While terms like Chatbots, AI Chatbots, and Conversational AI might seem to be merely semantic differences, they actually represent a significant battle for the future of digital business.
From a technical standpoint, chatbots are based on rather static algorithms. In contrast, Conversational AI utilizes Natural Language Processing (NLP), Natural Language Understanding (NLU), and Machine Learning (ML) to effectively comprehend both: the language and its context.
Here’s the thing: Unlike chatbots, Conversational AI holds the promise of enabling hyper personalized end-to-end customer journeys and products. That leads us to entirely new business models.
At the core of these models will be a type of personal advisor who can translate user needs into meaningful interactions & offers.
These assistants become commercial products when companies add unique data and processes that LLMs can't provide.
Here are a few innovative ideas (no GPT generated content), though some may already exist:
- Fashion Assistants that create brand-related outfits based on products you already own
- Health Coaches that translate your personal fitness into recipies
- Self-updating product FAQs based on real time service queries
- Teaching tailored to the specific knowledge of a person
- Government assistance to guide users on how to successfully apply for public services
- Post-operation patient monitoring. 'Hippocratic AI' is already making remarkable strides here
- "Lex Watch": Notifications about legal changes or rulings that directly affect yourself
The great thing is, the more you engage with Conversational AI, the broader the possibilities become.
Exciting times are ahead.
Image created by Chat GPT. I've tried to get away from AI-generated image clichés ;-)
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