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Artificial Intelligence and Machine Learning have presented us with a host of incredible technological innovations. AI-powered virtual assistants are one of those pioneering innovations that are helping transform the world around us one task at a time.
While smart virtual assistants like Alexa and Google Virtual Assistant can certainly shop online for you or order your morning coffee, they can do much more than that. Today, these virtual assistants have paved their way into the business field as well.
Virtual Assistants for Business
According to the latest stats, in 2018, the global intelligent virtual assistant market size stood at USD 2.39 billion in 2018. It is predicted to expand at a CAGR of 40.4% over the forecast period (2019-2025).
Although IoT fuelled the growth for smart virtual assistants for personal users, thanks to the rapid advancements in technology, virtual assistants are now ready to take on the business world by storm.
In fact, many enterprises are discovering the potential of virtual assistants to radicalize the business sector.
In a study conducted by the Global Banking & Finance Review, nearly 88% of enterprise leaders stated that they believe businesses can gain a competitive advantage by integrating virtual assistants in day-to-day business operations.
For instance, with Alexa for Business, organizations can boost their workplace productivity. Employees can use Alexa to improve the meeting room experience, enable voice-powered applications, and also measure and increase the utilization quotient of existing meeting rooms within the office space.
Then again, reputed retail brands like Home Depot and Walmart have partnered with Google Virtual Assistant to take the retail shopping experience to a whole new level. Back in 2017, Home Depot joined the Google Express bandwagon, thereby allowing its customers to use Google Assistant to cater to their shopping needs.
This feature allows users to add Walmart to their Google Assistant and link their existing Walmart delivery accounts. So, customers can use voice commands to add products to their cart while Walmart will take care of processing and delivering their orders in time.
Considering that Amazon is eagerly investing in the real estate market, Alexa can be a convenient tool for those in the real estate business. By integrating Alexa with apps like AgentNEO and Talk to the House, buyers and sellers can get specific information about booming markets and the in-demand real-estate properties in those areas.
Also, real estate agents can use Alexa “Skills” to create their unique skills as an agent, thereby generating more leads and boosting their business prospects.
Yet another real-world application of virtual assistants was put forth by Hyatt, one of the biggest players in the hospitality sector. Hyatt incorporated an Intelligent Virtual Assistant in its infrastructure.
This smart move helped Hyatt to streamline routine tasks, enhance customer satisfaction, and increase sales. Over time, Hyatt was successful in saving 33% on contact centre costs while achieving an ROI of 125%!
These examples highlight the untapped potential of virtual assistants. As technology continues to advance, virtual assistants will incorporate new functionalities that will further change the business landscape.
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