Bots, Applied AI: Are they the future?

Satya Nadella, CEO, Microsoft says “Bots are the new apps”.

A computer program designed to work on its own to collect information through internet and carry out the monotonous tasks are called bots, pretty much that can be summarized about bots for the common man. A chatbot is a computer program, a humanized service, fueled by complex math and algorithmcontrolled by rules that can be interacted with, via a chatting interface.

Dynamic interaction on internet at various websites is another potential place where bots are being used and positively influence the milieu.

Artificial Intelligence – Humans and Machines working together

AI is all about machines simulating the human intelligence. Cognitive Automation leverages the AI techniques that simulate human brain functioning, helping in complex processes towards decision making, task completion and achieving the goals. Automation has played a pivotal role in propelling this era of remarkable advancement to the next level.

Recently, a fortune 100 bank, $68 billion annual revenue and nearly 50,000 employees, improved their operational efficiencies through intelligent bots. Currently, they have deployed more than 2,000 bots, minimizing the cost by 30%, reduced time spent in handling complex processes by almost 50%, and achieved 100% error-free. Industry 4.0 in manufacturing is also primarily fueled by cognitive intelligence. Predictive analytics is being used to identify elements that can reduce production quality, causing subsequent failures.

How Bots are taking over Mobile Apps

Possibly one of the few technological milestones that happened quietly and swiftly, bots have swarmed the customer care landscape, injecting innovation. ‘Smart Agents’ are predicted to handle four out of ten mobile interactions by 20201, and a Gartner study predicts that 85% of interactions will happen without a human at the other end2. Surprisingly, this quiet revolution of sorts has been happening on the sidelines of the popularity of apps and is all set to dwarf the success of apps. Three out of ten customers prefer a social media channel to interact with brands3, rather than a voice call. It is this comfort level that has added to the popularity of apps, and bots have gone a step further, bringing in interaction.