Our future, for the most part, is unpredictable. But, technological trends surely help us to predict the future of emerging technologies. The means one might use to interact with the technology of the future are exciting and endless. Chatbots are one such means and a rather trending one at that. So, it begs the question, are you losing money by not using chatbots?
In this blog today, we will discuss how chatbots are all set to influence the way we conduct business and how if you start using chatbots today, you'll potentially save money (and heartache) in the future.
Every business wants to minimize costs and increase their profit margin, evaluated by profit margin calculator. This helps provide better care for employees and generates income for investments for research and new ventures. When it comes to increasing profits, chatbot automation is the way to go.
Here are a few statistics that might help you understand the financial implications of using chatbots at an organisation.
Are you losing money by not using bots?
Chatbot future statistics
All these statistics show a great deal of interest forming around the chatbot industry with time. Chatbots can do amazing things for your business when integrated the right way. As new sectors are warming up for chatbot integration, new avenues of income are also opening-up. Let us discuss more, the financial implications of chatbots below.
Financial implications
The chatbot industry is booming with a whole ecosystem developing around them. We have discussed the chatbot ecosystem in more detail in one of our previous blogs. Many industry leaders are taking a keen interest in developing the ecosystem by investing in research and development of the core technologies that will help chatbots to take up and complete an extensive variety of tasks.
Catalysts
Developments in the fields of Natural Language Processing (NLP), Machine Learning(ML), and AI act as catalysts for innovative implementation of chatbot technology. Engati chatbots are finding new applications every day across different sectors. With more people accepting and using chatbots across different sectors, chatbots are crossing boundaries.
Historical context
To provide some historical context, let's look at the first industrial revolution. A general decline in the handloom industry was observed initially. But, after a small adjustment period, great revenue started flowing as a result of the industrial revolution. Similarly, the chatbot revolution has already begun and we are just about done with the adjustment period. It is time to start reaping the benefits of chatbots.
So, if you are not using chatbots, you are losing money!
Wrapping up
Chatbot technology took hold using the existing messaging platforms which exposed them to a huge user-base. Eventually, chatbots technology will be integrated into proprietary apps as the chatbot ecosystem develops. AI is critical in determining context, machine learning and conversational design are essential in forging long-term trust. With the world coming to terms with chatbots, they are set to stay. Chatbots have an incredible potential to generate your business lots of profits. However, how you use the potential offered by chatbots is up to you. So, to answer our initial question, yes, you are losing money if you are not using a chatbot.
Engati is one of the best free chatbot platforms to build your own bot. You can build your own in 10 minutes, you don't even have to know how to code. Try it out today.
Don’t let potential earnings slip through your fingers! Register with Engati today and deploy your very own AI chatbot and combat this issue head-on!
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