The rise of conversational AI assistants and the demise of the chatbots

Insights from Srivatsan Laxman, CEO of FrontdeskAI (leader in AI assistants) around the demise of the chatbot, the role conversational AI assistants will play in overcoming a $75b problem, and their role in the evolving workplace.

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The days of chatbots killing customer love are numbered: The rise of conversational AI assistants will make chatbots irrelevant in many customer-facing use cases.  While the big global technology companies will continue to invest in cracking the code of bringing AI assistants to the mass consumer market, companies such as FrontdeskAI, that are laser-focused on solving the specific business problem of front desk customer engagement, efficiency and productivity will win big. assistants that understand context, learn as they go and are easily customizable will rapidly replace the limited, linear chatbots that have failed to live up to their promise of improved customer engagement.

$75 billion business dilemma will find a friend in conversational AI assistants: Franchises and location-based businesses will increase investments in front desk optimization and automation.  These organizations will increasingly invest in conversational AI assistants for their front desk operations in order to help counter the estimated $75 billion in lost revenue caused by poor customer services such as missed calls, slow response to leads, and front desk attrition.

Conversational AI assistants in  the gig economy

AI assistants will help businesses manage the shift to a deskless workforce and gig economy:   Some 80% of the global workforce (3 billion people) work in a deskless environment, while ~1% of the world’s software is designed with this workforce in mind.  Technology tools, such as conversational AI assistants, that create consistency, connect the dots, and help provide centralized intelligence and analysis will be key.  Similarly, as more employees work on a contract or project basis, the knowledge they gain around an organizations’ process and customer engagement simply dissipates when they move to their next gig.  In the case of front desk teams, conversational AI assistants will play a critical role in capturing the intelligence of customer engagement patterns and maintaining consistency – thus operational efficiency – in front desk processes.



About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver