Tech mistake |Virtual assistants, commonly known as VAs are usually systems that are designed for exchanging information between two parties. These can be inter-organization or intra-organization. However, VAs are readily used for household/personal use as well. Some of the popular VAs are Alexa from Amazon and Siri from Apple. VAs can reduce the need for redundant tasks and seamlessly transfer information whenever needed. Similarly, intelligent Virtual Assistants (IVA) enabled with AI technology can help businesses and startups in many ways. They do not have to hire full-time experts and only get insights when they are needed. An IVA can provide services regarding almost anything. From social media management to business intelligence, VAs can provide any type of services as per their niche and expertise.
The current global Virtual Assistant market is growing substantially and it has become quite a huge market. The market size is quite big and it is currently valued at $3.42 billion which is also expected to reach $17.13 by 2023. The market is growing at a Compound Annual Growth Rate (CAGR) at 38 percent. The industries that primarily use the services of Intelligent Virtual Assistant (IVA) include telecommunications, retail, and consumer banking. There are several benefits to opting for the IVA services. The benefits may include better operational capabilities, cost effectiveness, improved revenue generation, and increased customer satisfaction. Some of the top IVA suppliers include Google, Nuance Communications, IBM, and 7 Inc.
Benefits of Virtual Assistant Technology for Business:
Voice-based virtual assistants have captured the eyes of businesses in the recent years. The credit goes to the technology that enables businesses to avail benefits such as seamless flow of information and ease of use. Here is a look at the benefits offered by voice-based virtual assistants or IVAs for a startup.
- Time Saving: Assigning various mundane everyday tasks to IVAs can save a lot of time and human effort. These can maintain efficacy in everyday processes which leads to increased customer satisfaction. This allows the human part in organizations to dedicate their time and effort precisely where they are needed. Employees and managers can spend their time in strategizing and decision-making whereas the IVA can take care of the processes. And all of this is just starting as the business can transfer more workload as the database of the software is widened.
- Screen-Free/Hands-free Operation: Voice-based IVAs can offer hands-free and screen-free operation to the user which is amazingly useful in a variety of situations. Users do not have to divert their attention to a screen or a keypad for giving directions to the device. They only have to give voice commands and the rest of the job is taken care of by the AI. This offers seamless operation and no need for a keypad or a screen.
- IoT Coordination: Voice-based IVAs are tailor-made for being integrated to Internet of Things (IoT). Modern intelligent IVAs are compact devices that cannot feature bells and whistles. By integrating those to IoT can enhance their functionality and implications in a positive way. Speech recognition and Natural Language Processing (NLP) essential for being integrated to IoT and intelligent IVAs already possess those. Modern IVAs such as Google Home and Amazon Echo are already equipped with protocols that allow them to be readily integrated to IoT. The same can be achieved with commercial IVAs and their functionality can be enhanced.
- Easy to Use: This can be considered the best feature of IVAs as these are extremely easy to use. The maximum a person has to do is to give voice command and the rest is taken care of. This also allows people to accomplish multiple tasks simultaneously. Consumers can make voice payments which is an innovative way for making payments. Although it is not as popular as it should be, but it will become the next best thing for commercial use in the next 5 years. The consumers are also demanding it they do not want to wait for the bank to clear their payments or make manual payments, and they are trying it in more than the expected numbers. Financial institutions across the globe are using conversational interface technology for both the consumers and the employees for efficient and swift operations. A growing demand for the technology also suggests the same. The use of technology for convenience is increasing and its demand along with it.
For the personal and commercial IVAs are considered as highly responsive devices that can convey information. However, the scope for utilizing their benefits is more than that and those can be utilized in even better way for commercial purposes. A good example would be financial institutions and BFSIs that are aggressively using IVAs for consumer-oriented operations. Though their use is not limited to the consumer operations, these are also used for maintaining organizational efficiency and even more than that.