Chatbots use Artificial Intelligence (AI) and Machine Learning (ML) to recognize customer needs or intents, and chatbots can be trained to recognize these intents without specialized technical skills.
Leading technology companies are now building tools that businesses can deploy to help create intelligent, intuitive and, automated conversation partners. A digital assistant is a central chatbot directing users to more specialized chatbots or skill chatbots that can help customers with specific tasks, such as editing their contact information or submitting a service order.
Mordor Intelligence projects the global chatbot market to record a CAGR of 30.29% during 2022-27. It was valued at $3.78 billion in 2021. The chatbot market is growing due to the increasing demand for messenger applications and the demand for consumer analytics by various businesses globally. Globally, many companies are using AI and NLP for product innovations so that they can cater to customer needs and market requirements.
What is an Oracle Chatbot?
Oracle Digital Assistant leverages AI and Natural Language Processing (NLP) to create cutting-edge chatbots that can boost the business efficiency of any enterprise by seamlessly connecting backend applications. Oracle Digital Assistant is a platform created by the parent company Oracle, to create, test, and launch chatbots.
The platform can help develop chatbots or other digital assistants that can initiate natural conversations with customers. Natural language processing can help chatbots to understand context and intent to answer customer questions with the help of dialogue flows through a declarative interface for customer inputs.
Oracle Digital Assistant enables businesses to harness their automation and intelligent bot development, mapping details on increasing engagement, driving efficiency, and lower costs. Deploying chatbots to deal with ‘low fidelity’ interactions from customers frees up the bandwidth of call center resources and divert their focus into dealing with inquiries that require urgent intervention.
Communicating on social media channels such as Facebook, Telegram, Slack, and WeChat becomes easy as Oracle Digital Assistants and other chatbots can be integrated with them. These chatbots can define conversational flows with AI-powered intent detection and easily catch the pulse of customer conversations.
Oracle chatbots also have a question-and-answer feature that helps create Q&A skills. All forms of customer conversations can be captured when there is a need to detect certain specific information. The digital assistant accommodates both structured and unstructured interactions in the same conversation, thereby ensuring that customer experiences are seamless while the business needs are met.
Custom components specific to a business can also be integrated so that customers can perform certain actions to resolve issues. Oracle Digital Assistant can transfer conversations to live agents in Oracle Service Cloud while the chatbots transfer conversation history to service agents automatically.
Chatbots have become an inevitable tool for businesses to converse not only with their customers but also with employees. Collectively chatbots offer the potential to drastically improve customer service response time and speed up numerous other response-intensive functions like the creation of sales proposals.
Gemini Consulting & Services can assist you in deploying the Oracle Digital Assistant. Contact us to leverage the power of predictive analytics, and machine learning to create a more productive business environment.
- Engage with customers in real-time. Unlike instant messaging platforms that demand human interaction, chatbots are simple to use and are specifically designed to engage in real-time with users online.
- Chatbots can be customized to the environment and audience with pre-defined conditions unique to a business such as customer information, registrations, bookings, payments, forms, etc.
- Businesses can develop and train intelligent chatbots on the Oracle Cloud Platform. For this, they do not require AI professionals on their IT team. The developed bots can be deployed on voice and text messaging channels or even websites.
- Customer Relationship Management (CRM) applications ensure adequate collaboration of selling channels with corporate goals at a global level.
- Service Management applications can boost information-driven customer service by making consistent and accurate information available anytime.
- Financial Management applications integrated with a chatbot are fully equipped to assist in the efficient management of core business functions, such as risk and compliance, credit-to-cash, treasury management, financial control and reporting in real-time.
- Human Capital Management applications integrated with a chatbot help the HR department maximize its productivity and leverage automation of manual processes such as the onboarding of new employees etc.
- Project Portfolio Management applications can now extend rapid access to project details and support the entire lifecycle of projects and portfolios with a single, detailed, and accurate view of related activities.
- Advanced Procurement applications integrated with chatbots can bring down supply management-related costs and enable informed core decision-making using the information on purchasing, sourcing, supplier lifecycle management, procurement contracts, etc.
- Logistics capabilities are accelerated using an environment of chatbots integrated with Supply Chain Management and Value Chain Execution. The entire supply chain can be automated including the design, planning and procurement, manufacturing, and fulfillment.
