When assessing the effectiveness of strategy implementation, strategic consultants analyze the opportunity costs involved. Opportunity costs extend beyond the financial investment aspect and measures what an individual or business is missing out on when choosing an alternative route as opposed to another potential profitable route. Time and resources and the current rate of return on the investment determine the effectiveness of the current route. Optimizing and automating manual systems reduces the opportunity costs involved when understanding what a professional must give up achieving a specific goal.
As AI continues to bring to market technologies that automate current processes and systems, the opportunity costs decrease when communicating to internal and external users within a corporate structure. The most notable form of communication improvement is displayed through the utilization of chatbots. Often, organizations find the same questions are asked by unqualified leads conducting research on a competitive landscape regarding pricing, testimonials and product offerings. Creating an environment of machine learning where a chatbot can intercept that information and quickly scan documentation within seconds to provide an answer to a potential prospect resulted in less time spent by consumers searching for answers and sales personnel scheduling meetings for interactions with little potential for converting to a sale. Chatbot communications are available in real time on websites, social media networks and internal wikis.
Traditionally, organizations accessed documentation to provide manual answering over a telephone, email or social media network depending on the preferred line of communication. As chatbots became more advanced, consumers expect faster response times and companies are adapting to their expectations to drive user engagement without spending hours on new email campaigns, or in meetings. Technical experts have already deployed several versions of chatbots that can be integrated or customized within a business. These chatbots utilize predictive analytics after evaluating the user environment within an organization to improve and advance communications. Companies using this have discovered there is potential for further market development for users that are neutral to the effectiveness of chatbot implementation. Collecting surveys through business insider and Live Person moderation platforms, when approximately 5,000 users were surveyed around the globe, researchers found there were more positive results than negative.
Reports showed that more consumers had a positive outlook than negative and there was immense opportunity for education and engagement for almost 50% of the population. The growth in use of chatbots is improving the interface and resulting in more onboarding since the study was conducted in late 2017. From the information gathered using chatbots, new benchmarks are being set within these organizations to improve current business processes and systems and stay ahead of new technology trends. If your business isn’t using chatbots to reduce opportunity costs and innovate new businesses processes and systems for more revenue, the time is now to discuss your options with a professional at Tech Treats LLC.