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Conversational artificial intelligence (AI), often considered a cross between natural language processing (NLP) and natural language understanding (NLU), is algorithm-based intelligence that helps computers listen, process, understand, and understand human language. With COVID-19 accelerating the momentum of digital transformation, organizations are increasingly adopting new ways to meet customer expectations to resolve inquiries in a timely manner. Conversational AI is an important part of the customer experience process, and it is quickly taking center stage.
A live poll showed that 91% of customers prefer companies that offer them the option to call or text. Chatbots are an effective way for businesses to meet this demand. As customers increasingly expect around the clock availability from businesses, chatbots have become an effective way to achieve this. Chatbots are cost-effective, efficient, and capable of routinely handling human queries, allowing difficult queries to be reserved for human agents.
With the influx of AI-powered chatbots, there is also a need for evolution, as well as a need for chatbots to understand questions and provide the right answers to help customers get the best experience. This is particularly important for the emerging metaverse as companies seek to improve their presence and user experiences in a virtual world.
Kore.ai, a Florida-based company focused on providing companies with AI-powered virtual assistants, wants to bring conversational intelligence to the metaverse. Raj Konero, CEO of Kore.ai, told VentureBeat in an exclusive interview that conversational AI is the foundation of the metaverse.
The Rise of Conversational Artificial Intelligence
More and more companies have embraced the use of conversational AI over the past few years. Open source AI language models have helped developers and companies in conversational AI build better conversational bots, speed up customer experience, and improve employee experience as well.
Conversational AI integrates the practical application of AI to produce a human-like interaction between a human asking questions and a machine answering. Conversational AI-powered chatbots can recognize human speech and text. Conversation also occurs with an understanding of intent, allowing for more accurate responses.
As voice and conversational AI support an increasing volume of customer interactions, it has also become important for bots to take advantage of historical data, linking voice call data with message conversation data. Conversational AI is helping to make this possible by helping machines understand the human voice they are listening to, understand biases, and process the answers humans are looking for.
Shorten shipping and execution without compromising usability
Conero said companies need to build their own chatbots using conversational AI. However, the problem is that building such solutions from scratch requires a long process that involves writing a lot of code. This can harm the customer experience, as chatbots will still be less effective when creating conversational AI. Long waiting times are often the result of issues such as development levels, language, and geographic support. The time needed to train the AI and make sure it is ready to adapt to the market should also be considered.
To shorten the waiting time, many companies are turning to companies like Kore.ai, which provides a codeless automation platform that caters to conversational AI for companies looking to improve customer experience and interaction with their products.
The Gartner Magic Quadrant for Enterprise Conversational AI Platforms 2022 lists Kore.ai as a leader in Conversational AI, showing the company’s upward trajectory in the industry. Other companies on the list include Amelia, Cognigy, Omilia, IBM and OneReach.ai.
Konero said that Kore.ai uses a range of NLU approaches — including basic meaning (semantic understanding), machine learning, and knowledge graphing — to define user intent with a higher degree of accuracy and to execute complex transactions. He said that Kore.ai can achieve a high level of accuracy by following specific methods, including:
- basic meaning: Analyzes the user’s speech structure to identify words by meaning, position, conjunction, capitalization, plurality, and other factors.
- machine learning: Uses the latest algorithms and models to predict intent.
- knowledge graph: Provides information needed to represent the importance of key domain terms and their relationships in determining user intent.
- Ranking and Decision Engine: Determines the winning intent based on the scores provided by the three drivers.
Gartner predicts that 25% of people will spend at least an hour per day in the Metaverse by 2026, prompting companies to join the race to claim their place in the Metaverse. Companies set up touch points with customers and proactively plan user experiences.
According to Konero, humans will have conversations with avatars, essentially chatbots, in the metaverse. It is therefore essential to create avatars that can understand and manipulate the dynamics of human conversation and provide accurate results, even with all the human nuances that may overlap. This is where conversational AI comes in.
Using conversational AI to enhance virtual experiences in the Metaverse holds great promise, as Koneru noted, “The Metaverse is ripe with many use cases that traditional businesses can benefit from.”
“There must be good reasons in business operations giving way to a physical presence that prevents them from doing this digitally. The same is true of the post office and many educational services. If you’re considering telehealth, stepping into the metaverse and facing a virtual representation of your doctor Who can check your vital signs could be one of the most powerful use cases,” he said.
According to Konero, Kore.ai’s attempt to improve the Metaverse with conversational AI will make it the first conversational AI company to focus on the Metaverse business while catering to everyday business needs. However, the G2 review shows that Kore.ai has competition in Intercom, Zendesk Support Suite, Drift, Birdeye, and others.
Kore.ai has raised $106 million in equity funding over the past eight years and currently serves more than 200 Fortune 2000 companies.
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