From rule-based bots to intelligent assistants and beyond
Let’s begin by understanding what Conversational AI really is.
When most of us hear the phrase Conversational AI, we immediately think of Siri, Google Assistant, or Amazon’s Alexa. This is because we have all – at least once – had a short conversation with similar software.
While asking AI to dim our living room lights may feel like we’ve reached the Tony Stark level of communication with our devices, the reality is that these virtual assistants lie somewhere in the middle of the artificial intelligence progression spectrum.
As it stands, Conversational AI is the most up-to-date version of these intelligence systems, able to perform more in-depth, multi-turn conversations to fulfill judgment-intensive tasks… just like us, humans. This means that not only are these systems able to perform tasks given via verbal commands, but they can also understand more advanced sentence structures containing slang, errors, or other communication imperfections.
So, how did we get here?
The answer to our modern means of computer communication lies in Natural Language Processing (NLP). In the world of computer science, NLP refers to the capabilities given to computers to understand written or verbal communications in the same way humans do. We’ve already seen the advantages this can give everyday users by making certain aspects of their lives more convenient. Think adding to your grocery list or playing your Sunday playlist simply by calling out into the ether.
But what value can NLP bring to businesses?
Well…say hello to the next step in company productivity growth.
So, maybe it’s not a spectrum…
…but an AI evolution timeline instead.
In the beginning, technology was very limited. Chatbots were rule-based, which means any queries presented to them could only be interpreted based on certain criteria. This meant that their uses were limited within the departments of organizations, for example in revenue management, as they were unable to assist in more complex, business-related queries. And especially in an era of ever-changing information, bots needed to step-up to so they could manipulate up-to-date data.
…And that’s where Conversational AI comes in.
Conversational AI for enterprises presents a whole new world of possibility, allowing the user’s specific intention to be understood. This is thanks to not only the previously mentioned NLP but also the User Identity Engine – and the capabilities of Conversational AI only improve with time. It’s able to enhance the user’s interaction experiences based on employee or customer data and history.
On top of this, Conversational AI is able to function over a multitude of different messengers and can even process several requests at once – instead of having to input independent requests for multiple results.
So, how can this technology assist with revenue management?
The Business Productivity Revolution
In relation of a technology evolution
At Revenue AI, we’re taking conversational AI for enterprises to the next level. Our enterprise intelligent assistant – called RAI – can help speed up access to vital company performance information by up to 10x. This is particularly important for cross-functional departments – such as revenue management – and, in general, for all decision-makers.
Our advanced chatbot for enterprises can grow your RGM team capability without hiring more employees by:
Streamlining revenue managers’ and analytics’ routines:
Simply ask RAI to showcase data and insights such as important category drivers, value/share change for the past month, most effective promotions to-date, channel-level insights, and more. Revenue AI’s intelligent alerting will even recommend further details it believes are needed.
We’ve included intelligent alerting as part of the RAI engine. This means you will never miss any business insights or opportunities and will be immediately informed on the potential risks of prices, promotions, margins, and profitability.
Thanks to its group-chat capabilities, RAI can effectively help keep teams in-the-know with regard to information updates, KPIs, insights, and more…
To find out more about how we can assist in improving every aspect of your revenue management, get in touch today!