents to be passing niche, just a fancy FAQ system with a face. However, the key to the successful implementation of Virtual Agent technology is to clearly outline the scope of what you want the Virtual Agent to achieve for your business and for those engaging with it. Essentially, writing a job description for your Virtual Employee. Understanding a Virtual Agent s role will establish an appropriate level of expectation ahead of the user engaging with the Virtual Agent. This will also make it easier to achieve the goals set for the Virtual Agent. For example, if a Virtual Agent s role is to book an appointment to test drive a car, users should know not to ask it questions about fashion. We believe one of the biggest frustrations for businesses to be, idealistic or overinflated expectations about what a Virtual Agent can, or cannot do.

4 How can a Virtual Agent align with wider business objectives? The business case for the Virtual Agent is different to that of a humble, self-service chat-bot. KPIs within customer care usually comprise of reducing complaints, increasing the speed of response, and improving first call resolution. Virtual Agents can help achieve these objectives and more. Increase revenue Statistics show that improving the customer experience is cost effective; A 2% increase in customer retention has the same effect as decreasing costs by 10% ~ Leading on the Edge of Chaos, Emmet Murphy & Mark Murphy. Just think about the tasks you could have Virtual Agents do. A Virtual Agent can play a pivotal role to convert customers into leads. To explain this process, imagine for a moment a Virtual Agent to be like a shop assistant: A shop assistant will ask customers if they need help or if they are looking for something specific, like for example, jeans. The shop assistant will then proceed to ask a variety of questions to guide the customer to the point of purchase e.g. their waist size, colour or brand preference. They might suggest special offers based on the information obtained or add-on products like tops or shoes. In a similar fashion, a customer arriving in a digital channel seeking assistance, can be lead down the purchase path by a Virtual Agent delivering marketing offers that are highly relevant to the original service query. But unlike a real person, Virtual Agents can deliver 24/7 service (without getting annoyed, tired, and even with a sprinkle of humour). They can qualify the basic intent of the question and emulate human intelligence, making them capable of taking on a wide variety of tasks including whether to escalate or to fulfil a request. And like a good salesperson, a well-built Virtual Agent will make the offer process natural, seamless, and perfectly-timed to the moment when the customer is most receptive. But it s not just about selling. Depending on the specific role the Virtual Agent is created for, it could book appointments, answer product related enquiries or suggest the best route to resolving the customer s query. A well archityped Virtual Agent, can reduce support costs, encourage self-service, increase customer loyalty, serve as a branding / marketing tool, enable personalised engagement, and enhance customer experiences. Increase productivity A Virtual Agent can be key to scaling your customer service department without having to employ more staff. This type of AI technology can work across multi-media platforms within rapid response time. With drastic advancements in NLP technology, and the Virtual Agent able to learn from customer engagement, automated responses and personalisation will improve with each interaction and the VA could even predict correspondence through text and speech analytics.

5 With a Virtual Agent handling high volume, frequently asked questions, your contact centre agents can focus on resolving complex customer issues. Additionally, due to working in the most efficient way possible, Virtual Agents can handle spikes in customer contact to digital platforms, while dramatically decreasing the volume of physical calls which makes it easier to stay on top of demand and to record interactions on a CRM system or for analytics and training. Given its scalability, Virtual Agent implementation is a cost-effective opportunity for business improvement. One affordable, intelligent point of contact that can efficiently respond to an unlimited number of queries with relevant information, any day, any time. Increase customer satisfaction Live chat has the highest satisfaction levels for any customer service channel, with 73% ~ Econsultancy. There is a multitude of reasons why live chat triumphs as a preferred customer contact channel - Live chat provides immediate contact with a company in a way that cannot be rivalled by ing customer service. Customers don t have to pick up the phone, wait in a queue to speak to an agent, or select from endless IVR menus. However live chat poses its own challenges with businesses sometimes struggling to find the resources to make online chat effective. Some of the main issues include having the workforce with the right skillset available to chat and having live chat available when customers need it, especially as live chat might not be available during out of office hours. By merging an Intelligent Virtual Agent and human agents, it s possible that organisations could find it the best blend. Allowing a Virtual Agent to deal with customers in a natural conversational manner and, if necessary, direct customers to the right human agent or resource for their needs. This combination of speech and virtual assistant technologies provides a strong customer service proposition. A great virtual assistant offers more than just search. It should enrich the quality of the customer experience and assist the customer throughout the online interaction. Gartner Conclusion Online services have made us hungrier for speed, efficiency and convenience and now demands tools to live up to this expectation. Given the choice, customers will choose the best and most efficient way of contacting a business or completing a transaction, whether that s booking a hotel room or paying a utility bill. The main barrier to Virtual Agent implementation is the Virtual Agent not living up to expectations. This type of technology could be an effective customer service tool and on-demand content delivery but so much more if deployed with a clear set of goals. Virtual Agents are not going away soon and could be the game-changing differentiator for enterprises looking to increase their revenue, productivity, and customer satisfaction. The question is, are you a Clifford Stoll? Synthetix decided to collaborate with a trusted publication to clarify the subject of Virtual Agents in a very palatable, concise style, without the politics and drama. Request your free copy of Virtual Agents for Dummies synthetix.com/resources/virtual-agents-for-dummies

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